1.Establish an emergency fund equal to at least three months income… you can then look to increase the stand down on your income protection to 13 weeks which will help to reduce your monthly premiums.
2. Life Insurance that has fixed premiums until you reach Age 80 is a good option, especially if you take it out while you are young… with this option the premiums are calculated over the lifetime of the policy. Although you pay more initially, the premiums are fixed until you turn 80.
3. Add or increase the excess on your medical insurance… for most insurance companies the excess is only payable on hospital and surgical claims not for specialists and tests.
4. If you have stopped smoking since you took out your policy and have now been a non-smoker for 12 months… make sure you let your insurance company know. Premiums for smokers can be up to twice as much than for non-smokers.
5.You may have a loading on your policy, where your premiums are more expensive due to a medical condition (e.g. if you had high cholesterol when you first put your cover in place). If you have had no further issues, or your medical condition is under control, this loading may be reviewable, and subsequently removed bringing your premiums back in line with standard premiums.
You need to review your insurance regularly so that it can keep up with your changing lifestyle. If you haven't heard from your adviser in the last 12 months, you should give them a call now.