Economy Home Insurance

Insurance companies offer economy home insurance with building and contents cover at affordable rates. To buy an economy home insurance policy, one has to research the market thoroughly. However, one can employ alternate methods to curtail the home insurance premium.

Economy Home Insurance: How to Get Discounts

Consider the following tips while buying an economy home insurance policy:

• Home security: Insurance companies provide discount on home and contents insurance premiums if the home is fitted with an effective burglar alarm system. Purchase a burglar alarm approved by an authorized national security systems agency. Also, install window and door locks to minimize the risk of theft. Develop a neighborhood watch program in the locality and ask for discounts from the insurance company.
  
• Combined policy: One can purchase both building only and contents only insurance together from the same insurance company to enjoy discounts. Comprehensive home insurance is also available at low rates but it offers limited coverage.
  
• Group policy: One can buy economy home insurance in groups. Group insurance policies offer customized coverage at affordable rates. For group policies, one can also negotiate with the insurance company in terms of coverage and premiums. Communicate with the community associations to form a large group to enjoy maximize benefits.
  
• No-claims bonus: Insurance companies offer discounts to individuals with a no-claims history. To enjoy this benefit, a policyholder should have accurate records of the previous insurance policies and claims filed, if any.
  
• Online shopping: Buying economy home insurance cover online can provide 10%-20% discount on the policy premium. One can receive economy home insurance quotes from different online providers. Compare the quotes for the amount of coverage and policy premium and sign in for the best deal. However, one should pay extra care while buying insurance online. The credibility of the insurance company should be ensured to avoid online fraud.
  
• Deductibles: It is the amount that a policyholder agrees to pay towards the economy home insurance claim. As the deductibles rise, the financial risk to the insurance company declines. Thus, higher deductibles mean lower premiums. However, the idea of increasing deductibles is not ideal for individuals residing in risk prone areas.
  

Every individual wishes to pay lower premiums and get economy home insurance. However, cutting down on the policy cover to reduce premiums is not prudent.

Economy Life Insurance

According to the Bureau of Labor Statistics of the US Department of Labor, roughly 70% of workers in the private industry had access to employer-provided medical care benefits in March 2009. While 90% of the high wage earners received such benefits, only 25% of the low wage earners received the same. These statistics underscore the importance of economy life insurance.

Term insurance is the simplest and most economical form of life insurance that offers financial support to the family in case of a policyholder's death within the term of the insurance policy. In this form of life insurance, the premium amount remains unchanged through the entire term of the policy.

Economy Life Insurance: Features Sought

The features to seek in an economical life insurance policy are:

• Benefits should be tailor made to suit individual requirements
  
• Should have cost efficient rates
  
• Should be flexible, so that it can be altered to suit changing requirements
  
• Should have death benefit that can be extended up to 70 years of age
  

Economy Life Insurance: Tips

You can lower your life insurance premiums through the following measures:

• Buy term life insurance at a young age: At a young age, you might not feel the urgency for insuring your life and may not have substantial financial requirements. However, at this age, the term life rates will be quite low. Lock in high term life insurance coverage at this stage when your health is good and the prices are low.
  
• Opt for appropriate insurance coverage: Most financial planners recommend purchasing coverage equal to six to ten times your annual gross income.
  
• Select the right term for the insurance cover: While people in their 30s or 40s should opt for a 20-year term length, a person close to retirement should not opt for a term of more than ten years. Similarly, people trying to quit smoking must purchase a shorter term policy. After qualifying for non-tobacco rates, one can replace the former policy with a longer-term one.
  
• Look for price breaks in insurance coverage: Check out the premium when your coverage increases to $250,000, $500,000 or $1,000,000. Companies often offer price breaks at certain coverage amounts. As a result, people can get the opportunity to pay a lower premium for more coverage.