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Life Events That Influence Your Insurance

 


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Insurance companies partly use profiles of their clients to determine their risk. These profiles are based on how we have lived our lives. It therefore makes sense that important events in our lives will change our profiles and as a consequence change our potential risk.

Getting married

Getting married can be one of the greatest experiences of your life. Did you know that this auspicious occasion could also lower your monthly insurance rate? Insurance companies view married people as more stable both financially and socially. The merging of assets also allows people to add all of their belongings and vehicles to a single policy thus reducing costs. Depending on your circumstances, you may choose to move your assets to your spouse’s policy, but it is important to get quotes from both of your insurers to ensure you are selecting the company with the best possible rates. After getting married, it may also be a good time to re-evaluate both of your current insurance companies. You may find that after doing a bit of comparative shopping, another insurance company may be offering much better benefits and premiums to married couples.

Divorced or widowed

Getting divorced or losing your spouse is a difficult time. There are so many things you need to consider like funeral arrangements or law proceedings and often insurance is forgotten or left to the very last. This is an unfortunate mistake, but sadly a very common one. Since you may be the only full time driver again, your rate could go up significantly, possibly higher than you can afford. If you are getting divorced, you will likely be moving to a new home. This move will affect both your home and car insurance premiums. This is the time to log on to the Internet and shop around for insurance quotes. You will need to find the best quote for your situation and possibly even consider lowering your cover. This is likely not something you would be keen on doing, but it could save you quite a lot of money every year.

Retirement

Ah, the golden years! You have worked all your life and it is now your turn to really enjoy the fruits of your labor. It is time to travel, see the world and enjoy your life’s work with your loved ones. Since you no longer travel to and from work anymore, your annual mileage will drop and you can save significantly on your insurance. Consider switching to a pay per mile plan and shop around for the best rates. Getting rid of multiple cars could also be a good idea since you probably won’t need more than one anymore, thus saving even more.

These are the major life events that will affect your insurance needs and premiums, but there are many others that also change your risk profile. The best way to avoid overpaying on your insurance is to regularly reassess your insurance policies and shop around every year to check whether there are better deals available.

About Author:

Stuart Broad is a marketer who works for a number of South African life Insurance sites. If you are looking for a budget insurance, he recommends trying to get insurance quotes at InsuranceHound.

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