An Apple or a Grape for Your Life Insurance Need

The title sounds crazy, does it? Well then, when it comes to life insurance needmany people are in a dilemma. That is why ‘how much’ posts are rampant out there in the blogosphere. They exist because queries pop up, off and on. 

But putting an interrogative is much like asking if you need an apple or a grape for a meal. You surf the waves of webs and get confused. “ Darn it!” –you finally exclaim. 

So how do you calculate how much (life coverage) you need? Let not others decide it. Instead, the decision is yours—you choose the apple or you choose the grape. You need what you need. One can only suggest the things you should take into consideration. Here are some tips: 

Think of the Liabilities

While considering a life policy, it is good to think of the liabilities you have. Consider your car or home for this. Your insurance policy will have an execution period. That is, you can avail of the benefits after a certain period of time. Consider how much liability cost you will have on the very day of execution. Should anything happen to you, your liabilities will be covered. 

Think of the Responsibilities

Your wife, son or daughter are your responsibilities. Consider how much they will require in the event of your sudden departure on the very or any later than the policy execution day. Think of how long they will require the financial support that they might miss from you. Think of their education and other expenses for a standard life-style. 

Think of Financial Pitfalls

Habitually you might be prone to make it a budgetary thing. But, dear Secretary of the Treasury, it is always good to make it a surplus budget than a deficit one. It is always good to take into consideration the financial pitfalls in the national or regional economy. There might take place things like inflation in the future and affect your beloved ones. Be wise, do wise. 

Are Calculators Worth It?

There are numerous Life Insurance Needs Calculators, both independent and company-operated which instantly tell your needs based on the information you provide. You might try anyone of them. They are good so long as your calculations are right. You can try the LIN calculator of Statefarm.com  (click to try) which is a pretty fun way for a serious calculation.

Metlife.com  (click to try) also runs a good LIN calculator. Calcxml.com  (click to try) also gives you nice results. 

Image Credit Goes To: maxlifeinsurance.com

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Great Tips on Auto Insurance for Young Males

A car is like a pet. You own it. Then you take care of it. It needs its food and care- daily, monthly, yearly and forever. Similarly, a car needs gas bills as well as premiums to pay to the insurance company- there is no escape. You are under obligation – legal as well as pragmatic. The cost of gasoline is easily compromised. But the payment of premiums does not. Your situation is worse when you are young and male– less than 25. See the graph taken from valuepenguine.com. The younger you are, the higher your costs go. 

      You should also read- Online AutoInsurance Quote: Readying Yourself

You may have a feeling that you are discriminated against for your age and gender. But insurance companies have their reasons. They have statistics that young male people are vulnerable drivers for biological reasons. Statistics are not things to hoot away.

 So what to do? Here are tips—

Alsatian vs Mynah

The metaphorical pet, your car, could either be an Alsatian or a mynah. The bigger will cost you bigger, of course. The bigger is more expensive or more vulnerable for the insurance company. The costlier your car, the bigger premiums they are going to impose on you. But that does not mean cheap ones will save you on money. An insurance agent will see how expensive the repair-work is going to be in the event of a mishap. So a written-up car is going to be a white elephant for sure.

This or That?

In 2013, the US manufacturers produced 4,253,098 cars. And you perhaps know thirteen companies that produce cars make this country one of the top marketplaces for cars in the world. Though cars are not toys, when it comes to getting your auto insurance, make sure you are buying the right car. So which one is right for insurance? The one that passes the Institute of Insurance Institute for Highway Safety's (IIHS) TSP (Top Safety Picks) is obviously the one right for you. So go check it out if the car that you have had a crash on is really worth your admiration. Here is the link: http://www.iihs.org/iihs/ratings.

Play the Old Man

To get a policy in your parent’s name, instead of your own, is a smart way to lower the premiums. Your parent’s policy is going to be much less than your own. And as a member of the family you are covered in the policy. Unless you are ready otherwise, you can very well consider this option. You need, however, to stay with the old man for this.

There is, however, an emotional setback in this policy. You cannot be the legal owner of the car you really own. So it is good to look for other ways that I discuss below.

Ensure and Insure

It is good to get trained on safety driving before you buy a car. It will help you stay in a trusted position with your insurer. The reason insurers make you pay the price for your age is they doubt your reliability as a driver. If you could ensure them that you were a knowledgeable and serious driver, new though, you can expect your discount. You may already have had good driving skills but getting certified from a professional institute will only count when you are up for an insurance. And yes, there are approved driving schools in your state. Get a list of them. Here is the link for you to get your driving education and driver’s license: http://www.dmv.org/drivers-ed.php

Go Up the Grade Ladder

Do you know that your results can play an important role in determining your premium? Although there is no link between your car insurance policy and school results, great GPA is going to ease you to extents. The attitude is psychological. Students with better grades are considered more responsible and trustworthy as policy holders than their counterparts with poor grade points. They are rewarded with premium discounts. So, there is another big reason for you to go upgrade your grade, isn’t there? And the reward is really exciting. You are going to save up to 15% of money for consistent good results.

Build Clean Credit History

You may wonder how credit history matters to your insurance policy. But it does. A clean credit history with clean records of builds insurance credibility. Your insurer trusts you as a responsible young man. So before you even make a purchase, go get your credit card and attach a clean history to it. You will be rewarded.

Be Non-alcoholic 

It is good to be non-alcoholic to have an affordable insurance. Alcoholics, you know, are often reckless. Abstinence could benefit you to lower your premiums.

Add-ons vs Add-ons— Choose Wisely

Young men tend to have add-ons to beautify or smart-tify their cars. Instead of costly decorative ones, use those that will boost your car’s security and safety. So it is good to have seat-belt, side and front impact air bags, anti-lock brakes or anti-theft devices. Remember anti-theft devices can save you from 5% to 30% on insurance cost.

Look for Discount Offers

The auto insurance companies may offer any of these following discounts or even more. It is always wise to check if you could avail any of these:

* Pay in full discount

*Security discount

*Student discount

*Accident forgiveness discount

*Partnership discount

And Finally….

Be Inquisitive. Do not click the ‘cheapest auto insurance’ link and sign up for it. Compare at least, I repeat ‘at least’ five products and note their pros and cons. See with whom you best benefit. This is the most important part of choosing the policy for you. Remember to remember—your policy should not be so cheap as not to come in handy in time of need.

 Image Credit Goes To: carinsurance.com

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Simplifed or Traditional Term Life Insurance Policy? Here's Your Answer

Of late, Simplified Term Life policy has gotten much hype. No doubt that internet has played the pipe for it. Google takes you here, google takes you there. You must have come across the phrase in between and wondered about it. You are likely to have gone through the idea even. That’s delicious. Or, is that?

Let’s check. 

Chaffing the Grain

What is in the name? A rose a rose. But it is not always true ---the attitude. 

But when it comes to paying from your pocket for insurance, name matters most. Name is priceless, invaluable. It is the character here.  It matters for beneficiary. It matters for the policy that you buy. Name is the thing- the product. 

   You should read-Term Life Policy- 5 Companies Compared

What Is It?

Nothing else than a Term Life Insurance Policy. The content is the same. The process is what makes it simple. Hence they name it Simplified Term Life Insurance. As such, you are covered for over a period of 10 to 20 years which is extendable, from mostly 80 years to 121 years of age. This varies from company to company. Your coverage typically starts from $$10,000 to $$100,000 or even more. It may also be convertible to permanent. 

The Mind Game Behind

It is good that insurance giants are coming up with newer policies for your benefit. Simplified Insurance Term Policy is, as I already have alluded to, such one. This has made Term Life Insurance Policy 'literally'literally hassle-free. Many a man does not want to go through medical check-ups, produce tons of documents or sign on them for their term life policy as there is no cash-value like in the perm insurance. This policy is for them. Insurers have designed this policy specially for you.  

It can be very well likened to filling forms for online surveys. Yes, it is that easy!  You simply answer to a couple of questions regarding your health conditions, driving records etc you are done.

 

Easier Sounded than Meant

Although you are likely to see ads telling you you are clicks away from your awaited insurance policy, it may not be that easy to sign up. You may not qualify for the policy if you are not found eligible. The first thing that may make you ineligible is your age. For example, NYL considers applicants between the age-range 30 and 74. Similarly, if you have had fatal health issues like HIV, AIDs,  mental impairment history that has affected you work-capability, or kidney diseases you are not to be enrolled on this policy. 

What If You Tell a Lie

You might think the information that you provide them is what they base on. Wrong. They will get your information checked on their own. It will range from medication history, driving to multiple simultaneous insurance policy-holding. You are mostly likely to get caught if you lie. You may be sued for fraud by the state in such case.  

The Premium Issue

Despite ads that you have affordable insurance policy for simplified term life, the fact remains that you are going to have larger premiums for it than that of a traditional Term Life Policy. As the insurer does not have direct knowledge of you (despite checks) beyond what you provide them, your naturally pay for the risk they take for you.

So Finally,........Traditional or Simplified?

When everything in life situation is complicated, you may have found the simplified term policy worth it. But don't just rush for it. Simple is not always simple. You need to give it thoughts before you proceed.

 Yes, why would you pay more for decades for a few hours’ of hassle? And aren’t they screening you behind the scene? Why would you take the risk of being sued for fraud, aware or unaware? Besides, you have less add-ons here than those on your traditional life insurance policy. 

Better? Yes, the traditional is always better. It is good to go through some hassle--- to talk things through.  You have your answers. You know what you are doing. You have your choices to make. So take a turtle-step instead of haring into your policy off-hand. It is wise not to be led to accepting the simplified prima facie. After all, it is an insurance policy.

Image Courtesy: centraloreqoninsurance.com

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Business Owner’s Policy for Small Businesses: An Essential Knowledge

A Foreword on a Myth

This post is not much informative, I admit. I have focused on the myth that many businesspeople have about the Business Owner’s Insurance Policy. In fact, there is a hype as regards  small business liability policy. The following discussion is all about the myth. This is aimed at clarification of whether BOP should be viewed as a ‘GO-GRAB-SLEEP-TIGHT’ policy.

BOP for a Bloomer

Protection! Protection!! Protection!!! What a hype! When it comes to a business insurance policy for a small business owner, he has literally a baker’s dozen and more. But the most hyped is the acronymically known BOP or Business Owner’s Policy. But if you are too naïve, which I believe you are not, you might pretty well be in the wrong about it. Some are, if not many.

So, a little care is worth it. Fortunate you are if your agent really explains to you that BOP’s general liability coverage is NOT FOR YOU. Instead, it is for the complainant, the aggrieved who are to benefit. Your benefit is you are safeguarded against paying the expenses for the WRONG you do to others. If you do not read between the lines, you might well be mistaken about your policy. Go beneath the terms and beyond as well---that is what I would love to advise you. 

Sounds Sweet But…

Yes, BOP does sound sweet as it is a sweet fusion of two or even more policies. Remember a fusion is not always a best symphony. There is no doubt, the insurance moguls have done a pretty good job for you by offering BOP to you -  a small businessman. They have covered:

1.       General Liability;

2.       Property Liability

Yes, in one single package. And….

 That Is the Trick behind the Hype!

 It is also advertised, kind of hyped that if you have BOP, you are going to catch two birds with one stone. Methinks, it is wise to think that it is a policy of its own kind.

 

So what does BOP Insurance offer you?

Here you go: 

1.      Defense against bodily injury or property damages your business might cause to an employee.

2.      Defense against bodily injury or property damages your business might cause to a contractor.

3.      Defense against bodily injury or property damages your business might cause to a customer or any third-party.

So, it is the aggrieved that is paid to for you by your insurer. You damage; they compensate.

Yet BOP Is the Best Small Business Policy for You

Yet surely, with BOP, insurance companies have designed a praiseworthily fairly beneficial policy for you. If you have the prior knowledge that your business is likely to be harmful to others, there is every reason for you to befriend BOP. But before you go for it, do consider the following questions: 

1.      Are any of my employees likely to be harmed by the business I run?

2.      Are any of my customers likely to be harmed by the business I run?

3.      Are there any possibilities that my business may damage property of any other’s business?

If your answer is or answers are ‘Yes,’ then BOP is surely to be a savior for you.

Image Courtesy: contctme.com

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