5 resolutions that will help you save on your life insurance

Published on November 30th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Get your health game on

There is no better way than to kickstart your resolutions by getting your health in check. Your plans for losing weight, eating healthier or finally quiting smoking will be rewarded. Insurers tie in how much you will pay on your premiums with how healthy you are.

During the underwriting process they will look at your medical examinations to determine if you are a risk. Your life insurance premiums will be reduced to something that is affordable and you your family will get to enjoy a fresher version of you.

Do some shopping

Never in the history of saving have you been told to shop, but we are not talking about the kind of shopping that leaves you broke. We are talking about shopping for a life insurance policy that has the best standards that will meet your family’s needs long after you have gone.

Comparing policies should be the first thing that you do before you sign on the dotted line. Technology has come a long way to eliminate unnecessary footwork with online comparison sites. The bonus is that by using some comparison sites online you will save up 10% to 20%.

Kick bad habits to the curb

Bad habits are like slow poison that can also burn holes into your finances. Things such as drinking, smoking and loading up on the junk are sure ways to cancel out your health resolution. Furthermore, overtime they can cost you.

A survey released by Mozo shows that if you are a smoker who buys a $3 5.20 pack a day you are wasting $12,848 a year. If you are a beer drinker, easing up on the booze for two nights a week can save you $4,160. Opting to take home made lunch to work can also save you up to $2,400, and it’s more likely that it will be healthier than the option you always went for.

Life insurance can save you a few on all financial corners of your life

Life insurance is a long-term plan that will help you re-evaluate your life and how you use your money. It will help you to see in terms of the big picture, meaning that it will push you to evaluate other parts of your life that you pour money into.

When thinking long-term you will consider opening an investment fund or a savings account that will help your money to grow so that your loved ones have one less thing to worry about. This holistic view of your finances will also aid in helping you calculate how much cover you will need.

It’s important that you have adequate life insurance by knowing how much you need. There are online calculators and consultants that are there to make sure that you are adequately covered with the best cover for you and your family.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

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