Update: Libby did my quote and going thru private insurance, instead of Ryan's work, can save us $126 approx a year!!!! Over 10 years,that is $1,260!! Thanks Libby! Yeah!!!!
Yes, I still have many methods to post on still, and it is Feb? What to do?
I decided to continue on with my little series until I get done going thru everything in my own household!!
Today, I wanted to focus on Life Insurance. I had never tried to save money here before ( I am getting ready to begin the process myself ), and I don't know that much about it. But, I do know it is something that is important to have for your families and if I can get a better price...I am game!
So, I have decided to enlist the help of a professional. Libby lives in my area of Ohio and graciously said she would do this guest post for me.
So, read below for more information on this topic and then give her a call. It won't take long and she can tell you if you can save money or not!! Let's hope she saves us all A LOT!! If she can't personally help you, she has informed me she will be able to find someone who can. Thank you, Libby! And, when you call....please tell her Carrie from MoneySavingMethods.com sent you!
Life Insurance
Refinancing your mortgage, shopping auto insurance rates ... all obvious tools to reduce expenses because these are things we know we control. But what about saving the money on things we can’t control… or at least we didn’t think we could!
Most employers offer 1x salary of life insurance for free. Which is the perfect price. But, in most households the free insurance isn’t enough to cover the loss of salary, educational expenses, the mortgage, etc. So, they give you the option to buy additional coverage at a set cost. This is a great deal for the older people nearing retirement who are less healthy and are of “advanced age.” But, for the young and healthy, it’s typically a bad deal. You find private life insurance for sometimes half the cost. The other benefit to private coverage is that you can take it with you. If you lose your job, switch companies, or retire, you own your coverage and can take it with you at the rate you bought it at. Otherwise, you’re subject to the new pricing at your new employer.
Already own private life insurance, now is a great time to shop around and see if you can beat your premium! Have a 20-year term policy and it’s been 10 years since you’ve taken it out? Try a new 10 year policy and you might be surprised at the savings without giving up any time on your coverage.
When I do comprehensive planning with clients I would say 75% of the time we can save them money by doing private life insurance. I would recommend you work with a broker/agent that can run quotes through several different companies so you know you’re getting the best price.
Since I am an avid couponer/money saver myself, I love to help other save money so they can redirect those dollars towards a different goal. I can price shop over 40 different insurance companies for you for no cost. I am licensed in OH, KY, IN, and FL. If you’re not in one of those states, call me anyways and I can find someone with my company who is! We can do policies via the mail/phone and we can talk about different options you have! Please contact me at libby.greiwe@thrivent.com or 513-239-2933. Have money saving!
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6 comments:
I worked at two different life insurance companies. There is one under the AXA group that will insure people who are considered higher risks at lower rates. Some smokers can get coverage as non-smokers. If you have an illness or other condition that would make you a high risk to some insurance companies, they look at how you're controlling the illness rather than just the fact that you have it. That can result in lower rates, and sometimes even coverage for people that might not be able to get any coverage at all through regular companies.
I just read an article in the Boston Globe about insurance. One person they profiled shopped around and ended up saving $1,000 a year!!!
Thanks for sharing all your wisdom. I'm giving you The Lemonade Award so be sure to swing by my blog to pick up your award!
EXACTLY!!!
I doubt I will save that much, but I truly am hoping to find out I can save on our life insurance.
We currently do have it set up just the way Libby says...thru his company.
So, if she can save us...I am all for that!
My husband and I switched to Thrivent in 08, the company it looks like Libby works with. She is right, it saved us over $300 from our old insurer who wasn't through our work...that's a big savings for a tight income family! We've found one reason Thrivent has such good rates is they are a non-for profit group, instead of greedy wall street profits they keep rates lower and give what would be their taxes to charity...we just got their newsletter this week, they gave $300 Million to charity last year, including Habitat of Humanity, which we volunteer for. It's nice to save money and feel like we're supporting good causes.
Beckie
Woo hoo! I've had quite a few call me and so far EVERY SINGLE ONE OF THEM HAS BEEN ABLE TO SAVE MONEY! Can't beat it! Most have been from other parts of the country so I've had to send them to other reps in my company... which is fine by me. But so far, so good!
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