Help! My insurance premiums are too expensive

TL;DR

Learn how to make life insurance more affordable by reviewing your policy, adjusting benefit levels, changing policy features, and exploring options within superannuation.

Transcript

g'day thanks for tuning in to this week's video today we're going to be touching on the topic of life insurance and what can be done in the event your insurance policies become too expensive over time as we age generally most policies all increasing costs each year we get older now we understand the importance of having these policies in force whic... Read More

Key Insights

• 🤕 Life insurance policies tend to become more expensive as we age, so regularly reviewing your coverage is crucial.
• 😘 Overinsurance can be a reason for high premiums, so reducing benefit levels can help lower costs.
• 🛟 Changing policy features like waiting periods and benefit periods can also make life insurance more affordable.
• 📔 Exploring options within superannuation can be a viable strategy to cover insurance costs.

Questions & Answers

Q: What should I do if my life insurance policy becomes too expensive?

Before canceling, consult your financial advisor to review the policy and explore cheaper alternatives, ensuring you are adequately covered.

Q: Can reducing benefit levels help reduce the cost of life insurance?

Yes, reducing benefit levels can lower the cost of the policy, especially if your initial coverage was meant to eliminate higher debt levels.

Q: How can I make income protection insurance more affordable?

Increasing waiting periods and decreasing benefit periods can help reduce the cost of income protection policies.

Q: What are the pros and cons of owning life insurance within superannuation?

While it can free up cash flow, it also involves drawing down on your super to cover premiums. Discuss with your financial planner to understand the implications.

Summary & Key Takeaways

• Life insurance policies often become more expensive as we age, but it is important to consider alternatives before canceling them.

• The first step is to have your advisor review the policy and explore cheaper alternatives in the market.

• Adjusting benefit levels, reducing overinsurance, changing policy features, and exploring insurance within superannuation are all viable options to make life insurance more affordable.