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6 Money Saving Tips for your Various insurance policies

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 March 23, 2021

Manage Your Energy so You Can Manage Your Time

Manage Your Energy so You Can Manage Your Time

One of the greatest ironies of this age is that while various gadgets like smartphones and netbooks allow you to multitask, it seems that you never manage to get things done. You are caught in the busyness trap. There’s just too much work to do in one day that sometimes you end up exhausted with half-finished tasks.

The problem lies in how to keep our energy level high to ensure that you finish at least one of your most important tasks for the day. There’s just not enough hours in a day and it’s not possible to be productive the whole time.

You need more than time management. You need energy management

1. Dispel the idea that you need to be a “morning person” to be productive

How many times have you heard (or read) this advice – wake up early so that you can do all the tasks at hand. There’s nothing wrong with that advice. It’s actually reeks of good common sense – start early, finish early. The thing is that technique alone won’t work with everyone. Especially not with people who are not morning larks.

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I should know because I was once deluded with the idea that I will be more productive if I get out of bed by 6 a.m. Like most of you Lifehackers, I’m always on the lookout for productivity hacks because I have a lot of things in my plate. I’m working full time as an editor for a news agency, while at the same time tending to my side business as a content marketing strategist. I’m also a travel blogger and oh yeah, I forgot, I also have a life.

I read a lot of productivity books and blogs looking for ways to make the most of my 24 hours. Most stories on productivity stress waking up early. So I did – and I was a major failure in that department – both in waking up early and finishing early.

2. Determine your “peak hours”

Energy management begins with looking for your most productive hours in a day. Getting attuned to your body clock won’t happen instantly but there’s a way around it.

Monitor your working habits for one week and list down the time when you managed to do the most work. Take note also of what you feel during those hours – do you feel energized or lethargic? Monitor this and you will find a pattern later on.

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My experiment with being a morning lark proved that ignoring my body clock and just doing it by disciplining myself to wake up before 8 a.m. will push me to be more productive. I thought that by writing blog posts and other reports in the morning that I would be finished by noon and use my lunch break for a quick gym session. That never happened. I was sleepy, distracted and couldn’t write jack before 10 a.m.

In fact that was one experiment that I shouldn’t have tried because I should know better. After all, I’ve been writing for a living for the last 15 years, and I have observed time and again that I write more –and better – in the afternoon and in evenings after supper. I’m a night owl. I might as well, accept it and work around it.

Just recently, I was so fired up by a certain idea that – even if I’m back home tired from work – I took out my netbook, wrote and published a 600-word blog post by 11 p.m. This is a bit extreme and one of my rare outbursts of energy, but it works for me.

3. Block those high-energy hours

Once you have a sense of that high-energy time, you can then mold your schedule so that your other less important tasks will be scheduled either before or after this designated productive time.

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Block them out in your calendar and use the high-energy hours for your high priority tasks – especially those that require more of your mental energy and focus. You also need to use these hours to any task that will bring you closer to you life’s goal.

If you are a morning person, you might want to schedule most business meetings before lunch time as it’s important to keep your mind sharp and focused. But nothing is set in stone. Sometimes you have to sacrifice those productive hours to attend to other personal stuff – like if you or your family members are sick or if you have to attend your son’s graduation.

That said, just remember to keep those productive times on your calendar. You may allow for some exemptions but stick to that schedule as much as possible.

There’s no right or wrong way of using this energy management technique because everything depends on your own personal circumstances. What you need to remember is that you have to accept what works for you – and not what other productivity gurus say you should do.

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Understanding your own body clock is the key to time management. Without it, you end up exhausted chasing a never-ending cycle of tasks and frustrations.

Featured photo credit: Collin Hardy via unsplash.com

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