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Reduce Your Premiums

We all wish that insurance was easy and simple, but in reality in becomes quite complex with a huge range of options. So in short – get advice.

A specialist adviser can help you find the right product and features to match your needs and research the market to ensure that you get a really good deal.

Here are some of the options available broken down into each sector.

Private Medical Insurance

Excesses ranging from £0 to £3000 can reduce premiums by varying amounts and is a useful way to keep costs down. You agree to contribute to the claim e.g. the first £250 in return for a 15% discount.

Shared responsibility – similar to excesses, instead of agreeing to pay a fixed sum (e.g. £250) you commit to paying a percentage of the costs (e.g. 15% to a maximum of £1500).

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NHS waiting options – this is useful to those whose priority is speed of treatment and not the creature comforts of private treatment. Here you receive a discount (e.g. 20%) if you agree to only use private treatment if the NHS cannot treat you within say 6 weeks.

Limited Cover – Private Medical Insurance consists of 4 main parts Early Diagnosis (outpatient consultations), Scans, Hospital Treatment (inpatient treatment), Cancer, and then complimentary services such as Other Therapies (physio, chiropractics, homeopathy), Psychiatric treatment, Dental and Optical. But by focusing on your priorities and assessing what you could afford to pay if needed, can reduce you premiums significantly.

Use the NHS in Part – The NHS is still a very valuable benefit we all have access to so perhaps you could elect to use the NHS for cancer and all diagnosis and then go private only for operations/treatment

Unemployment, Accident & Sickness Cover

Cover the right amount – cover what you need, if you are a couple and both contribute to the household bills do you really need to cover all bills each or just a proportion.

Excesses – an excess for this type of insurance is not money but time. For example if you can afford to lose your income and your savings could tide you over for 3 months, a 90-day excess would reduce your premiums. Excesses can vary – 30 day, 60 day, 90 day, 180 day.

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Match you sick pay – if your employer offers you six months full sick pay it is pointless paying for an accident and sickness policy which pays out after 30 days. In this case you don’t need the money until your sick pay stops after 6 months so a 180 day excess period would be better for you. However, if your employer only offers Statutory Sick Pay – you would need a policy to pay out almost immediately.

How long would you need payments to continue? 6 months, 12 months, 24 months, long term, until retirement. The shorter the period, the lower the premium.

Life Insurance

Length of policy cover – the shorter the period the lower the premium. A 10 year plan will be cheaper than a 20 year plan, however, you must always cover the period of need because a 10 year plan followed by another 10 year plan could work out much more expensive than a single 20 year plan, and if your health deteriorates you could be left uninsurable in the future.

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Guaranteed or Reviewable premiums – you can fix the premiums at the outset which gives you added peace of mind of knowing future premiums. Reviewable premiums are lower but that means premiums could change in the future (usually after 5 years). However, Life Insurance is one of the few products to offer this option, you cannot usually fix car, home, medical or travel insurance premiums so is it really a necessity to fix life insurance premiums? It will depend on your needs and attitudes.

Payment types – you can have a fixed lump sum, but there are cheaper alternatives where instead you get an annual sum for a period of years (e.g. £10000 per annum for 10 years rather than a lump sum of £100000). If the purpose of the cover is to cover a debt that you will gradually pay off, why not have a decreasing policy where each year your cover reduces as you pay off the loan. This often reduces premiums by approximately 25%.

Summary

These are just some of the options available and our advisers can help you make sense of all the jargon, explain the features and benefits and help you choose a product that best fits your individual needs. THEN WE SHOP AROUND FOR YOU because the other vital task to research the market and ensure you get the right deal with the right insurer.

Our advisers are reading and waiting to help you.

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