You may be asking yourself how you can save money on insurance. Whether it be life insurance, car insurance, house insurance, or anything in between, we’ve got some tips to help. In the ever expanding market of insurance, there are some expert methods you can use yourself to start saving money. 

Not only will you be cutting costs, but you will know what you truly need to be focusing on. Expenses are a daily concern for most, and saving money on insurance can provide you with the money you need for a dream vacation, college tuition for kids, or even just savings. Insurance is a long term investment, at least in most cases. You will most likely be budgeting for insurance for the rest of your life, so why not try to save some money while doing so?

Considering this, even saving 10% of your insurance costs every year can really add up by the time you want to retire. That is why so many people find this important, and so should you! Luckily in today’s market, most insurance rates are naturally decreasing due to advancements in our systems and procedures. However, there are still some crucial things you should be aware of to save even more money. So let’s dive in.

Technology is Making Things Cheaper

Thanks to the advancements in technology over the last few decades, insurance is getting cheaper! As mentioned before, you can thank various advancements in the world for lower rates. Electronic applications and delivery systems help cut the cost of the overhead. Therefore insurance companies are becoming more efficient, so while they are saving money, so are you! 

Also, consider things like Intact’s driving app. A few car insurance companies, such as Intact, are offering applications for your phone that save you money. In this case, Intact monitors your driving through their app using the accelerometer in your phone and GPS tracking. This way they can get an idea of how much you drive, when you drive, and how well you drive. If you do well, you get a discount!

Big Data Analytics

In today’s modern world, computers reign supreme. We can thank advancements in computer

technologies for quite a lot! Including their analytical capabilities. Insurance companies are now

analyzing vast amounts of data that have been collected over the years, and they are using complex computers and software to do so. The reason this matters to you is that it can actually save you money. Using advanced analytics, insurance companies take the guessing work out of the equation, or at least, most of it. 

Being able to predict the future by analyzing trends ensures you cheaper life insurance if you have a clean bill of health. Meaning its highly unlikely you would be seen as an abrupt liability for your insurance company. These analytics are only getting better too since we are in the dawn of the information age. This means your insurance will be custom-tailored to your variables in most cases.

People Are Living Longer

Simply put, the average human life expectancy is rising. Meaning we are living longer. This could be due to various things. We have much less war happening compared to the rest of history, our jobs are becoming less dangerous, and our healthcare system and its technologies are advancing. The common cold was known to be fatal back in the day. However, with our new understandings and practices, you can expect to live longer. Therefore, everyone under the sun is getting cheaper life insurance. Less risk for insurance companies, less cost to you.

Buy Term Insurance if You Can’t Afford Permanent Insurance.

Locking yourself into term insurance as soon as possible can save you a ton of money. Not only can you switch to permanent insurance at any time, but they keep your health records from when you signed up. That way, any changes in health will not boost your premiums. So this way, you can lock in your health status in the eyes of the insurance companies, and wait till you have the cash flow to switch to permanent insurance. If you haven’t done so already, its best you start now, especially if you have a clean bill of health right now.

Convert Your Insurance

Some companies let you convert a small portion of your insurance. Also, the remainder can be renewed at current rates without having to go through any medical underwriting. Often times this can be lower of equal, but you will have permanent insurance. So in these cases, just stay up to date with your financial advisor to know when and how to do this. It’s nice to have an expert telling you what you need to worry about, rather than wrapping your head around this one.

Now Start Saving Money

There you have it, some tips and tricks that can save you money on insurance. Luckily a few of these items are automatic and already saving you money, while others will require a bit of leg work. Keep in mind, its best practice to start as early as you can in life since that is when your health will be its best, and also your insurance rates. Take advantage of technology and the flexibility of insurance companies to save even more money. Most of all though, talk to an expert. This can all get somewhat overwhelming once you sink your teeth into it. So having a knowledgeable expert guiding the way can assure simplicity, understanding, and savings.