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6 Money Saving Tips for your Various insurance policies

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6 Money Saving Tips for your Various insurance policies

As a matter of fact, life insurance, also known as the term or life assurance might be a bit complicated. That’s why I’ve compiled a list of 6 tips and information about different types of life insurance that can help you save money on your life insurance and to help you find the right one for your needs.

When you pass on, your family can take out life insurance money to cope up with the financial burden that you might leave behind, like medical bills, mortgage payments, childcare payments or car lease payments.

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1. Whole Life Insurance

When it comes to whole life insurance, it covers the policy holder’s entire life, and the insurance company will be liable to pay a lump sum of money when you die. This insurance type will pay your beneficiaries in cash after your death. Usually, the whole life insurance policy is expensive and you will have to pay the premium until the age of 70. On the other hand, term insurance is cheaper, as it’s just for a fixed term only. The cash taken out depends on the type of policy you’re buying.

2. Level Term Life Insurance

Now comes the level term life assurance, meaning the beneficiary will get a lump sum payment if the policy holder dies during the fixed term. Just be clear that this policy doesn’t pay if the policyholder dies after the fixed term has ended. The insurance company guarantees the payments, which remains fixed throughout the policy term. Such life insurance policies are being used by people with an interest-only mortgage – in which the mortgage amount remains fixed all through the term period.

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3. Decreasing Term Insurance

With decreasing term insurance, the insurer pays out the lump sum in case of death within the policy term. During the policy holder’s lifetime, the actual amount diminishes, and there’s no cash-in value at one time. Such life insurance policies are being used by those with a repayment mortgage – in which the outstanding mortgage decreases throughout the entire mortgage life.

4. Single or Joint Life Insurance

There are two types of coverages; single life insurance or joint life insurance. When it comes to the single life assurance policy, it’s cheaper, but you have to keep in mind your individual needs. On the other hand, the joint life insurance policy covers both you and your partner or child care payments when your non-working spouse dies. Although, the joint policies look good, don’t forget to get the quotes for single policies as well because it’s inexpensive and maybe cover both of you.

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5. Critical Illness

When you plan to buy an insurance policy, don’t forget to check that it is covering for critical illness. It’s an additional benefit that most of the life insurance companies offer. The insurer is liable to pay a lump sum of money if you’re diagnosed with heart attack, cancer, stroke or sclerosis. No doubt, the addition of critical illness to your life assurance will benefit you more in the long run, and you can save money on life insurance. But it’s also significant to calculate the added cost against the advantage of lump sum payment when you or your partner is out of work. It’s a good money-saving tip to buy a policy that covers both life and critical illness instead of paying out for separate insurances. The vital part is to check out the level of critical illness that the insurance cover as some policies include limited range such as cancer, in most cases.

6. Waiver of Premium

Another way to save money is by waiver of premium. It is the time when you’re unable to work due to critical illness, and the insurance company makes payments on your behalf for a set period. You can overlook this cost as it is added to your life assurance policy.

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Last Updated on October 21, 2021

How to Create Your Own Ritual to Conquer Time Wasters and Laziness

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How to Create Your Own Ritual to Conquer Time Wasters and Laziness

Life is wasted in the in-between times. The time between when your alarm first rings and when you finally decide to get out of bed. The time between when you sit at your desk and when productive work begins. The time between making a decision and doing something about it.

Slowly, your day is whittled away from all the unused in-between moments. Eventually, time wasters, laziness, and procrastination get the better of you.

The solution to reclaim these lost middle moments is by creating rituals. Every culture on earth uses rituals to transfer information and encode behaviors that are deemed important. Personal rituals can help you build a better pattern for handling everything from how you wake up to how you work.

Unfortunately, when most people see rituals, they see pointless superstitions. Indeed, many rituals are based on a primitive understanding of the world. But by building personal rituals, you get to encode the behaviors you feel are important and cut out the wasted middle moments.

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Program Your Own Algorithms

Another way of viewing rituals is by seeing them as computer algorithms. An algorithm is a set of instructions that is repeated to get a result.

Some algorithms are highly efficient, sorting or searching millions of pieces of data in a few seconds. Other algorithms are bulky and awkward, taking hours to do the same task.

By forming rituals, you are building algorithms for your behavior. Take the delayed and painful pattern of waking up, debating whether to sleep in for another two minutes, hitting the snooze button, repeat until almost late for work. This could be reprogrammed to get out of bed immediately, without debating your decision.

How to Form a Ritual

I’ve set up personal rituals for myself for handling e-mail, waking up each morning, writing articles, and reading books. Far from making me inflexible, these rituals give me a useful default pattern that works best 99% of the time. Whenever my current ritual won’t work, I’m always free to stop using it.

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Forming a ritual isn’t too difficult, and the same principles for changing habits apply:

  1. Write out your sequence of behavior. I suggest starting with a simple ritual of only 3-4 steps maximum. Wait until you’ve established a ritual before you try to add new steps.
  2. Commit to following your ritual for thirty days. This step will take the idea and condition it into your nervous system as a habit.
  3. Define a clear trigger. When does your ritual start? A ritual to wake up is easy—the sound of your alarm clock will work. As for what triggers you to go to the gym, read a book or answer e-mail—you’ll have to decide.
  4. Tweak the Pattern. Your algorithm probably won’t be perfectly efficient the first time. Making a few tweaks after the first 30-day trial can make your ritual more useful.

Ways to Use a Ritual

Based on the above ideas, here are some ways you could implement your own rituals:

1. Waking Up

Set up a morning ritual for when you wake up and the next few things you do immediately afterward. To combat the grogginess after immediately waking up, my solution is to do a few pushups right after getting out of bed. After that, I sneak in ninety minutes of reading before getting ready for morning classes.

2. Web Usage

How often do you answer e-mail, look at Google Reader, or check Facebook each day? I found by taking all my daily internet needs and compressing them into one, highly-efficient ritual, I was able to cut off 75% of my web time without losing any communication.

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3. Reading

How much time do you get to read books? If your library isn’t as large as you’d like, you might want to consider the rituals you use for reading. Programming a few steps to trigger yourself to read instead of watching television or during a break in your day can chew through dozens of books each year.

4. Friendliness

Rituals can also help with communication. Set up a ritual of starting a conversation when you have opportunities to meet people.

5. Working

One of the hardest barriers when overcoming procrastination is building up a concentrated flow. Building those steps into a ritual can allow you to quickly start working or continue working after an interruption.

6. Going to the gym

If exercising is a struggle, encoding a ritual can remove a lot of the difficulty. Set up a quick ritual for going to exercise right after work or when you wake up.

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7. Exercise

Even within your workouts, you can have rituals. Spacing the time between runs or reps with a certain number of breaths can remove the guesswork. Forming a ritual of doing certain exercises in a particular order can save time.

8. Sleeping

Form a calming ritual in the last 30-60 minutes of your day before you go to bed. This will help slow yourself down and make falling asleep much easier. Especially if you plan to get up full of energy in the morning, it will help if you remove insomnia.

8. Weekly Reviews

The weekly review is a big part of the GTD system. By making a simple ritual checklist for my weekly review, I can get the most out of this exercise in less time. Originally, I did holistic reviews where I wrote my thoughts on the week and progress as a whole. Now, I narrow my focus toward specific plans, ideas, and measurements.

Final Thoughts

We all want to be productive. But time wasters, procrastination, and laziness sometimes get the better of us. If you’re facing such difficulties, don’t be afraid to make use of these rituals to help you conquer them.

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Featured photo credit: RODOLFO BARRETO via unsplash.com

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