Back to School – Time to Reassess your Insurance?

Whether you’re enjoying having the kids at home this summer or counting down the days until they go back to school, Back to School season is about to kick-off in the coming weeks. While you may look to make savings by making a uniform last one year more than it really should or by dusting off an older sibling’s school books and passing them onto your younger children, the extra time spent in your car on the school commute can be a great time to consider your insurance options.  To help offset some of the additional back to school costs our AA Life team have put together some advice on how to save on your life insurance and your mortgage protection.

Is it time to switch your mortgage protection?

When it came to deciding which school to send your children to you likely weighed up a range of factors such as the location of the school, what you had heard from friends and family, and even your own experiences if you still live near where you went to school. However, when you purchased your home it’s unlikely that you put a similar level of research into where to purchase your mortgage protection and because of this you could be paying far more than you need to. Most first time buyers opt take mortgage protection from their bank in the hopes of avoiding additional paperwork and what is a hugely chaotic time. However, if this is what you did you could be paying over €200 more than you need to for mortgage protection. No matter how long is left on your mortgage, getting a quote from other mortgage protection providers could help you make a significant saving per year.

As your children start a new routine, should you kick an old one?

With the end of the summer holidays in sight your children’s’ routine of summer relaxation is going to change pretty drastically in the coming weeks. As your children begin a new routine and new habits, it may be time for you to kick an old habit if you’re a smoker. On average smokers pay 90-100% more for life insurance than non-smokers but the good news is that if you give up or are an ex smoker you’re not doomed to a lifetime of higher premiums. Once you’ve maintained a tobacco-free lifestyle for a period of 12 months or more, most life insurance providers will class you as a non-smoker helping to significantly reduce the cost of cover.

While the cost of sending a child to school is an unwelcome surprise for most families at the end of every summer, taking the time to re-assess your current insurance policies to see where you can make savings could help reduce the financial burden while also ensuring you and your children’s long-term future are fully protected at the best price.

If you’re looking to make savings on your cover, AA Mortgage Protection is currently available from as little as €10 a month.

Main image by Stacy Sanchez, used under CC licence.