May 14
Insurance Money Saving Tips
If you have any type of life insurance policy and you’re struggling to make payments (like many American’s are), consider all of your options before canceling ANY policy. There may be a way to keep costs down without losing the coverage you need.
For instance, switch to modal premiums – either monthly or quarterly. Modal payments do a good job of lessening the financial burden of an annual insurance bill and help spread the payment across a period of one year.
In some cases, it makes sense to replace your policy. For instance with term life insurance, the longer the term, the better, but in times like these, a shorter term with a lower premium is certainly better than dropping coverage altogether!
Finally, reduce the death benefit in the case of term life insurance or deductible for health or auto insurance. Choosing a lower death benefit or deductible isn’t a great solution, but it’s a whole lot better than canceling coverage completely. If you choose this option, be sure to get additional coverage once your financial situation improves.
There are affordable life insurance policies available. Be sure to shop around before buying.
(No Ratings Yet)
Loading ...
Print This Post
