Life Insurance is Cooked Separately.

Universal Life Insurance Company (Photo credit: Thomas Hawk)

Buying and / or selling individual life insurance can be relatively simple or can become very complicated. It depends on the agent that attempts to explain it and this is the result of the type of training received and of the seriousness with which the agent took this training. There is the assumption that training life insurance agents and sales generic training is the same which is why life insurance is cooked separately. Many times it turns out that people say another agent explained it to them or they read about life insurance for 50 plus and they do not care. We identified that this type of response is given by people who have already been vaccinated against life insurance agents.

What life insurance does is pay the Sum Insured to the beneficiaries for the death of the insured. We conclude that any person who has dependents needs life insurance or rather he does not need life insurance. Dependents are those who need him to have a life insurance because if he died they shall receive that money. So the life insurance agent is at this point in the interview. As in most cases the dependents are the spouse and children who remain as beneficiaries.

Due to many rumors we need to clarify some things as it is worth to also check cancer insurance by PINNACLE LIFE NZ. Life insurance is intended to replace the economic value of the person and this is the basis for that, once the prospect accepts the need for life insurance to make money after his death for his beneficiaries. Determining how much assured sum should he hire is the second step. Now we have to make some simple numbers to establish together with the prospectus, the appropriate amount required for the insured sum. Let’s suppose that you’re the prospect and for work purposes have to leave home for a month. How much money would you leave your wife to meet the expenses of your family during that month?

Now, suppose you have sufficient resources to be out for not a month, but for a year. If you have sufficient resources how much money would you have to leave your wife to make the necessary payments during that year? What if you do not come back? How much money will your wife need to bring up the family? We call this prospectus kill slowly. Not done yet. To this must be added the cost of a funeral and any other debts that have not been settled before the death. Well you also have to consider that family expenses are going to be growing every year, not only because of inflation but as your children grow older costs rise such as education, food, clothing, medicine, automobile, services, etc.

Based on the above it is natural that more money will be needed to address this contingency and without life insurance it would be a catastrophic situation for the widow and orphans. It is now necessary to consider the cost of meeting this need and there are two options; Buy temporary insurance or endowment insurance. There are only two types of life insurance. The Temporary only covers death and the endowment covers survival besides death. In both there are different terms or duration of insurance. The Temporary advantage is that it is cheaper. The advantage of the Endowment is that over the years not only will you recover the amount paid but will make even more than what was provided and then it is used as a savings plan.

Finally there is the alternative management type insurance reserves if warranted where everything is fixed, nothing changes and no surprises which is the same as investment funds that are used in the management of reservation but this is more an investment than savings. To conclude the beneficiary designation is where alternatives are considered to leave payment in a single installment or include a trust that is the administration of the sum insured.

Understanding The Costs Associated With Heart Disease

Health (Photo credit: Tax Credits)

The costs of leading an unhealthy lifestyle have a substantial effect on your lifestyle costs in the future. Going without exercise and consuming foods that are considered to be traditionally unhealthy puts you at risk of developing heart disease and can leave you with hundreds of thousands of dollars.
Making the choice to leave a healthy lifestyle is often difficult until your eyes have been opened to the possibilities of what being diagnosed with heart disease can potentially cost in the future. 

What are the potential costs of heart disease?

Doctors Visits and Procedures

Visits to the doctor, procedures and admission to hospital and medical facilities have the potential to cost upwards of several thousand dollars, for each trip to the center. Imaging procedures are costly and are often required multiple times through the course of a visit to a cardiac health center -- adding up significantly. 

Nutritionist Costs and Dietary Needs

Once patients have suffered a cardiac event, it's essential to take the right path when it comes to health and nutrition. Unfortunately, this can include added costs of physical training and therapy, healthy food that is suited to specialized diets and fitness club memberships. Taking the health seriously late in life is costly -- and not something that should be taken lightly. 

Health Insurance Premiums 

Health insurance premiums are based on the health and the history of the patient. Patients that have a poor health history will experience higher health insurance premiums than otherwise healthy patients. 
In some cases, patients searching for health insurance are denied because of the increased risk based on their previous history. In the case that there is no health insurance, one visit to a cardiac specialist can cost upwards of seven hundred dollars -- and that's without any imaging or studies being completed during the appointment. 

The Cost of Medication

In the case that you've suffered a cardiac event, it's likely that you're going to be on some sort of medication regimen. This daily regimen can cost several hundred dollars monthly -- as not all of the prescribed medications are covered by supplemental health insurance plans. 
Though there is help available for the costs of medication, it rarely covers the entire monthly amount, leaving patients short on medication or short on money. 
Sure, there are generic options that are available that can help to lower the price but the long term cost of medication to reduce the instance of developing further cardiac issues can be quite high. Many patients that are unable to work, have few other options, and have difficulty affording the required medication. 

Surgery

During the worst case scenario, patients that have experienced a cardiac event are likely going to require some sort of surgical intervention. This type of intervention is going to require consultations with physicians and cardiac specialists, admission into the hospital facility, tests, monitoring and medication in addition to the costs of the surgery. 
The entire cost of a cardiac surgery, depending on the circumstances, can be upwards of forty thousand dollars. For patients that require more than one surgery, the costs can be exponential and leave the patient without the funds in the budget to repay the debts that are owed to the hospital. 
Taking into account the finance related implications of heart disease is something that patients should consider before they reach that point. Making the effort to follow healthy eating guidelines, maintaining an active and healthy lifestyle and avoiding things that can increase the risk factor, like smoking, can help to reduce the chances that you're going to find yourself bankrupt, sick and in need of medical and surgical intervention.

Author Bio

Sarah Daren is a writer who creates informative articles relating to the field of health. In this article, she describes the costs associated with heart disease and aims to encourage further study through clinical laboratory science schools.

What Are Your Payment Options for Assisted Living?

Most people want to be able to live on their own their whole lives. Unfortunately, your health may start to deteriorate to the point that you can no longer take care of yourself. 

Your family members may not be able to give you the care that you need either. You may need to eventually consider living in an assisted living facility.

Many people are reluctant to use one of these facilities because they feel they are worried about paying for it. Fortunately, there are several ways that you can pay for assisted living.

Utilize Long-Term Care Insurance

Long-term care insurance will pay for you to go into a nursing home or assisted living facility. The average policy for a 55 year old will cost about $3,500 a year. These policies clearly aren’t cheap, but you will probably be a lot better off purchasing them than trying to pay out of pocket down the road.

Most long-term care policies should cover everything that you need. The average policy will pay for about $4,470 worth of services a month. That is nearly 60% more than the median cost of living in an assisted living facility. 

However, you should ask your insurance carrier what services they will cover and find out how much different facilities cost long before you need them.

Consider a Bridge Loan While Selling Property

You may have trouble paying the premiums for long-term care insurance while you are still working. You may want to take out a bridge loan instead. Bridge loans will pay for your stay at an assisted living facility when you can’t afford to pay upfront. A number of companies offer them.

You will need several people to cosign the loan for you. They will be collectively responsible for making the payments while you are in the assisted living facility. However, one person will usually be appointed to be responsible for making the payments.

The rates on these loans are usually very reasonable. They typically offer a line of credit of up to $50,000 with the same rates as secured home loans. They are ideal for people who are in the process of selling their homes to pay for assisted living.

Look into Medicaid and Medicare Coverage

Many people are unrealistic about what Medicare and Medicaid will cover. They typically aren’t feasible payment options when you have other options available. However, you may still be able to take advantage of them.

Most states offer some form of Medicaid waiver that will allow you to pay for some of your assisted living costs. However, residents in Louisiana, Kentucky, Alabama, Pennsylvania, and South Carolina do not offer such coverage. 

You may want to consider relocating to another state if you are a Medicaid recipient and suspect that you may need to enter an assisted living facility within the next few years.

Medicare is also an option worth considering, but you generally can’t use your Medicare coverage until all other options have been exhausted. You will need to deplete all of your assets first.

About the author:

Kalen is a freelance finance and lifestyle writer. He shares tips to help seniors live comfortably after retirement, such as using Senior Apartments in Kalamazoo Michigan.

Some of the best Bicycle Insurance coverage Ideas

Do you want to spend much less for the bicycle insurance coverage? Possibly, you've simply purchased the Harley or even Ducati as well as require insurance coverage to safeguard your motorcycle. The actual beneath top ten bicycle insurance coverage ideas may stage a person within the correct path as well as ideally save you some cash.

Don't let yourself be punished with regard to devotion. Even though your own bicycle insurance carrier offers provided a low cost you might have to pay an excessive amount of. It is best to evaluate bicycle quotes whenever your plan is actually upward with regard to restoration. 

Sophisticated motorcycle using programs through Bike safe will save you in your insurance coverage as well as remain secure on the highway. Many people realize that including overall performance adjustments to some bicycle may improve the price of include. This is also true should you personal a good currently effective motorcycle like a Ducati. 

Nevertheless, actually aesthetic adjustments that significantly improve the bicycles worth can impact the buying price of your own include. Before you decide to help to make any kind of modifications get in touch with your own insurance carrier to see just how much additional you'll have to spend.

The greater costly as well as effective the actual bicycle the larger the price of insurance coverage. If you're a brand new driver or perhaps a coming back motorcycle fanatic you can purchase the motorcycle that is much less effective as well as old. The advantage of this really is your own include is going to be less expensive and you will provide yourself period to develop a few constant bicycle using encounter with no statements. 

As a result you can buy less expensive insurance coverage whenever you perform wish to update. Completely thorough include is generally more costly compared to 3rd party. Should you choose personal the motorcycle that is lower in worth, you might want to think about purchasing 3rd party insurance coverage? 

Nevertheless this can imply decreasing the quantity of include that can lead to severe consequences for those who have any sort of accident. Optionally available insurance coverage extra supplies for example lawful include good manners vehicles as well as break down include are helpful if you're able to pay for all of them. If you wish to immediately decrease the price of your own include you don't have to buy all of them
You should just make use of your own bicycle from time to time as well as your yearly usage is actually beneath 3, 000 kilometers you are able to acquire much less expensive insurance coverage compared to somebody that utilizes their own bicycle with regard to function reasons. Be sure you think about just how much you want upon using your own bicycle and become because precise as possible whenever receiving a bicycle insurance coverage quotation. 

Exactly where you retain your own bicycle through the night might have impact upon the buying price of your own include, for those who have the storage or perhaps a backyard be sure you inform your own insurance carrier. 

Acquiring bicycle quotes through professional companies like Protect Your Bubble often means a person spend much less. These days you are able to conserve period as well as cash through evaluating bicycle quotes on the internet. This can help you saving a lot of money by finding the best bike insurance policy at the cheapest possible rates.

Is Life Insurance Cost An Important Consideration For You?

It goes without saying that life insurance is an absolute essential but when it comes to choosing a life insurance company and the plethora of life insurance plans available, your mind may go for a toss. There are several things that you need to consider especially if you believe that the cost of life insurance plays a massive role in your decision making process. Sometimes, you may have to rely on the expert advice of certain financial representatives and brokers. However, you cannot always trust their opinions as more often, these opinions are rigged and not trustworthy. Therefore, you need to be alert and on your toes when making such decisions. Even if you can afford the cost of life insurance and the amount of your premium is not an issue, you must look into the given points to make sure that you make a smart decision that will benefit you and come to your aid in difficult times.

1.) Understanding the coverage that you will be requiring:

When looking for a life insurance, the coverage plays an important role as it is this amount that will ensure the safety of your family and any other impending payments after your death. Therefore, you need to contemplate the amount that will be required based on your current financial situation and the amount that you are willing to pay. This is one aspect that you cannot ignore and you need to be very sure that the life insurance that you pay for will be enough for the coverage.

2.) Weigh the pros and cons of each type of insurance policy:

Just because a representative recommended a policy to you does not mean that you need to jump the gun and go for it. You need to take your time and select a policy that will be beneficial for you, not the representative. Therefore, you must carefully go through every available policy that may appeal to you and weigh their pros and cons to ensure that the decision you make does not cost you an arm and a leg and at the same time offers benefits that will help you and your family. Term insurance and cash value life insurance may seem impressive but both have their own sets of issues and disadvantages, which you must look into closely.

3.) Understand the payment pattern of the premiums:

When choosing a life insurance company, look closely and try to understand how the premium amount has been divided and what the pattern of payment is. Premiums charged by insurance companies differ widely. However, this does not mean that you must select a company and insurance policy that asks for very low premium rates since there may be a hidden catch. However, this does not mean that you must select a policy with an exorbitant premium. To put it simply, the amount should be such that can be afforded by you and will not burn a hole in your pocket.

4.) Renewal policies have certain terms and conditions; understand them:

There is a possibility that at some stage, you may have to renew your policies. This holds especially true in events where your health condition goes about a change. Term insurance policies allow the insurance holders to renew their terms. However, this can come at a high cost in the form of premiums. Therefore, blindly going for a renewal without knowing their policies can land you in financial trouble. Know the rate of the premiums in the event of policy renewal. Besides, you must also know if the company allows renewal no matter what your age or is it restricted to a certain age group.

Paying for Peace of Mind: How to Cut Costs on Your Term Life Insurance Rates

Term life insurance is already pretty affordable, so why don't you have more coverage? If you're like most people, you just don't have the money. Sure, it's cheap, but even cheap insurance adds up after a while. A policy here, a policy there. Pretty soon, your insurance poor. Still, there's that nagging voice in the back of your head egging you to buy more cover. Here's how to do it without breaking the bank.

Lock In Low Rates When You're Young

It's no secret that life insurance is cheaper when you're young. Life cover rates are determined by your age, health, and lifestyle. When you're young, you're usually in pretty good shape. You're also at a low risk of all-cause mortality. Because of that, premiums will be low. For cash value policies, the cash value account will grow very rapidly. Those premium payments won't increase on permanent policies, either, so you'll never have to fight rising insurance costs. 

Don't Buy More Than You Need

You should never buy more than you absolutely need. Buy a lot - yes. Buy more than you need - no. Add up all of your financial obligations and even obligations you expect to incur over time, like college tuition, and even your child's first car. 
Factor in your income - does your spouse need money to live on after you're dead? That has to be calculated into the total death benefit amount. 

Select Coverage Terms Wisely

Here's where most people screw up. When you buy life insurance, don't just look at the lowest possible premium. Sure, you want to pay a low premium, but you might end up paying more if you choose the wrong policy type. How?

Let's say you have a 30 year mortgage. You need life insurance for those 30 years. The problem is that a 25 year term policy costs slightly less, and you figure you'll take the risk on the 5 remaining years of the loan because it'll be almost paid off by then.

You die just after the policy expires. The insurance policy doesn't pay out, and your spouse is left with a mortgage balance to pay off on her own. You paid premiums for 25 years and now your spouse still has to pay off the mortgage. 

Take Advantage of Banding 

Another mistake people make is not taking advantage of banded rates. What is banding? It's a sort of unadvertised sale offered by the insurance company. It's a discount for buying death benefit in bulk. When you purchase more than a certain dollar amount, you receive discounted premiums. 

Banding is often used to incentivise people to buy more insurance, but it can actually save you money. For example, let's say you get a quote for $100,000 because this is what you need. However, if you buy $150,000, the premium will be cheaper than if you bought $100,000. What should you do? You should buy more coverage and save money. 

Shop Around For Rates

Companies like Wealth Smart can help you shop around for the best rates possible. Really, this is the oldest "trick" in the book. But, it's not really a trick at all. 

The simple act of shopping for insurance allows you to force insurance companies to compete for your business. At the end of the day, you win - you get low premiums you can afford for the life of the policy. 

Andrew Harvey is an insurance advisor of many years. Now semi-retired, he still likes to help others by sharing his insights on the Web.

Finding Funds: All About Structured Settlements

Structured settlements are one way that courts and insurance companies make sure that not only is justice done, but that payments go toward their intended purpose. When you're involved in an accident, medical malpractice suit, or you're just retiring from work, a structured settlement provides for periodic, guaranteed, monthly or quarterly payments. But, sometimes, it's better to just take the cash. How do you choose the right payment option?

Understand What A Structured Settlement Really Is

A structured settlement is nothing more than an insurance annuity. An annuity is a contract that requires an insurance company to guarantee monthly, quarterly, or annual payments to an annuitant (the policyholder) for a set period of time.

Sometimes, the annuity specifies payments for a set number of years (i.e. 10 years). These types of annuities are called "period certain annuities." The other type of settlement option available is a life payment annuity. These annuities make payments for the life of the policyholder.

For example, let's say that you win a lawsuit. The defendant must pay you $1 million. A period certain annuity settlement option would require an insurance company to pay the $1 million out to you over a period of 10 years, with interest. The life payment option would require the insurer to pay that same $1 million out to you over your entire life.

Why choose the life option? Because payments continue regardless of how long you live - even if you would have otherwise spent all of the million dollars. So, it's possible that you could end up getting more than what you would receive under the 10 year payment option, if you live longer than you life expectancy calculated by the insurance company.

Why They Are Beneficial For You

Structured settlements have a huge benefit over lump sum payments: certainty. With a lump sum payment from a retirement plan, personal injury claim, or medical malpractice suit, you are on your own to manage the funds.

If you run out of money before all of your medical expenses are paid, or before you die, you're out of luck. With a settlement option that's structured, you will never run out of money before the contract expires. For lifetime payments, it's impossible to run out of money before you die.

Why You Might Want To Sell One

With structured settlements having a seemingly unbeatable advantage, why would you ever choose a lump sum payment? One reason: you have immediate expenses that require cash right now. But before you sell your structured settlement payment, keep in mind that any company willing to buy your payments won't give you the full value of your structured settlement.

Companies, called factoring companies, buy structured settlements for a discount. A discount factor of 8 to 14 percent is common. On the high end, at 14 percent, you will receive only a small portion of your total structured settlement option. For example, a $1 million settlement option can quickly turn into a lump sum of just $250,000 or less.

Why so little? Because of the time value of money - a $1 today is worth a lot more than $1 20 years from now. Even though it seems like a small amount of money to accept in lieu of the full settlement payment, it's not always a bad deal. As always, consult with an attorney or financial planner before you sign anything.

Melissa Rudd is a financial consultant with several years experience. When she's not in the office, she enjoys sharing her insights by blogging online.

The Cost of Cars: Is it All Getting Too Much?

We all like to have the little luxuries in life, but getting them is something that is becoming increasingly harder to do as the cost of living rises. There is little room for manoeuvre in financial terms as money is restricted not allowing for the things we love to indulge in. 

Cars are a luxury and in most cases a necessity, but the expense that surrounds them often makes them difficult to afford and to maintain. It is not simply the cost of the car itself that makes expenses begin to build - the running costs and maintenance and fuel prices combined make it something that is now a luxury for most and simply unaffordable for others. 

There are ways to attempt to bring the costs down; diesel cars, a budget direct quote for insurance, smaller engines, and older cars are all factors that play a part in reducing the costs.
Brand new cars have dramatically increased in price over the years; they have risen with the cost of living and in an attempt to be profitable in the time of economic crisis. Parts are more expensive as is labour, which significantly raises the cost of the car and any work that may need to be done to it. There are a higher number of accidents as the world has entered into a ‘suing culture’. 

There are drivers on the road that are looking for the opportunity to make an insurance claim for even the most minor of incidents - they are claiming mainly for personal injuries as a result of an accident which sees them being compensated with thousands of pounds for something that may or may not exist. This has had a direct impact on the cost of insurance premiums, which means drivers are finding it more expensive to insure their cars and even keep them on the road.
It is not just the suing culture that has added to the increased cost of an insurance policy, but the fact that insurance is now equal. There are no longer lower rates for women or older drivers. For cheaper rates, people have to earn a high no claims bonus and be considered a low risk driver, it takes time and can be relatively hard to do, as there are many accidents, which occur that, simply are not the fault of the driver. At the same time, there are more driving offences that have been introduced and will see premium costs rise.
The cost of repairs has increased at the same time as the cost of a vehicle. Parts are expensive, time and labour are costly and its just another area that adds to the expense of car ownership. Insurers are more than aware of this and the higher premiums are a reflection of the cost required to get a car back on the road after an incident. 
Finance tends to be the only option for those that are looking to own a car but cannot pay for it outright. The monthly instalments are spread over a number of years and make a car affordable, provided the financial arrangement contains no hidden terms. 

Often the interest that is added on top of the price of the car means you are paying back far more than initially borrowed, it could even run into the thousands. Car finance is a big commitment and something, which has to be paid every month regardless of the financial situation you are in, the car, will be reclaimed by the finance company if payments are not fulfilled.
It is incredibly difficult to be able to afford the things you want and the things that you need. There are means and measures that can reduce the costs of car ownership, but overall it is an expensive luxury but something that is more than worth it. It provides you with freedom and independence and makes everyday tasks significantly easier.

What Will the Health Exchanges Mean for Seniors?

English: President Barack Obama's signature on the health insurance reform bill at the White House, March 23, 2010. The President signed the bill with 22 different pens. (Photo credit: Wikipedia)

The Affordable Care Act will go into effect on January 1, 2014. Most people are trying to prepare for the new law to go into effect. Unfortunately, there are many misconceptions about the law that may prevent people from making informed decisions. The effect that the health exchanges will have on seniors is especially confusing. You will need to know what the health exchanges are and how they will impact you. Here are some things you should know.

Health Exchanges Won’t Replace Medicare

The federal government recently hired Kelton, an independent consulting firm, to find out what seniors believe about Medicare. Their new survey found that 86% of seniors believe that the new health exchanges will replace Medicare. A number of other seniors believe that the eligibility age for Medicare will increase when the law goes into effect.

Many seniors are foregoing healthcare, choosing not to fill prescriptions or looking for a part-time job because they think that they won’t receive the assistance they need. They may even forego getting assisted living such as by visiting a senior neighborhood living in Reading, PA.

Health officials want to make sure that they understand the new law so that they can make better decisions. Here are some of the misconceptions they want to clarify:

• Eligible seniors will still receive Medicare after the ACA goes into effect.
• The ACA will not raise the eligibility age for Medicare.
• They shouldn’t expect to pay more for prescription drugs.
• They can begin enrolling in Medicare in October.

Eligible seniors should still apply for Medicare. However, they may find that Medicare won’t cover all the services they need. You will want to know how to buy private insurance on the exchanges as well.

Tips for Buying Insurance on the Exchanges

Many seniors will want to consider buying insurance on the health exchanges. They may not be old enough to qualify for Medicare yet or would rather have a more comprehensive policy. Here are some guidelines to help you choose.

Understanding Your Rights

The Affordable Care Act carries a number of changes for seniors looking to buy health care. Insurers will no longer be allowed to disqualify them from receiving coverage based on their age or preexisting conditions. However, they will be allowed to charge seniors up to three times as much for coverage.

Tips for Reducing Premiums

The health care law prohibits insurers from setting higher premiums based on preexisting conditions. However, it does allow them to charge higher premiums to people who smoke. You may want to consider kicking the habit if you want to reduce your premiums.

You may also be able to receive lower premiums if you participate in an employer sponsored health plan. You should consider doing so if you are still working.

Look Into Subsidies

You will want to see if you are eligible for any of the subsidies. Anyone who is making less than 400% of the poverty line will be eligible for subsidies. You will want to apply for these subsidies if you are below this income threshold.

Understand the Health Plan Classifications

You will need to decide whether you want to pay lower premiums every month or lower deductibles. This will depend on what services you believe you will need in the future.

You can already offset your insurance premiums by paying higher deductibles and copays. The health exchanges will make it easier for you to choose a plan that meets your needs. You can choose between bronze, silver, gold and platinum policies. The bronze policies offer the lowest premiums but the highest deductibles. Premiums will be higher while deductibles will be lower with the other plans.

About the Author: Kalen is a financial advice writer with an MBA. He shares tips to help people of all ages plan for the future.

Nothing is More Interesting Than Insurance

Well, if you take that literally most people would find that doing nothing is indeed more interesting than sorting out things like insurance. However, it is one of those things we need to do or risk the consequences. With so many insurance providers and products on the market how do you know which ones are right for you?

Comparison sites

Many people now sort out all their insurance needs online. There are lots of comparison websites available which will give you quick quotes and compare policies that are available from different providers based on the criteria you submit. While these sites can not advise you on what is the best policy for you, they can filter a lot of information very quickly which saves you a lot of time. Always read policy details carefully and make sure you are clear about how much the 'excess' is, which is the cost you will have to pay towards any claim. Beware of special introductory offers which might tie you in to longer renewal contracts at higher prices.

Have you got everything covered?

There are lots of types of insurance available for different things you own or do: car insurance, home insurance for building and contents, travel insurance for luggage loss, health care or extreme sports. What is covered by each type of insurance can vary from one policy to the next so you need to check what you are getting for your money. For example, some personal items are not always covered by home contents insurance and if they are they may only be covered while they are in the insured home. So you need to read carefully through the features of your policy and never assume that something is covered. It might be too late when you find out that it isn't.

Policies based on your needs

Often your own circumstances can dictate the cost or terms of insurance policies available to you. Car insurers, for example, commonly identify age, postcode and the number of previous claims/accidents as risk factors which would determine the detail or cost of a policy. You may find that you belong to a particular demographic group which has insurance policies tailored specifically for your needs. Similar things can be said about contents insurance with a different range of packages available in the market. For example, AgeUK provides a range of insurance policies designed for over 50's. Click here for more information on AgeUK contents insurance.

Help is at hand

So, with so many options available, searching for insurance and making sure you get the right policy can be a bit of a minefield. Do not worry, you won't be alone if you need to ask for help. Impartial advice is available from the Money Advice Service online, over the phone or face to face. The Money Advice Service was set up in 2010 (although it started life under a different name) to help increase the public's knowledge and understanding of financial matters with the view to enabling them to better manage their own financial affairs.

Five Reasons Term Life Insurance Is Right For You

Many people often confuse the different types of life insurance available and opt for the most common option that includes whole life insurance and permanent life insurance, hoping that it will work as an investment to acquire wealth overtime. Unfortunately, these types often have poor returns with inaccurate projections. Term life insurance is most recommended by experts due to the affordability each month and customizable plans. 

1. Affordable Rates

Whole life insurance can often cost an average of $100 a month, making it difficult to obtain for most households for an annual cost that adds up to thousands of dollars. Term life insurance costs as little as $7 a month, making it a more viable option that still has large payouts with a $100,000 policy. This makes it easier to purchase enough to cover all of the needs instead of getting the bare minimum since it's so affordable. Don't be afraid to shop around at SelectQuote.com or an easy online marketplace to obtain the best rate available for a long-term or short-term investment.

2. Simple Plans

The ins and outs of permanent or whole life insurance can often be difficult to understand, a risk for those who are inexperienced with the requirements that can be easy to get stuck in. Term life insurance is often more simple for basic coverage that can be easy to manage for those who may be new to life insurance.

3. Customizable Plans

Term life insurance is often considered a better option because the coverage can be customized by the individual, between the different term lengths of 10 to 30 years, to the different coverage amounts.

4. Invest Yourself

Instead of having another party invest your money, you can do it yourself for a better chance of earning more money and monitoring the investments more closely. It can also be easier to find better investment opportunities doing it yourself than trusting someone who may be less careful or wise with the money.

5. Coverage for Short-Term Needs

Many people do not realize that life insurance does not need to just be purchased for long-term purposes, but can also be used for a child's college tuition or to pay the mortgage after passing.

When choosing the best term life insurance coverage, it's better to obtain the plan when in great health at a younger age for more affordable rates. Most people choose to have coverage that is five to 10 times of their annual income to prevent a financial crises if an accident occurs. Although term life insurance offers extremely low rates, it's still crucial to shop around at SelectQuote and other online resources to ensure an ideal plan is chosen.

How Having A Good Credit Score Can Help You With Retirement

One of the most important factors of overall financial health is having a good credit score. While most people are fully aware how important it is during their working years, many do not realize how important it is after they retire. There are five important reasons why your credit score will continue to be important, even after you have retired.

Mortgage Refinance

One of the most significant reasons to keep your credit score high is so you have the opportunity to refinance your mortgage in the future. As mortgage interest rates move up and down, there could come a time when you will want to refinance your mortgage to take advantage of lower rates. If you do not have a good score, you will likely not qualify for the lowest possible rates.

Co-Signor

Many retired individuals would be great options to co-sign mortgages, auto loans, and student loans for their children and grandchildren. Regardless of the assets that you have accumulated, or the defined income that you have from social security or pensions, you will not be able to co-sign a loan if you have a poor credit score.

Insurance

During retirement, you will have to continue to maintain auto insurance, homeowners insurance, and maybe even life insurance policies. Insurance companies are continuing to place more of an emphasis on credit scores when determining insurance premiums. Because of this, you could end up spending hundreds of dollars more on insurance over the course of a year.

Senior Living

Another important way that your credit score could be important is if you choose to move into a senior living facility. Many of these facilities confirm credit scores to ensure that you will be reliable to pay rent each month. If you have a poor credit score, you may be denied admissions or will have to pay a higher entrance fee deposit.

Other Debt

During retirement, you may still want to take out some debt to make larger purchases. With a good credit score you will qualify for the lowest rates on auto loans, personal loans, and credit cards. With a low score, you will likely pay much more in interest.

In conclusion, having a good credit score even when you are in retirement will continue to be important. For those that have poor credit scores, it can still be improved through the help of a credit repair service. For more information on the benefits, you should read more testimonials from Lexington Law, which are written by actual clients that have benefits from a credit repair service.

Spend Time Instead of Money: Set Your Future in Stone with a Financial Plan

It's easy to meander through life without any real goals. Lots of people do that. The problem is that a lot of people are also in financial trouble. It's no coincidence that poor financial planning is associated with a lack of financial success. Without goals, and a plan, you're just daydreaming about the life you could have. Don't dream, achieve.

Set An Overall Purpose

The first thing you should do is lay down a purpose for having a financial plan. A financial purpose could be anything, but usually involves some type of productive activity. Maybe you enjoy working at your current job. Is there room for advancement? If you hate your job, why are you still there? Should you be making a plan to switch jobs or start your own business?

Write down what you really want to do in life. Write down that one thing you could do forever, even if you had to do it for free - that one thing that you love doing even on the weekends. Your job shouldn't feel like a job. It should be fun. Sure, you're going to get tired, and you'll need a vacation, but you shouldn't be longing for the weekend and retirement.

Of course, there are other things in life unrelated to work. These could be hobbies or favorite vacations you enjoy taking every year. Make sure you write these down too.

Set Long-Term Financial Goals

Open up your favorite spreadsheet program. Once you have a long-term purpose set in place, it's time to enter in all of the information that will get you moving toward that purpose. It might even be helpful to write down your purpose in the spreadsheet.

Long-term goals are things you expect to happen over a period of 5, 10, 20, even 30 years. These might be things like buying a home, starting a family, buying a business or starting your own, moving out of the country, or retiring.

Set Short-Term Financial Goals

Once you have long-term goals set, it's time to reverse-engineer short-term goals. Short-term goals typically are derived from long-term goals. For example, let's say one of your long-term goals is to own a home. How will you get there?

Well, you might need a lot of short-term goals like "find a new job," "start a savings," and "buy life insurance." If your long-term goals involve building the home of your dreams, your short-term goals would also include "research construction companies," "hire an architect," and "build good credit for a construction loan."

Buy Financial Products

Usually, people rush into buying financial products before they ever have anything resembling a plan - big mistake. Fortunately, companies, such as jg wentworth, can help simplify the process of buying financial products. They can also buy back retirement plan payments later on in life if your plans change and you end up needing a lump-sum of cash in your old age.

Life insurance, annuities, mutual funds, stocks, real estate - all of these things are merely an implementation of a plan. Once you know what you want to do, choosing the right financial products is easy.

Update Your Plan Often

Plans change. Life happens. If something goes awry, you need to be prepared. That's why a good plan is always open to change. Review and update your plan once a year. If you unexpectedly have a child before you're financially ready, some long-term plans might need to be shuffled around. At the end of the day, your plan isn't going to be set in stone. It's a useful guide, but it's not something that should feel like a duty.

Melissa Rudd is a long time accountant and avid blogger. You can find her helpful writings on many blogs, including finance, business, technology and more.

The Process For Acquiring Term Life Insurance

Life insurance can be one of the most important investments a person can make, especially those who have families that are at least half way financially dependent on them. Life insurance is often used to cover immediate costs for funerals and related processions, or to alleviate the burden of loss of income for a reasonable period of time until such income can be restored or adjusted to. The easiest and simplest type of life insurance is called “term” insurance. Many agencies offer flexible time, budget, and application options for term life insurance.

Why Choose Term Insurance?

The major benefit of choosing Term insurance lies in the fact that insurance premiums greatly increase as age increases and health decreases. Those who did not purchase insurance at a younger age will not be locked in at a reasonable rate. Term insurance is also very straightforward - a static rate pays for coverage, and that coverage remains static as well. Some prefer this over others which may start out low and slowly increase, or fluctuate up and down as markets do.

Step One: Research Companies

The first step in obtaining term life insurance is to find a company. Applicants should talk to several agents and visit many homepages. Compare rates, options, and reputations. Take the time to delve deeply into reviews and ratings on comparison websites, and if possible, try to find real customers to ask questions. Finally, determine the financial security of each company that is in consideration - they cannot provide coverage if they go bankrupt, after all.

Step Two: Decide The Term

Each insurance agency will differ in the time frame that they offer as a “term”, but most generally require a period of either ten, twenty, or thirty years of coverage. Choosing a term depends entirely on the needs of the applicant and will vary greatly in each case. Applicants should consider why they are acquiring the insurance, how long it is necessary, and which term fits their budget. The premium will not increase until the term is over - once this point has passed, it will increase every year.

Step Three: Choose A Type That Matches Your Term

There are various types of life insurance that provide different benefits. Some are offered in certain terms while others are not, and all agencies are different. One type is called a return of premium; the purchaser will pay the premium for the selected term, which increases every year regardless of the original term selected, and if he or she lives longer than the term the money is returned in full. If the purchaser chooses to extend the term, any premiums paid after the original term will not be reimbursed. Another type is a low budget, short term five year plan which is cheap to start and offers decent coverage, but the premium increases significantly. For this type, there is no “original term”.

Term life insurance is a great alternative to permanent insurance because it is cheap and simple. One should always fully investigate all available options when choosing any type of insurance and then choose the company and plan that fits their specific needs.

Author Bio
Terry Johnson practices bankruptcy law in Memphis, TN. He also blogs in his spare time and enjoys writing informative pieces about financial topics.

It's Never too Late for Seniors’ Life Insurance

It's never too late to get the peace of mind that comes with knowing your loved ones will be taken care of when you are gone. However, the more life you have lived, the greater chance that you are not in the same condition you started out in. 

You may even be in a high-risk category and think you won't qualify for insurance at all. Or, you may be in great health and just want to leave your family with financial help. No matter what your situation is, know that there is a seniors’ life insurance policy that can cover you. Even if you have a pre-existing health issue, you have smoked your whole life, or you have procrastinated for far too long, there is a policy out there to get you the coverage you need. 

Of course, coverage is cheaper and has a higher benefit if you purchase it while young and healthy, but if you are in your golden years, there are still many great, affordable options. The right one for you depends on what you need to take care of your family when you are gone. The options include permanent life, term life, no medical whole life, preexisting condition, guaranteed issue, simplified issue, funeral insurance and more.

Here are some factors to consider. Are you and your partner on a fixed income? If you are, seniors’ life insurance can replace a lost income. Do you want to leave an inheritance to your future children or grandchildren? A life insurance policy is a tax free way to give them the financial help they need. It can also be a way to pay for the taxes on anything else you might leave them, like your family home. 

We never want to think about these things, but your final expenses can be devastating to a loved one if they are not prepared for it. Research notes, “with average funeral costs across Canada of $5000 — $10,000, even a short term plan can help your family when the time comes”. Lastly, if you have any large debts that you don't want to leave your family with, life insurance might be the answer that you are looking for.

We are fortunate to live in Canada where our government provides financial provisions for seniors that have worked and paid the applicable taxes, however, this pension amount is often far below the standard of living costs seniors currently enjoy. It is difficult – if not impossible – to live on this pension and save for final expenses. You may even find yourself dipping into your cash savings during your retirement years if costs are higher than you expect or you have an unexpected financial event. 

 Having seniors life insurance eases the stress of trying to save or plan for your family’s needs after you pass on. Seniors’ life insurance not only helps your loved ones, it gives you peace of mind.

You have just thought of all the reasons for why you need to get seniors’ life insurance. Now is the time to make sure your family’s future is covered. Look no further than No Medical Life Insurance.ca for all your insurance needs, including seniors’ life insurance. We work with the best carriers in Canada to ensure you get the coverage you need. Contact us today to learn more about seniors’ life insurance. We are happy to answer your questions and provide a no-obligation quote.

Buying Car Insurance for the First Time? These 4 Tips Should Make it Easier

Nearly every state in America requires drivers to have automobile insurance but despite that regulation, a 2009 survey from the Insurance Research Council found nearly one in seven drivers chose not to purchase insurance before they took to the roads. One of the reasons for that may be due to people feeling intimidated about all the choices available, and the fact that requirements vary by state.

Fortunately, there are some constants to rely on whether you’re buying insurance in Denver, Colorado or Charlottesville, Virginia. If you’re getting ready to purchase insurance for the first time, there’s no need to feel overwhelmed. In fact, the tips below should make your task more manageable.

Know What’s Required

There are two types of liability insurance available to buy: Property damage insurance and bodily injury insurance. As you might imagine, the first type covers damage to a person’s car or protects you during an accident in which you damage someone’s residence while driving. On the other hand, insurance against bodily injury means you shouldn’t have to bear the sole burden of hospital bills incurred by a person who’s hurt following an auto accident you were involved in.

Find out the minimum amount of each type of insurance you’re required to have, and if possible, buy as much coverage as you can afford. After an accident, you’d want to have the peace of mind that comes from knowing you won’t have to drain your bank account to cover damages suffered.

Consider Getting Additional Types of Insurance

Whereas liability insurance is often mandatory, collision and comprehensive insurance may be optional. Collision insurance gives coverage for your own vehicle in the event of a crash, and comprehensive insurance acts as a safeguard against things like weather-related damage and vandalism to your car. If your budget will allow, consider getting this extra insurance. Driving requires commitments, and choosing insurance can help you feel more confident every time you get behind the wheel.

Select a Logical Deductible

A deductible is the amount of money you pay out of pocket before insurance takes effect. When you’re able to financially manage a higher deductible, that usually means your insurance cost will be lower, but don’t become too persuaded by low monthly premiums with deductibles you can’t afford. It’s ideal to select a deductible amount you could pay comfortably if the need arose. By instead assuming you won’t need to depend on insurance, that could saddle you with a dangerous amount of debt.

Compare Your Options

Being adequately informed makes many tasks easier, and that reality certainly extends to purchasing car insurance. Take your time and compare quotes before reaching a decision. It’s now easy to shop online and contrast choices from home at any time of the day or night. Also be aware that you might be eligible for certain discounts, particularly if you drive a car that has many safety features, or you agree to successfully complete a defensive driving skills class.

Using the information you’ve just read, it’ll hopefully be possible to make your first car insurance purchase a simple one, and cause subsequent efforts to find new insurance providers to be hassle-free, as well. Good luck!

Writer Deanna Ford is a professional blogger. Check out her posts on car insurance denver world climate for more insurance tips.

Evaluating Structured Settlement Offers

Structured settlements are a monthly or weekly payment that is given to those after a settlement by an insurance company. These payments guarantee an income over the life of the contract. However, this type of settlement does not work for everyone and many decide to sell their settlements in return for a lump sum. Shopping around for the best deal is always advised, but how do you choose the best buyout offer?

Will the buyout alleviate your financial problem?

The reason behind many selling structured settlements is due to financial necessity such as; paying off credit cards, debt, college fees or a mortgage. It is important to remember however that you will always make a loss on the amount received, as the lump sum will be lower than the overall amount due and is subject to federal and state tax. So it is worth considering how much money you need? Will the money received cover and address these needs? If unsure, consult a structured settlement payment calculator which will help you decide if it is worth selling your settlement or looking for another option.

Furthermore, can you navigate your financial future without the payments from your structured settlement? If you depend on your monthly income to maintain financial security, it may be too valuable to sacrifice as cash. Look at your current expenses to determine your reliability on the current regular payments before agreeing to a payout. Your financial future is important and should be carefully guarded!

Do you understand the buyout agreement?

Selling your structured settlements is not a complicated process, however, there is certain terminology which is used that you should familiarize yourself with and make sure that you understand. Reviewing the details of your agreement with the financial buyers is advised and if you are unsure, do not hesitate to ask questions or consult an attorney for clarification. After all, it is your money and you should feel totally comfortable with the process before signing the dotted line. 

Do you feel bullied?

This touches on the last point, but taking your time really is key when evaluating buyout offers. If the company you contact tries to rush you in to a decision or you feel pressured in to accepting the cash for structured settlements, say no. Such tactics are known as a ‘hard sell’ and are common among the more unscrupulous structured settlement payment buyers. Do not let yourself get pressured or bullied in to making a hasty decision. Take your time to carefully consider all your options.

Are you dealing with a trustworthy company?

Take the time to do your homework and thoroughly research the company that makes you an offer. The first place to always check is the Better Business Bureau which has a directory of all the registered companies. Do not just check they are registered; look at their reviews and ratings too. Do they have any complaints? Are they reputable? Many companies have been known to offer higher-than-expected amount of money to customers and have later failed to honor their agreement. It is worth checking for these problems before moving forward and signing the agreement. You wouldn’t hand a total stranger your wallet, so why would you hand over your money to a company you know nothing about?

Author BiographyMark Long is a reputable and well-respected financial advisor who specialises in selling structured settlements and annuity. He has recently partnered with an online finance website to provide advice for those looking to receive cash for structured settlements.