How Can I Afford the Insurance I Need?

Updated on November 26, 2021

It can be difficult to afford all the insurance you need with so many different types of policies to consider. However, you certainly can’t afford to not have coverage for all of life’s “just in cases.” Indeed, having enough insurance will help protect your home, car, health, finances, and, ultimately, your family.

So, now that we’ve established that you need insurance, what can you do to make it more affordable? We’ll cover that in this brief article.

Use an online comparison tool to find the right insurance company and policy.


When you went shopping for your most recent vehicle, did you stop your search after the first vehicle you saw? So, why would you do that with your insurance policies?

Too many people fail to do their due diligence when shopping for life, auto, health, and income insurance. However, online tools like Policy Scouter are a great option for finding the right insurance company and policy. You can even read reviews about customer service from different insurance companies. Using an online tool to compare companies side by side is a good way to find the right policy for your coverage needs.

Open a savings account for emergencies.


Believe it or not, saving money for emergencies can also help you save money on your insurance policy. Insurance premiums rise when you file a claim, but keeping a high minimum balance in your bank account will ensure you have the money to pay for small emergencies, possibly preventing insurance claims.

You must do your due diligence to find the right financial institution, the same as when searching for an insurance company. Simply Googling “best online banks in Canada and the United States” isn’t enough. It’s important to compare account features, monthly fees, and other important factors.

Some of the features you should look for are online banking, high-interest rate savings accounts, unlimited transactions, and low fees. It’s also a good idea to look for a financial institution that sells insurance, as this would give you the chance to save money on your policy and make managing your finances easier.

Opt into group health and life insurance if possible.


If you work a full-time job, the chances are you can get the insurance you need through your workplace. Many companies offer group health (and even life) insurance policies to their full-time employees. Furthermore, the company pays a portion of the insurance premiums, making the policy even more affordable. One of the drawbacks of group policies is that your insurance coverage will only last as long as your employment with the company. However, the savings that you get with group policies make them well worth the risk of losing the policy.

All the various types of insurance are much more than monthly fees sent out for the sole purpose of eating at your earnings. Indeed, there are auto, life, and health insurance companies that have made their name by offering low fees to people who would otherwise have trouble affording the insurance they need. Ultimately, insurance is a financial product that serves to protect your financial interest in case of an emergency.

One of the best ways to ensure you can afford the insurance you need is to do your due diligence to find the right company and policy for your situation. It’s also a good idea to open a bank account for emergencies and consult a financial advisor to get a better idea of your insurance needs. Finally, if your job offers health and life insurance, accepting the group option could save you lots of cash. And you thought saving money on your insurance was hard!

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