Tuesday, July 21, 2009

Are you spending too much for Life Insurance?

Or, is it to much? Sometimes I wonder about my grammar capabilities.

Anyway, I had no idea my husband and I were paying too much! Since we both started working out of college, we always just opted for life insurance through our employers. I figured, it must be the best rate, right? It is thru his benefits!

Well, I was wrong. And, I must thank Libby Greiwe for showing me the light.

You may remember when I started the year with a Method Madness Marathon. I did this to prepare us all for the year 2009. I wanted us all to go through all of our monthly bills and see what could be lowered so we could see where we might be able to save or make some extra money.

If you missed the marathon, feel free to click here for a refresher.

Libby took that opportunity to do a guest post for me and enlighten us all to another opportunity to save. So, my husband and I met with her ( love her, she is so cute and sweet and very patient with my inability to get all the paperwork signed and into her on time ).

FINALLY, after much delay on my side, we are official!!! And, I am happy to report that our policy has now been increased by $325,000 AND I am paying less a year. The rate stays constant for the next 10 years. If we would have kept the policy exactly the same, we could have saved even more! PLUS, we still get the 1 times bases pay Life Insurance my husband gets through work for free.

Thank you, Libby!

So, take this time now to see if you can save yourself some money on your Life Insurance bill. Libby works with many different companies to find you the best rate. And, even though she is in Ohio, still contact her. She told me she would connect you to the proper person for your area of the United States.

And, at this time, I am going to show Libby's original guest post again, for all the new readers!


Saving on your 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.

Please let her know Carrie at Money Saving Methods sent you her way!



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6 comments:

KristinBrianne said...

Carrie do you mind if I post a link to this on my blog to point readers here? One of the goals on my blog is to help my readers save money on things like medical care and insurance, and this would help them a lot!

Carrie @ Moneysavingmethods.com said...

Kristin,

Absolutely. Thanks for sharing.

Wilson Wonders said...

You were right the first time. It's "too"!

Carrie @ Moneysavingmethods.com said...

Thanks..I thought it was too. But, then I always second guess myself.

prashant said...

Right you are right.....


Work from home

Kade said...

Nice article makes a very important point. We should not get complacent with our current insurance deals, and should go about getting Term Life Insurance Quotes or car insurance quotes or whatever the case may be on a regular basis to ensure we are still on a decent rate. I've linked to a site that Canadians who may be reading this find useful, comparison is absolutely key, and in fairness it doesnt take up a lot of time these days anyway!

 
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