Advertisement
Save $150 or more by skipping the monthly option
Almost everyone pays their insurance premiums monthly, but according to Chad Larmond of Larmond Risk Management Insurance, that’s not wise. “By paying annually, you will save 7% to 9%,” he says. There are three things working against you when you pay monthly. First, there is an administrative cost to process your premiums. Second, insurance companies charge you for the time they have to wait to get your money. Third, it’s an opportunity for insurance companies to profit from people’s aversion to paying premiums: People will happily pay more for the appearance of keeping their payments low. So if you’ve got the cash on hand, phone up your insurance provider and ask to pay your premiums annually. You can go out for a nice meal with the money you saved.
Want even more tips to shape up your finances? Join the Money Fit Club to curb spending, boost your earnings, lower your taxes and more!
Learn to tone your money muscles all year long with our interactive calendar and sign up for our weekly newsletter for advice straight to your inbox.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Canadians with no children or siblings must consider estate planning alternatives. Here’s why trust companies can be a good...
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
The Trump effect and Trumponomics, Shopify’s huge earnings beat, it’s sunny days for Suncor shareholders and more.
Here’s how to get your free ticket to attend two MoneyShow virtual expos.
Should you be paid as a power of attorney? Learn about the compensation rules in Ontario and how to...
You started investing in your 20s, and you feel pretty good about doing it. But now what? Consider impact...
Want an idea of how much tax you paid—or will be paying—for 2024? Here are the federal and provincial...
The federal government’s capital gains inclusion rate increase has yet to become law. There’s a slight chance it may...
