policy savings

1. policy savings
2. Time for a change
3. Getting ready for your insurance physical
4. Borrow $10,000 without reducing your death benefit
5. Use an umbrella to protect your assets
6. Tips to save money on your Auto insurance
7. Reducing home insurance costs
8. Why they charge extra

• If you have a fire alarm or burglar alarm system in your home, condo or apartment, you're probably entitled to a reduction in your insurance premiums. You have to ask.
• Don't buy travel insurance at the airport. Instead, talk directly to your insurer or another insurance company. You'll save in the long run.
• If you're taking out an installment loan, don't buy the insurance that's offered to pay the loan in the case of your death or a disabling accident. Instead, you can save almost 50 percent by buying decreasing term life insurance for the life of the installment loan.
• To protect yourself in the case of a truly catastrophic medical disaster, buy a second (so-called "excess") major medical policy with a deductible equal to the maximum benefit of your primary policy.

• You have an old policy with a cash surrender value 30 percent higher or more than the death benefit and you are in good health.
• Your insurance needs have changed due to a big increase or decrease in your income or expenses.
• You're not in a high tax bracket and you have an old policy against which you've borrowed fully at low interest rates with no intention of repayment.
• You are buying several small policies bought at different times. Consolidation may be cost effective.
• You bought insurance at a time when your health was bad and your health has since improved.

• Have the physical when you want it done. Many individuals feel at their best in the morning, have lower blood pressure and, certainly, find it easier to fast for an early morning blood test.
• Limit your salt intake for several days before your physical and avoid alcohol for at least one full day since both can raise blood pressure.
• If you must schedule your physical in the afternoon, eat only lightly in the morning and do not drink caffeinated coffee.
• Visit your personal doctor prior to your insurance company if there are any troublesome areas in your medical records.
• If you're a smoker, try not to smoke for several hours before the exam.
• If you're a non-smoker (even if you're only recently quit), tell the examining doctor. Premiums are lower, provided you meet specific height and weight limits.
• If you don't feel well or are overtired before the physical, telephone and reschedule. It's important that you feel rested and healthy when you're examined.

What you do, in fact is borrow your own money which is then repayed by earnings accrued by your income producing side of the policy.

• Personal umbrella policies are sold in increments of $1 million of coverage and cost about $60 or $70 per year per million dollars.
• In order to qualify for excess coverage, you first must have minimum liability coverage ("minimum" varies from company to company) for your home, car, boat and recreational vehicles. The best way to proceed is to shop around, then, to find the excess coverage policy that covers all bases.
• This insurance is designed for individuals with substantial property which might be lost in the case of a costly judgement. It's truly a cheap way to protect against a catastropic lawsuit.

• Auto: body injury, $100,000 per person, $200,000 per accident. Property damage, at least $25,000 per accident.
• Boat: at least $100,000 per incident
• Homeowners: at least $100,000 per incident

• If you're traveling and buy your ticket on a major credit card, you quite often get automatic travel life insurance. American Express, for example, gives an automatic $25,000 policy to any traveler using their card to buy a ticket.
• Homeowners policies cover a variety of surprising happenings. Typically, a homeowners policy will cover stolen wallets and handbags, property taken in a car break-in, damage to power tools borrowed from a neighbor, damage caused by vandals, damage to tombstones and shrubs, and property lost or damaged in a move.
• Members of many clubs and fraternal organizations have health and life insurance for members.
• The American Automobile Association (AAA) has automatic hospital and death benefits for members hurt or killed in car accidents.
• Family medical policies often cover minor children while away at college.

• Install anti-theft devices such as steering wheel locks and alarms.
• Tell your insurance company if any covered drivers no longer drive, elderly parent, for example, or a child who's gone away to school.
• Increase your deductible from $100 to $500 or even $1000. If you're a safe driver, you can save more than half of your premium costs.
• Discontinue medical coverage if it duplicates what you get at work .
• Drop collision coverage on older cars (more than 5 years old)
• Ask about discounts if you drive a car that's not often stolen and is inexpensive to repair. Insurance companys keep track
• Do away with extras such as coverage for towing or car rental, particularly if you don't use your car that often or have access to public transportation during car repairs.

• Are a household of non-smokers
• Install smoke alarms, burglar alarms, deadlocks, etc.
• Live near a fire department
• Keep valuables in a vault

• Drug or alcohol abuse. Sometimes, "friends" or neighbors blow what is infrequent "social" use into a bad habit
• Psychiatric problems. If you think the whole world is more understanding, consider what happens to politicians who admit to minor problems. Insurance companies are frightened at even a hint of mental instability.
• Health problems such as obesity or high blood pressure. This is true even if you've resolved the problems.
• Criminal associations. If you or a family member are "connected" with the Mafia, you're considered high risk.
• Homosexuality. This appears to be a judgement call on moral grounds since actuarial tables are not so up to date that AIDS can even be factored in.