Many people don’t realise there are simple ways to reduce their premiums while keeping the right level of cover. Here are six strategies to help you save:
Six ways to lower your insurance premiums
Adjust your waiting period:
If you have income protection insurance, choosing a longer waiting period before payments start can significantly reduce your premiums.
Non-smoking rates:
Smoker status can add up to 50% to the cost of your insurance premiums. If you’ve been smoke-free for at least 12 months, you may qualify for lower rates.
Review your cover regularly:
Life changes, and so do your insurance needs. New job with a higher salary? Paid down some debts? If you’re over-insured, you could be paying for coverage you don;t need. We’ll reach out to you each year to review your policy, but if your circumstances have changed there’s no need to wait.
Update your job status if it has changed:
Insurance premiums are often based on your job’s risk level. If you’ve moved from a high-risk job (like construction) to a lower-risk one (like an office role), you might be able to get lower premiums.
Check if you have coverage through your employer:
Some companies offer insurance for their employees. You may be able to reduce some of your personal coverage if your employer is offering you some cover already.
Shop around:
Not all insurers assess policies the same way. Reviewing your options across the market could lead to better rates without compromising coverage.
Taking some time to adjust your policy could lead to decent savings. If you’d like to review your cover or chat to us about ways to reduce cost, feel free to reach out.
Ladbrooks Financial Services
021 77 6428
