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6 Money Saving Tips for your Various insurance policies

6 Money Saving Tips for your Various insurance policies
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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 July 21, 2021

The Importance of Reminders (And How to Make a Reminder Work)

The Importance of Reminders (And How to Make a Reminder Work)
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No matter how well you set up your todo list and calendar, you aren’t going to get things done unless you have a reliable way of reminding yourself to actually do them.

Anyone who’s spent an hour writing up the perfect grocery list only to realize at the store that they forgot to bring the list understands the importance of reminders.

Reminders of some sort or another are what turn a collection of paper goods or web services into what David Allen calls a “trusted system.”[1]

A lot of people resist getting better organized. No matter what kind of chaotic mess, their lives are on a day-to-day basis because they know themselves well enough to know that there’s after all that work they’ll probably forget to take their lists with them when it matters most.

Fortunately, there are ways to make sure we remember to check our lists — and to remember to do the things we need to do, whether they’re on a list or not.

In most cases, we need a lot of pushing at first, for example by making a reminder, but eventually we build up enough momentum that doing what needs doing becomes a habit — not an exception.

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From Creating Reminders to Building Habits

A habit is any act we engage in automatically without thinking about it.

For example, when you brush your teeth, you don’t have to think about every single step from start to finish; once you stagger up to the sink, habit takes over (and, really, habit got you to the sink in the first place) and you find yourself putting toothpaste on your toothbrush, putting the toothbrush in your mouth (and never your ear!), spitting, rinsing, and so on without any conscious effort at all.

This is a good thing because if you’re anything like me, you’re not even capable of conscious thought when you’re brushing your teeth.

The good news is you already have a whole set of productivity habits you’ve built up over the course of your life. The bad news is, a lot of them aren’t very good habits.

That quick game Frogger to “loosen you up” before you get working, that always ends up being 6 hours of Frogger –– that’s a habit. And as you know, habits like that can be hard to break — which is one of the reasons why habits are so important in the first place.

Once you’ve replaced an unproductive habit with a more productive one, the new habit will be just as hard to break as the old one was. Getting there, though, can be a chore!

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The old saw about anything you do for 21 days becoming a habit has been pretty much discredited, but there is a kernel of truth there — anything you do long enough becomes an ingrained behavior, a habit. Some people pick up habits quickly, others over a longer time span, but eventually, the behaviors become automatic.

Building productive habits, then, is a matter of repeating a desired behavior over a long enough period of time that you start doing it without thinking.

But how do you remember to do that? And what about the things that don’t need to be habits — the one-off events, like taking your paycheck stubs to your mortgage banker or making a particular phone call?

The trick to reminding yourself often enough for something to become a habit, or just that one time that you need to do something, is to interrupt yourself in some way in a way that triggers the desired behavior.

The Wonderful Thing About Triggers — Reminders

A trigger is anything that you put “in your way” to remind you to do something. The best triggers are related in some way to the behavior you want to produce.

For instance, if you want to remember to take something to work that you wouldn’t normally take, you might place it in front of the door so you have to pick it up to get out of your house.

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But anything that catches your attention and reminds you to do something can be a trigger. An alarm clock or kitchen timer is a perfect example — when the bell rings, you know to wake up or take the quiche out of the oven. (Hopefully you remember which trigger goes with which behavior!)

If you want to instill a habit, the thing to do is to place a trigger in your path to remind you to do whatever it is you’re trying to make into a habit — and keep it there until you realize that you’ve already done the thing it’s supposed to remind you of.

For instance, a post-it saying “count your calories” placed on the refrigerator door (or maybe on your favorite sugary snack itself)  can help you remember that you’re supposed to be cutting back — until one day you realize that you don’t need to be reminded anymore.

These triggers all require a lot of forethought, though — you have to remember that you need to remember something in the first place.

For a lot of tasks, the best reminder is one that’s completely automated — you set it up and then forget about it, trusting the trigger to pop up when you need it.

How to Make a Reminder Works for You

Computers and ubiquity of mobile Internet-connected devices make it possible to set up automatic triggers for just about anything.

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Desktop software like Outlook will pop up reminders on your desktop screen, and most online services go an extra step and send reminders via email or SMS text message — just the thing to keep you on track. Sandy, for example, just does automatic reminders.

Automated reminders can help you build habits — but it can also help you remember things that are too important to be trusted even to habit. Diabetics who need to take their insulin, HIV patients whose medication must be taken at an exact time in a precise order, phone calls that have to be made exactly on time, and other crucial events require triggers even when the habit is already in place.

My advice is to set reminders for just about everything — have them sent to your mobile phone in some way (either through a built-in calendar or an online service that sends updates) so you never have to think about it — and never have to worry about forgetting.

Your weekly review is a good time to enter new reminders for the coming weeks or months. I simply don’t want to think about what I’m supposed to be doing; I want to be reminded so I can think just about actually doing it.

I tend to use my calendar for reminders, mostly, though I do like Sandy quite a bit.

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Featured photo credit: Unsplash via unsplash.com

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Reference

[1] Getting Things Done: Trusted System

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