Most people think that having insurance policies is an 'either/or' dilemma, either you have insurance or you don't. Having insurance on your home, car or even on your life does not have to be an 'either/or, it can be 'yes' for all three types of insurance policies and you can have the insurance while still cutting costs.

To cut costs on home insurance and car insurance, review your policies and ask yourself why you have the insurance coverage that you have and what you would do without it. At the time you purchased a new home or new car, you may have purchased insurance policies for them with all the bells and whistles and to cut insurance costs now, you can remove some of those add-ons that perhaps you really don't need.

After you've reviewed your insurance policies, talk with a financial advisor who has expertise in insurance about the coverage that you really need. A non-biased third party can offer you the insight as to what insurance you really need verses the insurance coverage you think you need and the insurance policies that your insurance agent wants to sell you.

If you purchase your home insurance and car insurance policies from the same insurer, it will cut costs too.

Increase the deductible on home and car insurance, which will cut costs of monthly premium payments. If you can't afford a higher deductible right now, start a savings account and put the money away to cover the higher deductible amount. Once you have saved the higher insurance deductible in a special savings account, then opt to change your insurance policy to a lower premium, higher deductible rate policy.

If you get laid off from your job, ask your employer if the insurer will allow you to continue coverage so you will have life insurance. If that's an option, you will cut costs on the price of an life insurance policy from an individual insurer. If continued coverage is not an option after leaving your employer, talking with your financial advisor and your insurance agent can reveal ways to purchase a suitable life insurance policy for yourself that you can afford.