Lower Your Insurance Costs
Shop around for any type of insurance, because prices vary. You may be able to get group insurance through an organization to which you belong. Stop smoking to save money on life insurance and/or house insurance.
Life insurance
You will need life insurance if you have dependents. You have a choice between 2 different kinds of life insurance - whole life and term. Whole life is a life insurance policy combined with a savings program. It is expensive, and not a good investment. Term life is just a life insurance policy. You are far better off buying term life and doing the investing yourself. Once you are financially independent, you will no longer need life insurance.
House insurance
You can lower your house insurance costs by increasing your deductible. If you do this you won't be insured for small claims. However, you don't want to make small claims. They are not worth all the paperwork and hassle, and your rates may increase or your insurance may be cancelled.
House insurance providers may provide discounts for:
- mortgage-free home
- seniors
- security systems
- smoke alarms
- non-smokers
Car insurance
You can lower your auto insurance costs by increasing your deductible. You may have to pay the deductible in some circumstances where you are not at fault, such as a hit and run, vandalism, cracked windshield, etc.