Term or Whole Life Insurance?

I had an interesting conversation with my fiancee’s father recently.  The topic was life insurance and words like “term” and “whole life” started flying and I was confused to say the least.

With marriage looming in the not too distant future, life insurance has been on my mind lately and I’ve realized that I know very little about the subject.

So, what better way to talk about life insurance than an educational post!

There are two main types of life insurance out there: Term Life and Whole Life but what does it this life insurance cover?  The two may sound similar but they are very different once you get down into the details!

Let’s go over term-life insurance first

Term life insurance is just that, insurance for an allotted amount of time.  Simple enough.

What are the two situations  than can happen?  OK, let’s take a 25 year term life plan and take two stories.  One person dies within the 25 year period and the other dies after the term set.  Well, basically one person is screwed and the other is just fine and coverage will save them.


Now, whole life insurance

Whole life is pretty much always a bad deal.  Ignore pleas to take out a whole life insurance plan.  Insurance companies are not out to help you.  Let’s dig in further.

This type of insurance will cover you for the rest of your life.  However, you’ll be ripped off in the process!

There are some benefits though, such as assurance of payment no matter what and dividend payments.  In the long run, this is cancelled out by the high costs.  Definitely not worth it.


What now?

I recommend that you shop around and get advice from an insurance broker.  Get some insurance related life quotes and you should be good to go.  I will always recommend term life because it frees up your money for other things like saving for retirement.  Don’t get sucked into whole life and just go with term life insurance!


3 Easy Ways to Reduce Personal Insurance Costs

personal insurance costsIt can often seem like there are so many types of personal insurance it’s hard to know where to look. So many types of insurance, though, are essential as we never know when we might need to make a claim against our cover. From car insurance to home insurance and travel insurance to life insurance and health insurance, they all have their place. They all have their place in our budgets, too, but there are some things that people can do to reduce or minimize their personal insurance costs. Read on to find out about three ways to do so.

Give specific, accurate information

One reason that quite a lot of people end up paying too much for insurance â“ or alternatively, not having enough cover â“ is because they don’t give accurate information when applying for quotes. For instance, if you buy buildings insurance for your home, you’ll probably have to specify how much your house would cost to build again from scratch as this is one of the things the cost of your insurance will be based on. Many people overestimate this and so end up paying more than they need to.

Similarly with car insurance, one thing that can affect your car insurance quote is where you park your car. If you park your car on the road â˜regularly’, your insurance is likely to cost significantly more than if you park your car on the road â˜occasionally’. â˜Never’ parking your car on the road but instead parking it in a garage will cost less again, so it’s important that you think carefully about your habits and offer a true representation in your insurance application. Often this can help to lower your costs, but even if it doesn’t, it will at least make sure you get the appropriate level of cover for your needs.

Shop around for the best deals

You can often also reduce your personal insurance costs by looking around for better deals. Many people simply stay with the same insurer year after year without even bothering to look for a better price. It might be the case that you search through all the different insurance providers and find that your current insurer is still the best â“ but you’ll never know unless you check.

It doesn’t take long to do an online price comparison for car insurance, travel insurance or home insurance, so it’s definitely worth doing. Plus, if it saves you money in the long run, it’s definitely worth it.

Take action wherever you can

There are also things you can do to help reduce the cost of your personal insurance. For instance, with home insurance, one option is to improve the security of your home by installing good alarm systems; the investment you make to pay for the security upgrade should more than pay for itself over time in what you’ll save on your insurance quotes.

With motor insurance, there are quite a few things you can do to get cheaper car insurance. Driving less wherever possible is one good option, as is raising your deductible and increasing your car’s security measures. All of these things will make you seem like less of a risk in the eyes of the insurer and so will improve your chances of getting good value car insurance.

Insurance Policies to Avoid at All Costs

Not all life insurance policies are required.  In fact, there are many options out there that are terrible.  This won’t be a list of insurance policies I recommend.  These are insurance plans that are useless and are ones that you need to avoid.

1- Extended Warranties

Extended warranties are a scam in my opinion.  These insurance warranties  basically  cover products that you purchase.  Is it really worth it to protect an asset that will always be depreciating?  I didn’t think so either!  If you do just HAVE TO have extended warranties, get it at the store.


2-Credit Card life Insurance

This one just hurts!  A credit card insurance plan is insurance for when you die, a company will come in and pay off your credit card.  It’s important to always seek out life insurance quotes.These insurance plans are a waste of money and should be avoided at all costs.  Foten, even term life insurance plans will cover you and will cost significantly less!

Don’t try to game the system.  Make sure you’re covered with great life insurance and protect your family.  This is critical for you and your family.   And make sure you research information on types of life insurance.


3- ID Theft Insurance

Ever hear about people’s ID being stolen?  Well, unfortunately, this type of crime happens all the time.  Companies like Lifelock will offer their services to help you avoid ID theft.  But what if I told you this type of insurance is covering things you can do for free!  Yes I said free!  It’s a waste of time and money to buy this type of insurance.  It’s not hard to protect yourself and your family and avoid ID theft.  Don’t get suckered into this type of insurance.  I encourage you to shop around if you do end up buying IS theft insurance.  I wouldn’t want you to be ripped off.  Why not avoid getting ripped off from the get go and avoid ID theft insurance!  It’s an easy decision.

Solar Powered Cars

The designers of cars of the future face the challenge of coming up with alternative-fuel vehicles. Fossil fuels are no longer a viable option as they are non-renewable and contribute significantly to polluting the environment. Although the cost of producing these future cars is still much higher than for conventional internal combustion engines, significant inroads have been made into the area. Cars are also becoming safer and therefore easier to insure. As a result  cheap insurance for young drivers  is within reach of new drivers.

Solar power is a very attractive option. Energy from the sun’s rays is collected and stored in photo-voltaic cells arranged along the top of the car. This is not always a viable option, as cars are stored in garages or parked under trees and these battery cells are bulky. Electric cars have come a long way since their inception in the nineteenth century. Today’s lithium-ion batteries are much more practical although still costly and public charging facilities are becoming more common. The Nissan Leaf is one of the success stories of electric cars. The Mercedes SLS AMG E-Cell Supercar is fast and stylish and can do 0-62 MPH in four seconds.

A popular choice in the city is a hybrid car. This is a combination of petrol and electric, or diesel and electric, or could be a variable torque motor. The Toyota Prius has been around for a number of years and hybrid medium duty trucks like the Kenworth are becoming popular. The Human Car is propelled by human power, much like a bicycle but with added revolving handle bars. Some manufacturers make use of regenerative braking, which utilises the energy created by the friction of braking. Improved aerodynamics has resulted in ultra low drag designs which significantly improve fuel consumption. Extremely light materials are being developed for use in vehicles. Examples are aluminium, carbon fibre, fibreglass and carbon nanotubes.

To obtain cheap insurance for young drivers it is necessary to compare quotes from different companies in order to find the one that suits your circumstances best. The same applies if you use your car or van for work, you can get swinton van insurance quotes online and see how your insurance differs when using a vehicle for both work and pleasure.  Do not fall into the trap of simply taking the cheapest â“ it is not always the best. After obtaining your driver’s licence it is a good idea to complete the Pass Plus course, as your premiums will be significantly cheaper. You could opt to pay a larger voluntary excess on the insurance, which lowers the monthly premiums. Parking your car in a lockup garage overnight also helps when you are interested in getting cheaper insurance. Buy a car with a small engine and do not modify it, as modification makes it faster and more of an insurance risk.

Why do I need public liability insurance

This guest post provided by Construct a Quote.  Enjoy.

Insurance is a key component of any business requirements whether you are looking to set up a new business or reviewing your existing business administration; it pays to keep a close eye on your insurance requirements and costs. It is important to regularly review your existing or proposed levels of insurance. A crucial element when considering your insurance requirements is to make sure you are getting the balance right between having the appropriate level of insurance and making sure you are not paying too much for your insurance. There are a range of different types of business insurance that you need to consider, such as employers liability insurance, professional indemnity insurance or public liability insurance.

It is important to remember that as your business grows or changes over time that your company insurance needs will also change so make sure your insurance keeps track with your business. Making sure that you provide accurate information is vital; if you don’t, then any future insurance claim you make may be considered invalid. It is always worth checking information is up to date each year and making sure you are getting the best deal rather than just renewing your insurance each year.

Businesses providing professional services or advice, for example those providing services such as accountants, architects or business consultants need to have adequate professional indemnity insurance in place to ensure that they are covered in the case of a claim. Claims could be made on the basis of advice being incorrect or agreements being breached.

If in the general line of your business you are regularly working with the public or customers or have clients visiting your offices then you should consider public liability insurance. This type of insurance will cover you if in the course of your usual business dealings people were injured or  property was damaged in some way. In the event of a claim being made against you if you had no insurance then all the costs would need to be met by the business.



5 Reasons Vet Insurance is Useless

vet insurance

Veterinary insurance has been growing in popularity over the last few years. The basic idea is that you can purchase health insurance for your pet the same way you would purchase health insurance for yourself. It sounds like a good idea, but experts are warning consumers that they could save money and receive the same veterinary service by simply putting their cash in a savings account for pet needs.

1. Coverage is Expensive

The up-front costs for vet insurance can be daunting. The premiums, deductibles, and co-payments are expected to be covered out of pocket. Usually a pet owner will be required to pay for the veterinary services and then submit a claim to the insurance company. If the insurance company denies all or part of the claim, the owner is stuck paying the bill. Since most dogs rarely need to visit the vet for reasons other than regular checkups, the cost of the insurance premium could be more than you would spend without it in an average year.

2. Congenital Problems not Covered

Most vet insurance policies do not cover common congenital problems. These illnesses, like hip dysplasia, can require ongoing and expensive treatment. Since the treatments are not covered anyway, you would still have to pay for them on your own. There is no reason to make those expensive payments and continue to pay for the vet insurance on the side.

3. Restrictions for Certain Breeds

Some dog breeds are notorious for specific kinds of ailments. If you own a dog that falls into one of these breed categories, you will have a difficult time finding an insurance company that will cover you. Aggressive breeds, like pit bulls and rottweilers, are particularly difficult to cover. If you do find a company that will cover them, you will have to pay high monthly premiums to maintain the coverage. There may also be severe restrictions on the kind of veterinarian services these dogs can claim through your insurance policy.

4. No Coverage for Pre-Existing Conditions

As animals age, they become more susceptible to illness and injury. Vet insurance could help as your pets get older – as long as they do not suffer from anything that they have had before. Vet insurance will not provide coverage for any pre-existing condition. If your dog has had asthma or other breathing problems most of its life, you will not be able to file a claim if you need to make an emergency vet visit due to a respiratory illness.

5. Coverage Rarely Covers all Costs

Vet insurance does cover some of the cost of veterinary treatment, but it usually does not cover all of the costs. When you factor in the amount of money you pay for your premiums, you will probably find that you have actually invested more in your pet’s health over the past year than you would have spent if you had simply paid the vet bill on your own. With all of the complicated restrictions and deductibles, vet insurance is more expensive than paying for vet treatment out of pocket.

Jessica Bosari writes about how to save money at Billeater.com, a site dedicated to helping people save money. Visit Billeater to read about more ways to save money.