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Saturday, 24 June 2017

How to delete Facebook Page Permanently


Thursday, 22 June 2017

Insurance Policies You Shouldn't Consider In 2017

2017 is a very promising year for everyone but there are few things you need in order not to spend so much. There are certain insurance that won't be necessary in 2017 and beyond. This article will highlight some of them. You shouldn't consider these insurance because they are just a means of spending much money on needless insurance... we have also written some Insurance Policies To Consider in 2017 and other useful tips.


Insurance Policies You Shouldn't Consider In 2017



Universal life 

Typically term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.

Pet Insurance 

Pet insurance usually is very limited in coverage and very costly.

Insurance on outstanding credit card balances 

This type of insurance can be costly, and there are a lot of loopholes to go through before any benefit is paid.

Extended warranty plans 

These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.

Collision insurance on older vehicles 

If your vehicle has little or no value, it is better to pocket the premium and place it into a fund for future losses.

Mini Storage Insurance 

As long as you have homeowner’s or renters insurance you don’t need to buy any other special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.

Flight Insurance 

This is completely unnecessary in 2017, as airline accidents are now very rare and your life insurance policy should already provide the coverage in the event of any catastrophe. 


Mortgage life insurance 

This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.




Insurance is aimed at helping you pay for those things that are too expensive for you to pay on your own. Please learn to save!

Tuesday, 20 June 2017

Term Life Insurance: How It Works

Term Life Insurance also known as pure life insurance is a type of life insurance that comes with a limited period of coverage. Once the specified duration of time is up, it is then up to the owner of the policy to choose whether to extend or to terminate the coverage.
Policies under term life give a fixed benefit/aid consequently at the time of the loss of life of the policy owner, provided that the loss of life happens within a specific period of time. Nevertheless, the policy doesn't provide any recompense beyond the death benefit, it doesn't have additional cash value, therefore, the only purpose term life insurance serves is to insure persons against loss of life and all the premiums the persons are going to pay are then used to cover the cost of insurance protection.
Term life insurance is a crucial way of caring for your loved ones financially after your death.
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Before we take a look at how term life insurance works, let us look the characteristics and types of term life insurance

 

CHARACTERISTICS OF TERM LIFE INSURANCE

 Premiums are based on age, health and life expectancy of the person and is determined by the insurer via a medical exam which also includes other factors such as medications, occupation, smoker or non-smoker status, family history, driving records, etc.Also, it only pays a set death benefit because it is only for a brief and limited amount of time.

 

TYPES OF TERM LIFE INSURANCE

1. Level Term Or Level Premium
2. Decreasing Term

Under Level Term or level Premium, we have;
a. Yearly renewable term
b.  Five-year renewable term
c. 10-year term
d. 15-year term
e. 20-year term
f. 25-year term
g. 30-year term
h. Term to a specified age (usually 65)

 

How Does Term Life Insurance Work?

As earlier established, term life insurance is only valid for a specific period of time nominated by you. The most common are 10, 20 and 30-year period terms. The insurance policy is continually credible and binding as long as you pay the premium. Some of the perks of term life insurance are that the amount of premium you pay will not increase irrespective of the condition of your health, it assures you of a nominated death benefit. You are the one who sets the specific amount to be your death benefit and be assured that it will never change, irrespective of the life-span of the policy. What this means is that your insurance carrier pays exactly the amount you had earlier designated to your beneficiaries whether you die on the day your coverage is stated as valid or at its expiration.
In exchange of the insurance company paying the set amount to your beneficiaries, you will pay a monthly or yearly premium for the duration of your policy to it (i.e, the insurance company).

Finally, take time to examine a particular policy  to make sure it meets your needs for the price, and seek advice from seasoned insurance professionals.
When you purchase life insurance, you’re hoping to live till old age, that is not all, in the long run, you are also procuring peace of mind for yourself and your family in case that’s not on the program. Don’t leave your family stone-broke and impoverished in the sudden occurrence of your death. After all, they are your most treasured assets.

Sunday, 18 June 2017

Fundamental Facts About Renters Insurance



  1. THE POLICY YOUR LANDLORD HAS WILL NOT COVER YOUR PERSONAL PROPERTY 

    Frequently, renters are under the assumption that the coverage of the insurance policy on the property they are currently occupying will automatically be extended to them in the occurrence of disasters such as power outage that damages personal property, fire, burglary or flood. They only discover that the policy only covers the building and does not extend to the tenant's personal property when the worst happens. Purchasing a renters insurance will provide the money that you can use to replace or repair your personal belonging thereby guarding against financial loss on your part. Usually, the landlord offset or compensates the tenant for the damage to his personal property if and only if the damage was as a result of the thoughtlessness or dereliction on the part of the landlord. Many landlords include a clause that explains insurance for renters as a section of the standard apartment lease contract.
  2. YOU HAVE NEED FOR LIABILITY PROTECTION 

    Because accidents do happen, and even as a tenant, you may be responsible for personal injuries that affect your guests or neighbors. For example, if your guest slips and falls in your apartment, they may seek injury compensation from you. Likewise, if your pet bites a neighbor or the mailman, there's a possibility of you facing a liability lawsuit. The same applies to common household disasters, such as an overflowing bathtub that sends water flowing down over a neighbor’s personal belongings. Renters insurance provides financial protection for such situations.
  3. COST OF REPLACEMENT MAY BE HIGH 

    You may not have many valuable possessions. Maybe, your stereo is an older model and you purchased your television second-hand. Even in such cases, costs of replacement can be high, and this is where renters insurance helps out. It provides a way for you to replace your belongings without unwarranted and needless stress or financial suffering. Although, replacing one or two personal items might be considered as being simple and not back-breaking, the cost of replacing all or most of your belongings after a fire or flood calls for thoughtful consideration.
  4. RENTERS INSURANCE IS OFTENTIMES INEXPENSIVE 

    Even though renters insurance premiums differ, policies generally are priced to reduce their cost and correspond with tight budgets. In fact, many policies cost less than $1 per day. If that’s not enough boost for you, take cognizance of the fact that policies are usually reliant on the estimated value of your household possessions and the typical risks you may face.
  5. COST OF REPLACEMENT GIVES MORE VALUE FOR YOUR MONEY


    Some renters insurance policies provide actual cash value in the event of filing for a claim. What this simply means is that the insurance company will pay what your property was worth at the time of the theft, damage, or loss. Since personal property experiences wear-and-tear and depreciates, this could leave you on a ground-level on funds for replacing your property with brand new purchases. In comparison, replacement cost or replacement value policies pay the amount it will cost to replace the lost or damaged item at current prices.

Read Also A Beginner's Guide To Renters Insurance

Wednesday, 7 June 2017

How To Save Money To Get Out Of Debt

It isn't unusual for people to be stuck with student loan debt or consumer debt. When you are in debt, you are weighed down and your financial freedom is reduced, but even with this knowledge, so many people find it difficult to disentangle themselves from debt. Offsetting your debts by making periodic payments seems like an unending cycle and oftentimes, it is frustrating and does not lead to a sound financial planning. However, due to the adverse effects of accumulating interests, if you can get yourself out of debts quickly, then you will be helping yourself a lot. Outlined below are some pointers on how to get out of debt.
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1. MAKING A PLAN OF PAYMENT

If you want to get out of debt and you are on a limited budget, it is very important and necessary to have a plan of payment. A plan gives you a sense of direction and an expiry date for offsetting your debts. Start with listing all the types of loans/debts from the smallest to the largest principal, make minimal payments on each of the loans and set an amount you will be paying on the smallest loan monthly, continue making payments on each and every loan until it is completely paid off.
However, it is important to note that it is wise to start offsetting the smaller debts, this way, a bigger amount can be apportioned to the next smallest loan which allows an easier and faster payoff with a smaller amount of accumulated interest. This is otherwise known as debt snowball which was established by finance expert, Dave Ramsey.

2. PLAN ON MAKING AUTOMATIC PAYMENTS

Normally, when we are deeply in debts, it is simple to give reasons or justify our inability to make monthly payments. As a matter of fact, if someone is on a tight budget and has so much debt to their name, make little payments monthly may seem pointless. This notwithstanding, don't forget about interest that is accumulating. Even the minutest amount goes a long way in reducing the overall amount paid over the duration of a loan. To reduce excuses and to make sure that you make payments to reduce debt, make a plan of automatic payment with a bank or through the actual lender. Ensure that these automatic payments are given a space in your budget so that they don't come as a surprise.

3. CONSIDER CURBING COSTS AND REDUCING EXPENSES

Irrespective of the money situation or debt level of a person, every dollar in your expenses that can be reduced stands for an extra dollar kept aside for payment of debt. If the interest on a loan 8%, then each additional dollar you put aside for the payment of debt monthly is equals to a savings of 8 cents.
Although, that may not look like a lot of savings at the initial stage, it actually helps to reduce the effects of the accumulated interest, saving you a lot of money over the long run. It is not easy to cut costs and it may be hard for you at the beginning but you will realise that some of the expenses you are making are ones you can live without, so sit up, examine the costs/expenses you are incurring and cut down on the unnecessary ones.

4. CHANGE YOUR SPENDING HABITS

Note that this is different from curbing cost and reducing cost. If the debt is a consumer debt, it was probably incurred due to impractical and trivial spending habits. Running up your credit card and making unnecessary purchases is a very good way you can stay in debt, so instead of continuously overspending, CHANGE YOUR SPENDING HABITS. This way, you can avoid adding more debts to the already existing one.

5. SEEK FOR HELP FROM PROFESSIONALS

Repayment of debt can prove to be a difficult and herculean task, so if you don't know where to begin, seek for help from a credit counselor. They can be found in agencies such as the National Foundation for Credit Counseling. If you are heavily weighed down by debts and outstanding loans, you could think of merging the debts into a single debt payment. You should only do this if the total interest rate of the debt you merged is more agreeable than the diverse interest rates on the initial outstanding loans.

Tuesday, 6 June 2017

When Should You Update The Beneficiaries Of Your Life Insurance Policy?

Of a truth, one of the important parts of assembling any life insurance plan is deciding who your beneficiary will be. As it is dependent upon the reason and essence of the policy, the beneficiary could either be your spouse, child, business partner or an NGO/Charitable organisation, etc.
As it is with any other form of stages of life planning, life insurance policies need to be examined from time to time so as to make sure that the beneficiary of your choice at a particular time is still the right choice, else, it could bring about some big problems when it it is finally time for you to settle your assets.
Benefits are payable to an already dead relative, an ex-husband or wife, or to all or maybe just one of your children, so when the changes of life roll around, it means that the beneficiary description on your life insurance should be re-examined and if necessary, changed if the supposed beneficiary who was eligible is no longer fit to be your beneficiary. Also, if you think that the supposed beneficiary will simply do the right thing by handing over the money to the person who is now fit to be your beneficiary, THINK AGAIN!

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Below are some of the common changes in life that may necessitate a re-examination of your insurance policies:

1. The birth or adoption of a child or grandchild:

 You have recently given birth or your spouse who was pregnant has given birth, or you adopt or are willing to adopt, or you child recently or suddenly becomes a parent, then you should consider reviewing your beneficiaries to include the new addition to your family

2. A change in your marital status:

 If you have recently gotten married, an examination of your policy's beneficiary is necessary. If you have recently divorced, you may also want to change your beneficiary or beneficiaries. It is important o note that in some situations, the original beneficiary (ex-husband or wife) has to give his or her consent to his  or her name being taken off your list of beneficiaries.

3. Your beneficiary ends up dying before you:

Funny but true. As we all know that life is unpredictable, anything can happen at any time. Your beneficiary may end up passing on to the after-life before you. In this case, you must have had another person in line to be the beneficiary, so if you do not want the second-in-line to become the overall beneficiary, then, review your policy.

4. You have a change of mind:

You may have a change of mind for so many reasons. Maybe the previously named beneficiary is no more eligible or no more your choice of a beneficiary. When this happens, consider reviewing your policy.



Do not forget to look at both individual and group plans. The reason for this is that you could have a group plan through your boss/employer and the proceeds could be worth a good amount of cash for a beneficiary too.

When Should You Review Your Plans?

Seeing that life insurance is an investment, it is very crucial to critically examine your insurance coverage regularly. This should be done once a year or constantly if a big life event takes place.
Meet with your insurance advisor from time to time to make sure that your policy's plan are all in order to cover those it is intended to cover with the right amount of benefit and to also make sure that those who are not included in the coverage are not on your policy's list. This is a sound and wise financial planning and it also helps averts problems such as family squabbles in the future.

Sunday, 4 June 2017

Common Mistakes That Can Wreck Your Life Insurance

There are so many great reasons why you should consider purchasing a life insurance policy such a brand-new marriage, the arrival of a baby, or a large deficit like mortgage that your family or loved ones will have difficulty in repaying if something were to happen to you. So, if you are in the market to purchase a life insurance policy or you have recently acquired one, take note of the mistakes outlined below and take great care to avoid them.
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1. Waiting to Buy An Insurance Policy

Despite the existing reasons, it is crucial to carry-out action as soon as you feel that you require a policy. Know that just as people's health or age deteriorates, so also does life insurance rates increase and in some cases, your health condition may endanger or affect your eligibility for coverage adversely, so, do not put off buying an insurance policy because the more you put it off, the more costlier and expensive it becomes and you may not be able to purchase it in the long run.

2. Buying The Least Expensive And Cheapest Policy

Although it is necessary and wise to shop around for an insurance policy that is in line with the marketplace price, this should not be the sole concentration when you are making your decision. Life Insurance can be a little bit complex so it will be a good idea if you have a pre-knowledge of its features and benefits. So many people are under the illusion that the only difference for term life insurance is the price. It is pertinent to note that there are many crucial policy provisions that you should find out before opting to go for the cheapest price.
Some term policies are exchangeable for a more permanent type of life insurance policy at a latter date not minding your health in the future. Also, some policies offer more benevolent changeover advantages and liberties than other policies, so get an understanding of  the length of time the changeover option is available for, the most benevolent liberties are available for as long as you pay your term policy premiums or to a certain age. Also find out if there is any constraint or limit on the type of policy that is accessible and available for purchase under the exchangeable privileges. Some policies offer just a single type of permanent policy at the exchange stage while others offer so many.

3. Missing Out Or Making Late Payments

If you are thinking of purchasing a universal life policy with trivial guarantees like low-premium approved death perks for life or for a specific period, making late payments can have an adverse effect on policy perks.
Universal life is a distinctive kind of permanent policy hat has been advertised  as possessing a long term assured and approved protection at the lowest and cheapest rate possible. This differs from term insurance. Although some of these policies have cash abdication value, universal life with trivial guarantees is focused on augmenting and boosting the amount of of insurance that is available per dollar of premium.
There are consequences to late payment because some of the policies premium payment are time sensitive. Example of such consequences is that your guaranteed coverage may no longer be 100% guaranteed. So, always check with your insurance company if you feel that you are going to be late on a particular payment. The good side of this is that you may be given a grace period without the risk of your policy losing the quality of its guarantee.

4. Forgetting That Insurance IS An Investment

A variable life insurance policy is a permanent type of policy that furnishes life insurance protection with cash value. A part of the premium  you will pay will go  in towards life insurance, while the other part of the premium will go into a cash value account that is invested into various mutual fund-like investments of your choice That is why the Financial Industry Regulatory Authority  acknowledges variable life insurance policy as an investment, so it will serve you well if you recognize it as an investment too. Just like mutual funds, the value of these accounts are not steady and is solely based on the achievement of the elemental investments. Some people oftentimes look up to the values of these policies in the nearest future as a source of financial backing to augment their retirement income.

So, you must fund a variable life policy adequately to magnify the value of its cash growth. This simply means that you are going to continue making sufficient premium payments most especially in times of poor returns on investment. Making less payment than you originally prepared can adversely affect the cash value that will be made available to you in the future. It is also very necessary and crucial to watch the performance of your policy and regularly balance your accounts to your coveted allotment or quota just as you would do with any investment account. This will help to make sure that you are not taking on more risk than was planned.

5. Do Not Borrow From Your Policy

The cash value (CV) of a permanent policy can commonly be used for any reason that you deem fit, not limited to but including tax-free withdrawals and loans, if  and only if it is properly done. This can turn out to be a great perk if managed carefully. If you cut out too much money out of your policy and your policy fails or runs out of funds, all the profits you've taken out will become taxable.
If you've taken out too much cash and your policy is about to fail, you may be able to uphold the policy by making additional premium payments, assuming you can bear the cost. When you are accessing your life insurance policy's cash value, make sure that you keep a close watch on it and do not fail to consult your tax advisor for directions to evade unwarranted tax liability.

Bottom Line

The decision to buy life insurance is a very important one so make sure you conduct your investigations, do your homework and ask the necessary questions on areas that you are not clear on, read your policy and understand all of its provisions. Although losing or never buying life insurance may not wreck your life, it will certainly distress those people who you're buying it for.