MoneyWise Live


Cut Insurance Costs

December 4, 2018

Insurance.  It’s something we all need but hope we’ll never use.  Insurance gives us peace of mind and can certainly be a blessing at times. But do we take those premiums for granted?  Is the coverage always worth the cost?  Insurance can be a “set it and forget it” type of expense. Find the coverage you need at a price you can afford and then you simply let it renew year after year. Financial planner and teacher Rob West has some ways to cut your insurance costs. 

The Southeast recently got a stark reminder of the importance of insurance with the damage caused by Hurricane Florence. Insurance is necessary but so too is making sure we don’t pay too much for it.  How do you go about that?

  • How do we make sure we have the right coverage at the right price? 
  • Should you go so far as reading the fine print or just trust your insurance company?
  • What does DAR mean with respect to insurance?
  • How long should it take to go over your new insurance policy and is it worth it?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • If you're 20 years and just getting interested in how to invest and have heard that "over a 10 year period of time, 90% of mutual fund won't beat the market" so is the index better?
  • If you just opened a stock brokerage account and if feels a lot like gambling, is this a proper way to view this?
  • If you're using Quicken and they've just begun requiring annual payment instead of buyout, should you consider another program/app like Mint or Envelopes?    
  • If you're both retired and have about $150,000 in an IRA and are drawing about $18,000 annually, have lost about $50,000 this year and are concerned about keep your funds there, should you leave the money there or bail out?  
  • If you purchased a vehicle about a year ago, your income had gone down lately and you've missed some payments, is there any way to get out of ownership?
  • If you're on ACA and have to keep your income low because of this, are there ways to reduce your income if it's bumping up against the limit?
  • If a family member has proposed you come together as a consortium to pay off other family members debt, does this sound like a good idea?

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