Month: April 2021

Being covered may not be sexy but smart

Hey, I’m not into fashion designing. But could not resist a tantalizing title to talk about Insurance!! If you haven’t started a family, Insurance cover is the least of your priorities. But even though it’s not that cool to be insured, it sure is smart when there are people who depend on you.

Life insurance is a potent tool that not only offers the ability to plan for unforeseen events that can affect the family’s financial situation adversely but is also looked up to as an important tax-saving cum investment tool.

One needs to do a certain amount of spadework before purchasing a policy, to ensure the best possible coverage at the right price. Here are some helpful tips to get you started:

Explore

As premiums vary widely from company to company and cover to cover, it’s important to look around. One can try internet sites to get instant quotes.

Plot your value

The key to purchasing the right amount of life insurance is to have just enough coverage to meet your needs. If you have more life insurance than you need, you’ll be paying unnecessarily for higher premiums. On the other hand, it’s important not to have too little coverage, resulting in you being underinsured.

Health matters the most

Healthy people get better rates on life insurance. Higher premiums are quoted for anything that poses a risk for longer life expectancy (smoking, on regular medication, etc). The Sooner the better as premiums rise with increasing age, the younger you are when you purchase life insurance, the lower premiums you will be required to pay.

Review your cover periodically

Any life change indicates the need for an overall review of the financial plans. Make sure you have enough cover for all important events of life.

Focus on annual installments

You may not realize it, but you may be paying more for your life insurance if you pay your premium in monthly installments. Many insurance companies charge extra fees if you make monthly premium payments instead of paying the annual premium.

Never conceal facts

Though age and negative health-related conditions attract a higher premium, don’t think about lying on the insurance application. If your insurance company gets the knowledge of concealed facts they can terminate the cover.

Women, Money and Marriage: What You Need to Know

In today’s world, “Leave It to Beaver” stereotypes for men and women in partnerships should only exist in Nick at Nite reruns. Yet many women still don’t understand their household’s finances and aren’t actively involved in managing money matters.

To achieve true equality in a partnership, both individuals must have knowledge of and involvement in their partnership’s assets and debts. If you’re one of those women who isn’t participating in the financial side of your marriage, here are some tips to get you on the right track:

Talk Money

If your partner has always handled most financial matters, it may seem difficult to bring up that you want to be more involved. The first step is to initiate a conversation with your spouse about your desire to learn more about your household’s assets and debts and to be more actively involved in making decisions.

Choose a time and place without high levels of stress or too many distractions to have this discussion. Bring it up in a positive way, rather than in a tone that might sound complaining or accusing.

Keep Current

It’s never fun to think about something bad happening to the people you love. Yet you must be responsible and realize that if your partner should no longer be able to carry out the role of primary financial decision-maker, the tasks would fall to you.

Make sure you’re familiar with and have access to all financial records and documentation. Know how to quickly access everything from account numbers to mortgage documents to investment information.

Get Involved

Look for ways to become more integrated in your marriage’s finances. Whether it be creating and maintaining the filing system for your financial paperwork or paying the bills, sharing responsibility can be rewarding and make your partnership more balanced and fulfilling.

Stay Independent

There can’t be a strong “we” without a strong “me.” While marriage is a partnership, you should still maintain your own financial standing. We recommend that each partner have a checking account and credit cards in his or her own name so that both can build good credit.

Get Help

There are many programs available today that are focused on helping women handle financial matters. Many companies today provide financial services to help women achieve financial empowerment, security and independence.

Equality in marriage exists on many different levels and requires working together as a team – a team where both members are informed and involved.