7 ways to save money on your personal insurances...

This article has been submitted by a GrownUps member. GrownUps accepts no liability for its content and the views and information contained within are not necessarily those of the GrownUps website.

As an independent insurance broker I'm a fan of sitting down with a professional to discuss your insurance requirements. Too often I see people with inadequate cover and areas where they can easily save money. Here are a few ways to save money on your personal insurances:

1/ Health Insurance - only insure for the big ticket items. Forget insuring for GP visits and prescriptions. Instead look for the policy that provides the most comprehensive cover for expensive surgical and non-surgical treatments.
Consider Excess options - By choosing a manageable excess option of $250 or $500 you'll save money.

2/ Income protection cover - Vital to have this cover (especially on the main income earner of the family) but extend the stand down period from 4 weeks or 8 weeks to 13 weeks. You'll save a packet.

3/ Review your income protection and/or mortgage protection policies. Premiums can vary by up to 30% in some cases depending on your occupation and which insurer you decide on. Also it's vital you have the correct type of policy for your needs.

4/ Receiving a tax refund on your income protection policy? Many people are unaware that in most cases you're income protection premiums are tax deductible, even if you are a salary or wage earner. I can show you how to claim each year.

5/ Review your policies if your occupation and/or health status has changed -If you're health has improved since you took out your life, trauma or income policies, ie. you've lost weight, you're now a non-smoker or you've changed occupations, your premiums may be able to be considerably lowered.

6/ Package your insurances - There are usually discounts for having all your insurance needs packaged together into one plan, with one insurer. You'll save on 'policy fees'.

7/ Bank arranged policies are usually overpriced and chances are you had limited advice at the time. A good independent broker will almost always show you better value.

Kevin Wike, GrownUps member.

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