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3 Ways Retirees Can Save On Insurance Premiums In Canada

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Retirement is the time to sit back, relax and enjoy. Here are the top 3 ways to save money on the insurance premiums in Canada.

Save On Insurance Premiums

Source: Freepik

Retirement is when you relax or pursue a hobby you have always enjoyed doing but never have found time for. Most of you might also face financial ordeal during your retirement and paying insurance premiums might add to your woes.

After years of hustling and bustling with different situations in life, the time has finally arrived when you hang your boots. You will want to relax and enjoy the rest of your life as you retire.

While income sources seem to taper off at this stage, it is time to vet your finances.

Retirement insurance policies help you aid your finances during retirement. While paying for your insurance is imperative, saving while paying is clever.

Let us list down the 3 ways to save on insurance as a retiree in Canada.

1. Switch to a better insurance rate

You trade with your insurance company for a long time, making you eligible for loyalty discounts or loyalty reward points you can redeem later.

It does not stop you from looking for better options. You need to do research or consult a reliable and licensed insurance agent. Find out all the insurance policies and the ongoing rates in the market.

You might come across better rates than what you are currently paying to your insurance company. Even if you do not change, you can make a counteroffer to your insurance company, asking for better rates.

2. Invest in group insurance programs

Next, a group program can always be beneficial for cutting down costs. Comparing a group program with any individual program can help you reduce your existing rates and risks. Because group insurance offers you better rates as a large pool of people contributes to the program.

For example, the RTOERO group insurance plan of Canada is for teachers. Under this plan, primarily teachers contribute to the policy. But if you are working in the education field, you can benefit by buying this group insurance.

You can find group insurance plans in other professions, too. Find group insurance that caters to retirees from your trade.

Tips to Save money on Insurance Premiums
Source: Freepik

3. Defensive driving course for discounts in premiums

Finally, as a retiree, you have one golden chance to save some quick money- take up a defensive driving course!

Many insurance companies have included such driving programs for 50 years and above.

Once you complete this defensive driving course, many insurance companies can offer you about 10% off on your insurance premium plans!

So, what if you have retired? It is still not late to learn something new and save some money.

We hope these top three tips can help you save some quick money as a retiree in Canada while you keep paying for your insurance premiums!

What are your retirement plans? How do you plan to go about your retirement?

Comment and let your ideas pour in here too.

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