Thrifty Thinking: Saving Money on Insurance (Guest Post)

Insurance refers to better financial planning. Insurance let you be able to secure your money and ensure it's growth, hence making you as a complete financial well being. Insurance Premium is the sum of money deducted for active charges by a insurance company. The amount that a man pays in premiums is also called as rate. Rate is calculated by different factors such as health,  area and age. Insurance Premiums help you to save  money for emergencies, retirement, house, vacations, luxury items, new car and for education.

The common insurance policies are as follows:

1.Life Insurance

2.Health Insurance

3.Business Insurance

4.Payment Protection Insurance

5.Proprty Insurance

6.Agriculture Insurance

         In Life Insurance policy, the insurer has to pay a fixed, agreed amount of money on the death of the insured person. Health isnurance is the insurance policy to pay for medical expenses among individuals in an emergency. Business Insurance is also called as Business Interruption Insurance  or Business Income Insurance. After a disaster in a business, Business Insurance  covers the loss of income that it suffers.  While, the Property Insurance Plolicy covers only the physical damage to that business. The additional coverage covered by the income policy is the profits that it would have been earned.

         Agriculture insurance is also called as Corp Insurance, this is taken by agricultural producers such as farmers,ranchers and others.   The Payment Protection Insurance (ppi claims) is one of the insurance plans available in the UK market, given along with any loans and credit cards to secure those loans if you are not in work because of an unemployment  or .

Money Saving Tips On Insurance Premiums :

1. Compare Various Policies and  Products : Anayse the insurance business market thoroughly. This is done by comparing the different types of policies offered by insurance companies. A better insurance premium should have low premium payments there by saving your money in these insurance policies.

2.Read Insurance Policy Throughly : A user should always read the documents of policy carefully sothat user will be aware of premium amounts and user's claims.

3.Request for Discounts : In the market, there are few companies available which will not mention  the discounts they are providing. So, collect the information about the discounts on the policies inorder to save even more money.

4.Maintain a Good Track Record : If you don't claim your premium before maturity period, You can save even more money on paying your insurance premiums.

5.Do Not Claim Often : You will be marked bad if you apply for claims regularly. As a result there will be a little bit rise in the rate of  insurance payments.

6.Meet the Deadline : Pay your amounts of premium on time always.  To avoid penalty dont  marked bad by not funding your policy amount on a predefined date or else for the next time premium amount will be doubled.

The above tips will help you to save your money on most of the available insurance premiums. If you take the insurance, make sure that you pay the amount on premiums on time. It will help you when you want to claim the money for next time.

About the Guest Author: 
My name is Sarah.  I am a tech writer from UK.  I am into Finance. Catch me @financeport