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Kikki.K.Health insurance
6 Mix and match your policies.
Use one provider for hospital cover
and another for extras.
7 Consciously uncouple. There
is no benefit in having a couple’s
policy. Two singles may be better,
as you could remove obstetrics for
the male partner while keeping it
for the female partner who may
be trying to conceive.
8 Keep items “on ice”. Yo u c a n
“turn off” items that you don’t
believe you need to be covered for
in the immediate future. Take care
here, as premiums may reduce but
you’ll need to re-serve the waiting
periods if you switch them back on.Life insurance
9 Check what insurance you have
through your super fund as members
are automatically given basic death
and TPD (Total Permanent
Disability) cover. Premiums are
paid out of your superannuation
balance rather than your taxable
income. This can help if cash flow is
tight, and because it’s paid with pre-tax
dollars, it can act as a serious tax perk.
It’s especially valuable for people with
health issues who would otherwise
struggle to find affordable cover.
10 While insurance through super
can be cheaper, be sure to compare
what you could get from a retail
insurance policy against the benefits
inside your fund, just to be sure.
11 If you buy your income protection
insurance outside of super, you can
claim a tax deduction. If you buy it
through superannuation, there is no tax
benefit to you personally.Home and contents
1 If you hold multiple policies with
the one insurer, you may be eligible
for a multi-policy discount.
Take the time to ask your insurer
what discount they’d give you if you
allowed them to insure, say, your
home, contents and car insurance.
2 When you’ve been with the same
insurer for years, it’s worth asking for
a loyalty discount. This can end up
being five or 10% of the final bill.
3 Buy online. Many insurers offer
great discounts if you choose to
purchase a policy online.
4 Install safety features to enjoy
further discounts. Security screens,
back-to-base alarms and even
something as simple as sensory
lights can all reduce your premiums.
5 Paying annually can save you
up to 10%, as many insurers charge
extra for cover if you pay your
premium by monthly instalments.Before you hit auto-renew on your existing policies, check out finance editor
Effie Zahos’ 20 simple and smart ways to save money on insurance
money moves
to make
HOW TO EARN & SAVE
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