For today, I would like to talk about ‘insurance’. In Korea, medical insurance system is very well established, letting medical expenses be reasonable and affordable compared to other countries. However, people are still worried about back-up plans for medical expenses, and tend to have extra private insurances. To tell you my personal story a little bit, my mom and grandmother suggest me to have extra insurance. However, as you know, it is not easy to make a regular payment for insurance every month. Isn’t there any good idea to save insurance payment? Actually, there is, and that is what I would like to let you know now. Let’s have a look at five tips to save insurance fees!
First of all, why not pay fees via automatic transfer? Automatic transfer allows you to save about up to five percent of insurance payment. Do you think it is ‘only’ five percent? However, it is not a small amount, assuming that you continue to make your regular payments over the next several years. I recommend you change your payment method, if you are not doing automatic transfer yet.
The second way is to prove your status and medical condition by filing up the related documents to your insurance company. You can ask discount on your insurance fee, if in a good health condition. For example, if you are a non-smoker with normal blood pressure and no sign of lung cancer, you may request 5 to 15 percent of discount on your total health insurance payment. Also, you can withdraw an insurance contract, if you find better conditions from other insurance services. This cancelation should be done within 30 days of singing the document.
Third, find your friends who can form a ‘group insurance’ with you. For some cases, if you make a group of more than five people and sign insurance contract together, you receive 1 to 1.5 percent discounts on your fee in return for the bulk insurance contract. Have it a try, ‘group insurance’!
Forth, you will receive extra benefits, once becoming the VIP customer at insurance company. Rather than signing multiple insurance contracts, combine contracts together and make a ‘single security.’ For example, if a driver owns two cars and holds both cars under single security, he or she can pay just a half of insurance fees. In this way, you can be a privileged customer at a certain insurance company, which makes your insurance fees lighter along with more extra benefits.
Lastly, set ‘No Driving Day’. For some car insurances, if an insured set ‘No Driving Day’ once a week, insurance company gives some portion of accumulated payments, usually less than ten percent, upon insurance expiration.
Here I have introduced all of the five tips that might give you benefits in a convenient and easily accessible way. Hope you can save extra dollars by following these tips, and share these benefits with others as well!