Trim your insurance costs

Try these great ways to prune without cutting out coverage entirely.

Taking a driver's ed or refresher course may qualify you for discounts.

Saving on insurance costs means asking tough questions about why you need coverage and what you would do without it. Whether you're buying life, home or auto policies, talk to an independent insurance agent (find one at iiaba.net) or financial adviser who has expertise in insurance (napfa.org or fpanet.org) and can help you investigate options. Consider these strategies on home, auto and life insurance:

Home and auto insurance
Increasing the deductible on your home or car policy to lower your premiums may or may not make sense right now. Could you cover the high deductible if the worst happens? If you can't afford to pay, say, a $1,000 to $2,500 deductible upfront, then continue paying your current premium while putting cash into a "deductible fund." After you've saved enough, you can increase the deductible, which will decrease your monthly payments.

Of course, getting both your home and auto policies with the same insurer can drop your premium by at least 10%.

Look for discounts. Insurers usually offer at least 5% off for a smoke detector, burglar alarm or deadbolt locks, and 15% to 20% for a sophisticated fire/burglar alarm and indoor sprinkler system. Auto insurance companies often give "safe driver" discounts if you haven't had any accidents or moving violations for several years. You may get a break if you're over 50 or 55 years old, if you're retired or if you have taken a new driver's education course or an approved refresher course. Reducing your annual mileage can drop premiums, too. Find more potential discounts at iii.org.

Life insurance
If you have employer-sponsored life insurance and you leave your job, find out whether the insurer will let you continue coverage. Ask if there is a "right to conversion." If you need to buy your own individual policy, use the "life insurance needs calculator" at lifehappens.org/life-insurance/life-calculator. Don't waste your money buying the wrong benefits just to pay a lower premium.

CNBC's Sharon Epperson is the author of "The Big Payoff."