Both Jay and I have life insurance policies. Until last year I had them set up to be paid quarterly via our online bill pay. That changed when I read the fine print on Jay’s statement and discovered we could save money by paying yearly vs. quarterly.
My bill came the other day and the payment amounts are:
As I said, until last year we’d been paying $179.40 quarterly. 4 x $179.40 = $717.60.
By paying the annual amount of $690 we’ll save $27.60/year. Combine that with the $42.80/year we’re saving on Jay’s policy, we’ve reduced our life insurance expense by $70.40.