Category Archives: Personal Finance

Why You May Need Life Insurance After Retirement

You have worked almost your whole life and you are finally creeping up on retirement. You can practically smell the ocean and feel the sand in between your toes. But before you start celebrating all your hard work, you will want to make sure you have a plan for your retirement. Does this plan include owning life insurance after retirement?

Retiring is a great accomplishment and should be an enjoyable experience. That is why you need to plan out your retirement so there are no surprises.

Do you have people depending on your income?

Are you retiring with debt?

Will you still be working part-time through your retirement?

If you answered yes to any of these questions then we recommend purchasing a life insurance policy.

Now you may say, “I had life insurance through my work for all of these years, what happened to that?”

Does Your Work Cover Life Insurance Once You Are Retired?

Depending on your company’s coverage, the policy may terminate once you are finished working. In some cases, the coverage will extend for a period of time but slowly diminish.

Each situation is different so we advise you to speak with your employer about your benefits and how they coordinate with your retirement planning.

If you planned ahead and purchased an additional life insurance policy on top of the plan your employer offered to prepare for this situation, then you will still be covered by that policy.

If your policy does terminate once you retire and leave the company, then purchasing a life insurance policy may be on the to-do list before you retire.

How Much Does Life Insurance Cost for Retirees?

Life insurance company’s create the pricing for your policy based on how high of a risk they see your life.

They analyze your age, health, profession, lifestyle, and even your driving record. Each of these factors contributes to your lifespan.

Life insurance companies will want to know what type of lifestyle you live. If you live life on the edge it will cost more for them to insure you.

They will want to know about your health and medical history as diseases are a major cause of death.

However, the most heavily weighted factor besides health is your age. No one can live forever and the older you get the greater the chance of you dying becomes.

For this reason, it is typically cheaper to get a life insurance policy while you are young and in good health. Some experts recommend getting life insurance by the age of 35.

This is when most people start a family and have people depending on their income. For many individuals, retirement is a major goal, but is so far down the road most people don’t properly prepare for it.

For most Americans, retirement comes between the ages of 60 to 65. With the average life expectancy of 78, you can assume how expensive it will be to get life insurance coverage.

Although it is not cost effective to wait until retirement to purchase a life insurance policy, it can still be done.

Is Life Insurance for Seniors Worth the Cost?

If you retire debt free and are capable of living off your savings, you may not have a need for life insurance.

However, if you retire but still have debt, a part-time job, and people depending on your income, life insurance is a must.

Most people have been dreaming of drinking pina coladas on the beach after retirement since they were 30.

Although this does sound amazing, sitting on the beach everyday drinking can get boring after a while. This is why almost 30% of retirees work part-time.

If you are working part-time to do a job you have always been curious about then you may not need life insurance.

But if you are working part-time because you have people depending on your paycheck, then you should purchase a life insurance policy.

If you pass away and the checks stop coming in how would your family make ends meet? Life insurance covers you in these situations so you do not have to lose sleep.

Do I Need Life Insurance if I Have A Pension?

People in some professions are lucky enough to get a pension once they retire. This provides families with a portion of their annual salary for years to come.

A pension can be collected in one lump sum or an income option. Receiving your pension in one lump sum gives you all of the money up front once you retire.

This can be beneficial if you do not need the money right away so you can roll it into an IRA without paying taxes.

The income option offered to pension holders stretches these payments over a period of time to keep cash flow.

You pay taxes on every monthly check you get but this option is more common because it is more secure.

Pensions are an incredible benefit offered by companies to help make retirement easier for those who have worked hard.

However, if you retire with your pension and your receiving payment annually your spouse or beneficiaries may only be entitled to a portion of the payment if you die.

Life insurance can be a good backup to replace this shortage of income just to be safe. That is why you want to identify all of the people depending on your income.

Reasons Why Retirees Need Life Insurance

Providing Financial Security for Your Family

Every family’s situation is different. Some parents retire with their children still living at home while others help out their children financially after they move out.

A common theme among parents is to cosign a big purchase. These can range anywhere from a new car, a house, or even student loans.

This gesture helps get their children approved for such actions but also puts their own well-being at risk. You will want to ensure that your child is more than capable of paying off such debts so they default on them if you pass away.

A life insurance policy helps cover this type of situation. Providing the funds that can cover these types of payments, so your children do not have to stress over these situations.

A life insurance policy will help loved ones get through a tough time because they will be better off financially.

If you still have children living at home who depend on your income it is important to have a plan in place if something were to happen.

The last thing you want in a time of grieving is a financial problem for your loved ones. Life insurance is all about keeping your loved ones protected once you can no longer protect them.

Covering the Costs of Remaining Debts

Being in debt is another major reason to purchase a life insurance policy. Retiring without having your mortgage paid off is more common than you think.

A lot of people like to settle down somewhere nice when they retire which usually involves purchasing a new home. This is why more than one in three homeowners over the age of 65 are still making mortgage payments.

Paying off your mortgage before you retire should be taken very seriously. This is typically the largest purchases someone makes in their lifetime.

Still having to pay this off without having a steady income can be a terrible blow to your retirement savings.

We strongly advise speaking with a financial adviser to develop a plan to get your finances in order before you retire.

You need to keep in mind how your family would pay off such debts if you were to pass away. Leaving a burden like a mortgage payment is not something you should leave behind for your loved ones to deal with.

A life insurance policy can provide your loved ones with the funds they need to eliminate this payment.

Helping Your Family Handle Your Estate

From funeral arrangements to estate and inheritance taxes, life insurance is a great way to make sure that those you leave behind have enough to handle the costs of your passing.

Estate planning needs to be meticulous, as it hasan exorbitant amount of loopholes and guidelines to adhere to.  When it comes to estate planning, we highly recommend speaking with a professional.

Funerals can cost anywhere from $10,000 to $20,000, and if you leave no liquid assets behind, your family might have to go through the hassle of sorting through and selling your non-liquid assets (property, stocks, jewelry etc.) which can put a lot of unnecessary strain on your already grieving loved ones.

No matter what, it’s a good idea to take a serious look at your expenses before canceling a policy. If you do cancel and then discover that it’s still in your best interest to have a life insurance policy, you most probably won’t be able to recover your policy at your previous rate.

Consult a life insurance professional at Intramark today to find out if a post-retirement policy is right for you. You can also get started with an instant life insurance quote today.

What Types of Life Insurance Are Best for Retirees?

To go into depth about the best types of life insurance for retirees would take very long, and not really fit in very well with the theme of this article.

However, to help you get started on your research, the table below shows some popular life insurance policies among seniors, some benefits they have, and what companies are the best providers for those policies.

 

Policy
Description
Our Favorite Companies

Term Life Insurance
Generally speaking, term life insurance becomes more expensive as you get older. Terms are usually available for 10-30 years in 5 year increments, but most life insurance providers only offer term life coverage through age 75. A few providers (like Mutual of Omaha) offer term life insurance coverage through age 85, and even 95.

  • American General
  • Banner Life
  • Lincoln Financial
  • Mutual of Omaha
  • Principal
  • Prudential

Permanent Life Insurance
Permanent life insurance offers permanent life coverage (until you die, or reach age 100 or 122 in most cases, depending on the company). These policies can be broken down into many subtypes that each offer cash value accumulation, investment components, and varying types of premiums.

  • American General
  • Guardian Life
  • John Hancock
  • Lincoln Financial
  • Pacific Life
  • Prudential

Guaranteed Issue Life Insurance
This type of life insurance is best for people who need life insurance quickly, or who are otherwise uninsurable because they are a very high risk. This type of insurance usually has limited coverage ($5,000 – $25,000, with some companies going as high as $100,000). No medical exam and no health questions are required, everyone qualifies for coverage.

  • AIG
  • Gerber Life

Simplified Issue Life Insurance
This type of life insurance is a step up from guaranteed issue. It is also a type of no medical exam life insurance policy, but there are some health-related questions asked to assess risk and make sure the applicant is insurable. This coverage is also usually limited to the same amounts as guaranteed issue, and the waiting time for approval can be a bit longer. Naturally, simplified issue life insurance rates for seniors are more affordable than guaranteed issue.

  • Assurity
  • Fidelity Life
  • Foresters
  • Mutual of Omaha
  • Phoenix

Joint Life Insurance
This type of life insurance policy covers both spouses with the same coverage under one policy, for one monthly premium. Both term and whole life policies are available. There is second to die life insurance which provides a death benefit upon the death of the second spouse, and first to die life insurance which provides a death benefit upon the death of the first spouse.

  • American General
  • John Hancock
  • Lincoln Life
  • Principal Life
  • Prudential

Final Expense Insurance
Fional expense insurance is meant to cover the immediate costs after your death such as funeral expenses and remaining debts. This can come in the form of guaranteed or simplified issue life insurance, which are both often called burial insurance. These policies have no medical exam and usually go up to $50,000 in coverage, with some companies offering even more burial insurance coverage for seniors.

  • AIG
  • Foresters
  • Gerber Life
  • Mutual of Omaha
  • Phoenix Life
  • Transamerica

Feel free to follow any of the links in the chart to learn more about the various types of life insurance for retirees, and the life insurance companies we have listed.

Finding the Best Life Insurance Rates for Retirees

When it comes to answering the question , Do I need life insurance now that I am retired?, you want to take the time to consider a number of factors such, as who is dependent on your income, and what type of debts you have remaining.

Due to the large investment that life insurance is, and the amount of options on the market, you want to be sure that the life insurance policy you choose is the best for you and your family.

The easiest way to ensure that you are choosing the best life insurance coverage as a retiree is to speak with an independent life insurance agent who can compare rates and policies from dozens of companies at once.

Our agents work with each client directly to identify their specific needs and help them find a policy which best suits them.  Give us a call today, or get instant life insurance quotes for retirees by using our online quoting engine!

compare the best life insurance rates

Article source: https://www.lifeinsure.com/life-insurance-after-retirement/

What to Do When Your Term Life Insurance Policy Runs Out

“All good things must come to an end.”

Fortunately, this doesn’t apply to modern day term life insurance policies!

While some analysts suggest that you won’t need insurance after a 20-year term. They may try to convince you that your children will be grown and you will have accumulated enough savings in cash and investment to support your spouse if you die prematurely.

Yes, in theory, it sounds like quite the plan. But it is important to understand that only a few people will have such a defined, and hassle-free life path.

What is term life insurance?

If you already have term life insurance, skip this brief section.

Term life insurance is life insurance that lasts for – you guessed it – a term.

This term can be 10 to 30 years, and they are usually offered in 5 year increments.

Term life insurance offers affordable life insurance coverage for people who need it.

But there is one problem with term life insurance: it expires!

What Happens When My Term Life Insurance Policy Runs Out?

Alright, let’s answer the big question.

When people buy term life insurance, they rarely give much thought to what would happen when their term runs out.

What Does Expiration in Term Life Insurance Mean?

Expiration in Term Life Insurance is a little different from the conventional meaning of “expiration”.

When your policy reaches the end of its term, your policy won’t just end.

This is where it gets interesting.

If you look into the details of your policy, there is a table that shows the cost on a year to year basis. This table that shows the yearly cost is usually called a rate or premium illustration.

For example, if you purchased a 20-year policy, you will notice a relatively higher price increase on the 21st year after your 20-year term has expired. The cost after the 20th year will continue to increase significantly, year after year.

WARNING:

Term life insurance does not “expire” once your term is through.  Instead, premiums go up drastically on a yearly basis until you either cancel the policy or open a new policy.

Now, you can put a stop to this if you no longer want the policy beyond the low-cost guarantee period.

What Should I do to Convert or Cancel My Policy?

You can contact the insurance company that you want to cancel the policy at the end of the term. If you wait to see it out, you will continue to get debited without warning.

Some people switch to paper check payments after the expiration of their policy to avoid the risk of getting their checking accounts debited.

One thing to note is that your policy is not actually expiring. Most policies will cover you until you the age of 95.

Your rate will only continue to increase rapidly at the end of each term (year, quarterly, or biannually or monthly), often to a point where the coverage is no longer worth the premium you will dole out.

The Relationship Between Term Life Insurance, Increasing Premiums, ART

First and foremost, let’s get this out of the way -Every year you live makes you a little more of an insurance risk to insurance providers.

When you buy an annual renewable term policy, your premiums will rise annually.

This kind of policy is known as an Annual renewable term (ART).

ART premiums might look like this for the first few years:

  • The 1st year might be $340
  • $465 in the 2nd year
  • $475 in the 3rd year

Ten years down the line, your premium may climb to $650 per month for coverage! This simple example illustrates why people tend to shy away from Annual Renewable Term.

Because of the low demand for ART, Many Insurance providers offer level term Insurance policy. They can cover you until age 95 but at a fixed premium rate for 10, 15, 20, or 30 years

Calculating Level Term Premium – It’s a Simple Average

To determine your level premium, life insurance providers add up the payments for each year in the 20-year term and divide it by 20.

In most cases, 20-year level term life insurance is the average premium for the first 20 years of coverage.

From the 21st year and above, it reverts to an annual renewable policy (ART).

What to Do When Your Term Life Insurance Policy Expires?

1. Shop for a New Term Life Insurance Policy

If your state of health is rock solid or relatively good enough, it is time to shop for a new level term insurance. Yes, you will have to pass a medical exam in most cases and pay the standard amount for an individual within your age range. You may not need as large a policy as the first one you purchased when you were much younger. This means the price will not be overwhelming.

Hold on to your wallet and look for another insurer who may be offering something cheaper. If you’re shopping around for rates for a new policy, be sure to consider one with Low Renewal Premiums!

A good source for doing your comparison analysis shop is our online term life insurance quote tool.  You can find this at the bottom of this post on mobile, or on the right for desktop.

2. Converting Term Policy to Permanent Insurance

If you have a poor health condition, much older (usually and do not want to undergo any form of medical examination, you can convert your existing term policy to permanent insurance.

Your insurance company will offer you different conversion policies to choose from. Converting to permanent insurance plus your health state means you will pay much more than when you were paying for term life insurance (Depending on your insurer, it is usually about 2-3 times the cost of your current premium).

The good part is you can control the cost by purchasing a smaller policy. This is a good fit, since you are older and don’t need many years of coverages as you once did.

Time is of the essence. You must convert within the period the term policy allows you to. Some insurance providers keep the conversion window open for only 10 years if you had purchased a 20-year policy.

It is also important not to convert too early. Always stay updated on the details of your policy and check with your agent to be sure you are getting the best coverage at the time.

3. Renewing or Extending Your Expired Term Life Insurance

If you are in a poor state of health and happened to miss the deadline for converting to permanent insurance, there is still an option for you – a rather costlier option.

You can renew your about-to-expire coverage without undergoing a medical examination. You will only have to pay much higher premiums and they will keep increasing geometrically, year after year.

This option is decent enough if you only need a few years, over 70, or have medical conditions that make it hard to get a new policy.

You probably won’t be able to sustain the cost of the policy for very long.

Think about future coverage well enough before the expiration of your term. If you think you won’t be able to pass a medical examination, you can convert your term policy to cash-value coverage while you still can.

Can I still get coverage with a health issue? 

Yes, no medical exam life insurance is recommended for people who are older, or who have a medical condition.

4. Decrease Your Death Benefit

Many insurance providers will allow a one-time decrease in face value to your life term policy. The result is a noticeable reduction in your premiums.

5. Sell Your Policy

If your policy is still convertible, you may be able to convert the policy and then sell it.  It’s called a life settlement. It is important to identify when selling your life term policy is a viable option and when you might be getting shortchanged.

Before you jump into a life insurance settlement deal, you will have to come to terms with the fact that a third party will own insurance on your life and profit from it when you die (no benefits for your family after death).

Also, some individuals are better candidates for a life insurance settlement than others. For example; Having a term life insurance policy or a universal life policy with a face value over of over $200,000 makes your policy more attractive to investors. You are more likely going to receive a worthy offer.

Can You Sell Your Term Life Policy?

Yes, you can sell your Term Life Policy.

A life insurance settlement involves the assured and another entity (usually an investor). The buyer or investor becomes the owner of the policy, settles the premium payments and will receive the death benefits in the event of death.

A life insurance settlement (also known as a viatical settlement) allows you to receive more money than you would have received from the insurer if you canceled or forfeited the policy but less than the coverage value/death benefit of the policy.

Selling a life insurance policy is a good way to get immediate cash for retirement, health bills or unforeseen heavy expenses. However, it is not always the easiest or best option to raise quick cash at your point of need.

Finding a buyer for your life settlement involves a bit of documentation.

You can do this on your own or use a life settlement broker to look for prospective offers to purchase your life term policy.

You will be asked to provide medical records and your term life policy documents to the potential investor. The settlement provider(s) will make you an offer after reviewing your files based on a range of factors such as:

  • Your age and health
  • The type of policy you have
  • The cash surrender value (accumulated cash value) of the policy
  • Amount of premiums

If you are much older or in a poor health state, you will receive a better cash offer as the face value of your policy is worth more to investors or settlement companies as they are going to sense an avenue to make some profit.

What Happens When My Term Life Insurance Runs Out – Takeaways

Even though your term period has “expired”, your policy may still have value to you. If you find that you still need life insurance protection at this point, you do have options for extending your term life insurance policy, converting or renewing, selling the coverage.

It is important to stay informed as making the wrong decision can cost you a fortune. Give us a call today, and we can review your policy and go over your options with you.

Or, use our term life insurance quote tool to compare some of the best term life insurance rates for a new policy!

compare the best life insurance rates

Article source: https://www.lifeinsure.com/happens-term-life-insurance-policy-ends/

Affordable Life Insurance is Possible

Is affordable life insurance possible?  According to the 2017 Insurance Barometer, an annual report published by LIMRA (Life Insurance and market research association), there are only three reasons consistently reported by more than two-thirds of respondents each year regarding why people don’t buy life insurance:

  1. It’s too expensive.
  2. I have other financial priorities.
  3. I have as much as I need.

Regarding #1, there are several studies (including the LIMRA annual report), that shows that most people actually overestimate the cost of life insurance.  #3 is debatable in most cases and while many people do have other financial priorities, if you have a family, life insurance should be one of those priorities.  In this article, I’m going to suggest that, perhaps, with a little shuffling of your budget, you will be able to afford a policy.

Reduce your spending on clothing

purchase affordable life insurance policy by saving money on clothing

According to an analysis conducted by the Bureau of Labor Statistics, Americans spend an average of $1,700 a year on clothing and accessories. If you want to bring that number down, but still dress stylishly, we offer the following suggestions:

  • Buy generic basics – You don’t need t-shirts and sweatpants from a luxury designer. Most big-box stores carry these items at an affordable price.
  • Know what you need to buy – We almost always go to the supermarket with a concrete idea of what we need to purchase. You should do the same thing at a clothing store – make a list and try to stick to it.
  • Purchase out-of-season items – Buying a coat in July or a swimsuit in December will usually be cheaper because retailers are eager to move these types of products off the shelves.
  • Use coupons – There are multiple websites dedicated to finding clothing store coupons. Be sure you know where the best discounts are before heading into any store.
  • Visit non-traditional retail outlets – You’re most likely not going to get the best deal at a department store in a mall, but there are plenty of other places you can go to find high-quality clothing. Discount retailers like Marshalls and T.J. Maxx sell name-brand items for a fraction of the suggested price. Additionally
  • Investigate the discount rack – While you won’t find a designer dress in the low-price aisle, you might come across something great for a bargain. Some people attach a stigma to the discount rack, but the reality is that most of the clothes there are only a few seasons old and are still in great condition.
  • Keep an eye out for future sales or special deals – Every so often, a product that you may need will get a temporary price cut that you would be smart to take advantage of. Look for advertisements around the store or in the newspaper to see when these special events happen, especially around the holidays.
  • Purchase clothes online when you can – Some online retailers offer exclusive deals if you’re willing to pay for shipping costs. Though it’s not true 100 percent of the time, buying your shirts, pants and accessories on the internet might help you squeeze a few more dollars out of your clothing budget. If you use sites like eBay, which sometimes allows you to buy far less expensively, remember to check the user testimonials before sending someone your contact information.

Reduce your car expenses

save on car expenses in order to buy affordable life insurance

Owning a car enables a person to drive to one’s job, travel on vacation or simply get around while doing errands. Unfortunately, a car can be rather costly, especially when repairs have to be made and gas prices creep up in the summertime.

When it comes to controlling your expenses, however, there are ways to lower the amount of cash you have to dump into your vehicle on a monthly basis.

Today, we’ll look at a few of these strategies and suggest ways of protecting your wallet from car-related costs.

To reduce spending that is associated with your car, you should:

Cut down on short trips – If you’re thinking of heading to the pharmacy or the library, you should see if it’s cheaper to ride public transit or simply walk. By reducing the number of times you drive around within your town, you can save on the fuel you have and keep you from visiting the gas station every other day. Also, the health benefits of walking cannot be overstated.

Maintain inflated tires – One of the easiest ways to improve your gas mileage and, by association, your bank account, is to keep your tires properly inflated with air. Improperly inflated tires create extra drag which may unnecessarily slow down your vehicle and reduce the mileage you get.

Survey the area for cheap gas – Most people opt for the convenience of choosing the nearest station. While this is definitely easier, it’s not a bad idea to keep an eye out for consistently cheap gas. By doing so, you can get more for less if you plan your fill-up visits. You can now get an app for your smart phone that will actually show you where the least expensive gas is in your area.

Avoiding driving during rush hour – Creeping along the highway and sitting in stop-and-go traffic does nothing but drain your gas tank. Many offices offer flexible work environments that give you some leeway as to when you can arrive in the morning. Leaving your house 30 minutes earlier or later can be the difference between a smooth ride to work and gridlock.

Driving the speed limit – When you think about it, driving a few miles per hour over the speed limit really isn’t going to get you to your destination that much earlier. According to Edmunds, driving 60 miles per hour results in 12 percent cost savings over driving 75 mph. In addition to saving gas, you’ll also avoid expensive speeding tickets.

Not moving erratically – Aggressive driving that involves speeding followed by quickly slamming on the brakes puts unnecessary wear and tear on your car and spoils your fuel economy. This type of driving may also increase your likelihood of being involved in an accident.

Saving money on common household expenses

A recent LIMRA study found that over half of Americans cite common expenses “such as energy costs, food, clothing and transportation […] as limits on [their] ability to save for financial goals.”

An affordable life insurance policy should be included in almost everyone’s financial plans, so we offer the following suggestions to help you cut down on common household expenditures:

Bundle services

If you have a landline phone, internet and cable from different providers, you should consider bundling them into one service from one company. Consolidating all of your accounts will not only save you money, it is also more convenient, as you will not have to deal with multiple bills.

Cut back on extras

While you’re thinking about phone, internet and cable, you may want to examine your bills and eliminate unnecessary costs. Do you really need caller ID and call waiting? Could you get rid of premium cable channels? Could you get rid of cable altogether? These expenses quickly add up, and after getting rid of them, you may find that they really weren’t necessary.

Scrutinize other insurance costs

The monthly premiums of auto and homeowner’s/renter’s insurance can take a huge bite out of your wallet. Simply shopping around for a better rate could save you hundreds of dollars over the course of a year. If you can’t find a cheaper policy, ask about discounts that may be offered for families and good students. If you have a car that you don’t drive, consider cancelling the insurance policy for it.

Avoid these money-wasting vices

Most people want to save money, but when thinking about how they’ll cut costs, many only focus on large expenses such as housing and transportation. It is important to remember, however, that items that you spend a few dollars on once or twice a week may make a huge dent in your wallet over the course of a year.

The following money-wasting vices should be avoided in order to keep your budget looking healthy:

Fast food

Not only is it bad for your wallet, it’s bad for your health. Instead of heading to the drive-thru, prepare your meals at home.

Gourmet coffee

A cup of coffee from Starbucks or a similar shop can easily cost $4 or more. If you bought a cup every weekday at this price, you would spend over $1,000 in one year. Making your coffee at home is a simple way to keep consuming your favorite beverage without paying the coffee shop premium. The price of home-brewed coffee is usually around $1 a cup, and depending on the brand that you use, it could be even lower. As an added benefit, you can brew your coffee to fit your taste.

Tobacco

The use of cigarettes, cigars, snuff and other forms of tobacco may be the most expensive and unnecessary habit that a person could have. According to Business Insider, a pack-a-day habit could cost a smoker over $100,000 over his or her lifetime. Tobacco use also increases the risk of heart attack, stroke and oral cancer, which could result in significant medical expenses.

Eliminating these bad habits will not only improve your health, but also free up your budget for a new life insurance policy or increased coverage.

Effectively using coupons

One of the easiest ways to save money on items you buy every day is to use coupons for your purchases. No, you don’t have to engage in any “extreme couponing” to cut back on your expenses, and we offer the following tips and suggestions to help you incorporate coupons into your shopping experiences.

Know where to find coupons

Yes, they’re most commonly found in the weekend edition of your local newspaper, but there are many other places to search for them. Don’t forget to check out online resources, as many manufacturers have coupons on their websites. In addition, keep your receipts from previous purchases, because many of them have coupons attached.

Only purchase products that you use

This is one of the most important rules of using coupons. Buying a bunch of items that you don’t actually want or need will just cost you more money. A significant discount on a dozen cups of yogurt may seem like a good deal, but is it really if no one in your house wants to eat them? You should only cut and use coupons for items that you and your family regularly consume.

Start at one store 

You may be tempted to use coupons at as many stores as possible, but it’s best to start at one. Many retail establishments have unique rules about how they accept and deal with coupons, and it may take you a while to figure it out. Once you are more comfortable using coupons during your shopping trips, then you may want to consider branching out to other locations.

Using coupons will not only keep your wallet in check, it may also open your budget to purchase life insurance or increase your existing coverage.

save on heating bill so in order to purchase affordable life insurance

It seems like every year when temperatures begin to cool, we hear the same discouraging news: Home heating costs are rising. This may not seem important for individuals who live in warm climates year round, but for folks in places that have long winters, this means more money out of their wallets. While you can’t completely eliminate turning on your heater this winter, taking a few simple measures can help you reduce your monthly bill. We detail a few common ideas below:

Adjust the thermostat

Want pay less for heat? Then use less of it. While we’re not suggesting that you sit in your house shivering, counting down the days until spring, making slight adjustments to your thermostat can help save you some cash. During the day and other times when you are not home, set the thermostat to 68 degrees.

If you don’t want the responsibility of adjusting the temperature every day, consider purchasing a smart thermostat. They cost about $50 and can be programmed to turn the temperature down during times when heat is not necessary. According to the Environmental Protection Agency (EPA), by using a smart thermostat, you’ll save around $180 on your annual energy bills.

Don’t let heat escape

Whenever the heat is on, all windows and doors should be closed, including your fireplace’s damper. Due to the fact that warm air rises, an open damper is similar to having a hole in the roof of your house. While heat escapes, cold air will flood in.

Small cracks and hard-to-see spaces are other avenues through which heat can leave your home. To find them, light a candle and hold the flame near windows, door frames and light fixtures. If you see smoke moving in a horizontal direction, this means that you’ve spotted a leak. To fix them, install caulking or weather-stripping material.

Make your home more energy-efficient 

While we generally like to offer suggestions that have minimal up-front costs, it’s possible that basic, inexpensive measures won’t make a significant difference in what you pay for heating. If this is the case, you may want to think about making significant adjustments to your house, including:

  • Adding more or replacing old insulation
  • Purchasing a new furnace or water heater
  • Replacing your windows.

With these heating-related cost-cutters, you could save enough to budget for a new life insurance policy or an increase in your current coverage, an essential piece for financial protection for your loved ones.

Hopefully, some of these suggestions can help you keep more money in your wallet and allow you to budget for that affordable life insurance policy you have been putting off. For a life insurance quote, use our online quote generator to find out which policies you may qualify for.

Article source: https://www.lifeinsure.com/affordable-life-insurance-is-possible/

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