How to get the most value from your insurance for your family

Jon Johnson File Photo/Gila Herald: A firefighter sprays the scene with water during the aftermath of a lightning-caused house fire in Central in June.

Insurance is a fact of life. If you want to make sure you’re protected from things like car accidents, health issues, and so on, you need to make sure you’re investing in an insurance policy. There are all kinds of different policies out there, intended to offer different forms of protection. Some are mandatory, like car insurance, while others are commonly advised, like getting a life insurance policy if you’re going to be buying a house. The question for most people isn’t whether they actually need insurance, but how can they make sure they’re getting the right deal on the policy they pay for? Here’s what you need to know if you want to ensure you’re getting a great offer.

Compare your options

The thought of sitting on your laptop spending hours searching for the right deal on insurance might not be particularly exciting, but it’s much better than paying more than necessary for the wrong protection. Comparison websites and other tools are available online to help you figure out where you can save some money on premiums. However, it’s important to ensure you’re comparing like for like. In other words, if you’re buying car insurance, you need to ensure you’re going to get the same level of coverage, support for medical bills, and repair bills, from every potential policy provider. This ensures you’re making the right decision with all the available information.

Ask questions

Once you’ve compared your available options and you decide you want to maybe start a policy with someone, you can begin to ask a few questions. For instance, you might want to find out whether your life insurance provider will allow you to use a life settlement at a later stage in your policy if you decide to cash in on your policy ahead of time. This can give you a way out of a policy that isn’t suitable for your needs anymore. Taking the time to review an online guide on everything you need to know, or actually speaking to a representative before you sign on the dotted line can ensure you’re confident about the decision you’re making. This will be important when you’re justifying the cost of paying for your policy each month.

Stay informed

One of the most important things you’ll need to remember when taking out any kind of insurance is knowledge will always be power. In many cases, if you’re no longer happy with the level of protection you’re getting from a provider, you’ll be able to switch to a new company and get a better premium, or even better deals. With that in mind, it’s important not just forget about your insurance once you’ve bought it. While it’s easy to ignore the payments going out of your account each month and just tell yourself it’s all worth it for the protection, you could be saving cash by being vigilant. Every time you sit down to rework your budget, ask yourself whether the insurance policies you the ones have today are still you need, or whether you should be shopping around.