Monthly Savings Challenge – February

Insurances – What do you need?

shutterstock_162924146You could be, and probably are, paying to much for the insurances you have! This month we need to help you find out just how much you are paying for each insurance policy you hold and if you can get a better deal elsewhere. This simple process this month could possibly save you hundreds of dollars instantly and without much fuss.

To begin, collect all your policies and have a sheet of paper where you can list the cost of each. List the yearly cost and the monthly premiums you pay for each policy. Now you need to start on the first and see what you are really covered for – write on the list what you want to be covered for and check this against your existing policy.
Do this for each policy and now you are in the best position to choose the best policy for you.

Insurance comparison sites such as iSelect, Insurance Watch and Compare The Market are free to use and will do all the hard work for you. So don’t dismiss this important month in saving you money. You don’t have to work for it, just click and see!

Car Insurance:

Purchasing car insurance not only secures against costs caused caused by natural disasters, man-made calamities or unforeseen circumstances but also gives you peace of mind. We normally choose an insurance policy by the recommendations of car dealers, friends or family. But it is always advisable to compare quotes from different insurance providers, going through the fine print before signing the deal can save you money and potential stress. To get you started we’ve compiled the following list and ideas. Click here to read more…

Life Insurance:

You trust no one but yourself when it comes to providing the security and a comfortable life for your loved ones but what if you are not around or suffering from a critical illness?Would you be happy with the knowledge that your family will be provided and cared for without you? Or do they rely solely on you for what they need to survive? These are some of the questions you need to ask yourself before choosing to take out life insurance. There is no exact answer which insurance provides the maximum protection. Here are some further questions to ask yourself.

Home and Contents Insurance:

When a disaster strikes your home, the right home insurance policy will help you to pick up the pieces and rebuild. Home insurance covers the costs caused by any loss or damage to the home you own. With so many home insurance covers available, choosing the right insurance plan meeting your requirements is a daunting task. Home insurance basically covers the following costs:

Income Protection Insurance:

Could you still keep up with your bills if an accident that prevented you working happened to you? Here’s where income protection insurance comes into play and helps you to cope financially while you recover. It ensures a regular cash flow in your time of need. Income protection premiums are tax deductible and are generally 3% of your annual income. People often get puzzled between income protection and their workers compensation policy. But unlike income protection, workers compensation provides compensation if an accident occurs at work and provides no cover for an illness not directly related to work.
Read more here…

Health Insurance:

Your health and staying healthy is entirely up to you. You’ll have to decide how to look after yourself, consider what health problems you have and what you are doing to control them.

Click here for a side by side summary of what is covered by private health insurance and what Medicare covers for hospital, medical services and general treatment, pharmaceutical benefits and ambulance.

Health funds in Australia are very competitive so you should take the time to compare your policy to some health funds you might not have heard of, it could save you thousands of dollars!
If eligible, make sure you have and are using your Health Care card effectively and understand the Pharmaceutical Benefits Scheme – you’ll save money.

Click here for a List of health funds

Health Care Card

Pharmaceutical Benefits Scheme



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