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Seven secrets
which could shave thousands off your insurance premium
this insider advice can help you save big
Your exclusive guide to
Affordable Life Insurance
If you’re looking for the best insider advice to help you avoid rising insurance premiums, look no further. Drawing on our expert industry knowledge, here we reveal the tips and tricks that could help you shave thousands of dollars off your insurance policy. Simply read on to start saving!
1
Compare your policy
to ensure it remains
competitive
You’ve undoubtedly heard it before, but when it comes to insurance, it really does pay to compare. In fact, the exact same insurance policy has been shown to differ in price by up to 40 per cent from one insurer to the next.
So how can you be certain you’re getting the best price on your policy? Do your research – compare your policy against other insurers in the market to get the best deal.
2
Level and Stepped premiums make your policy work harder for you
Like health insurance, many people assume that life insurance premiums increase each year as a matter of course. But that’s not necessarily the case.
Choosing to pay a level premium is a little-known option that could save you a lot in the long run. Level premiums do not increase with age until you reach 65 or 70. The premiums do start at a slightly higher rate, but the cumulative savings over the years will undoubtedly outweigh the short-term savings you may make with a stepped premium policy.
3
2018 industry reforms
Get ahead of them!
Government reforms are set to hit the insurance industry hard in 2018, changing the way commissions are paid and giving more power to the bigger players in the market.
Even though upfront commissions are set to drop and ongoing commissions will rise, no insurance company has given any indication that they will reduce premiums as a result. In fact, at least five insurers have already increased their premiums since November 2016.
Take advantage of
medical underwriting
5
Did you know you can pay for your insurance through your super?
If you have an industry or self-managed super fund (SMSF), it’s possible to pay your insurance premiums through your super. Not only will you benefit from the tax offset, this option also allows premiums to be paid from your non-disposable income, leaving more in your pocket.
6
Beware of
fortnightly premiums
The number of fortnights in a year is easily – and often – miscalculated. Two fortnights in a month and therefore 24 fortnights in a year, right? Wrong.
Of course, there are 26 fortnights in a year – leaving two extra fortnights which many people don’t budget for. Be sure to take this into account when planning your payments, and think about whether you’d be better off choosing to pay monthly or yearly.
7
Take advantage of medical underwriting
Not many people know of the advantages of medical underwriting, particularly when it comes to claim time and ensuring you've got the highest chance of an insurance payout. Once the medical underwriter accepts your policy, your medical history won’t be questioned come claim time – giving you the highest chance of a maximum payout, on time and with no fuss.
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4
Why TV insurance ads
might seem easy
but could cost you more.
TV advertisements selling life insurance are an all-too-familiar sight these days, and while they might make the process of buying life insurance simple, it’s easy to overlook the fine print. When purchasing insurance direct from TV, you’ll generally pay a higher premium, and one that is likely to increase every year.
Insurance tips powered by Clear Choice Financial.
At Clear Choice Financial we believe in empowering clients with everything they need to know in order to make the right decision when purchasing life insurance and mortgage products. If you have any questions reach out and call 1300 599 512.