Fly like a bird with better travel insurance policy

Travelling is always a fun, no where do you go but staying away from home during a long draw vacation gives much relaxation.  However, apart from having enjoyment one has the responsibility of keeping themselves safe. Travel insurance
provides an ease travelling without worries and yearn effective journey. Be it a losing passport, sickness or loss of baggage, travel insurance helps you out in all kinds of ordeals.

Age limit of getting travelling allowances

For single tour: six months to the seventy years

For multiple trips: eighteen years to seventy years

Plans that comes under this policy

• Emergency medical expenses:   it covers the medical expense of illness while travelling; it may be diagnostic tests, therapies, in-patient, medical aid, and outpatient.

To know more about Health Insurances follow the link:

http://www.onlyaboutfinance.com/2012/12/26/health-insurance/

• Emergency medical evacuation:  even when you are travelling overseas the entire medical amount is secured for any kind medical diagnosis you are expected to go through.
• Deaths: it covers all the cremation expenses, and if the body is repatriated to the native land, then insurer is going to manage the same.
• Emergency dental expenses:  if you happen to get troubled from the evil pain of the natural teeth, then the insurance policy is going to cover the same.
• Hospital cash:  even when the traveler is hospitalized due to the acute sickness, the insurer is going mange all the financial deal during this emergency
• Death due to the accident and some permanent disability:   the company pays the total sum insured amount if the person dies during the journey via bus tram, rail or the aircraft, or if the person suffers from some permanent disability then policy holder can claim for the insurance benefits.
• Flight delay:  if the flight is delayed for more than 12 hrs, then the company is going pay the compensation for tickets.
• Losing passport: the travel insurance will incur the charges to make a fresh passport
• Losing checked baggage:  if your baggage gets lost after checked in then you can claim for the permanent loss.
• Delay in getting baggage:  if you happen to face delay on getting your baggage then insurance company is going to provide you compensation for the toiletries, clothing, medical needs and other urgent stuff.
• Personal liability: compensation is provided to the third party, if anything results into the death or the serious injury.
• Financial emergency assistance:  insurer is going to provide the financial assistance, while the traveler has lost all travelling funds due to theft, pilferage or dacoit.
• Hotel accommodation: the travel insurance company is going to pay for the hotel accommodation if you happen to be sick while journey and suffer from any kind of injury.
• Hijack distress allowances:  travel insurance agent also covers the compensation for the hijack and the compensation is paid each day of the carrier hijack.

What is not covered in the policy?

• The injury or loss happened due to the civil of foreign war
• The loss occurred due to the severe act of terrorism
• Death or injury is caused due to the self-destruction or suicide
• Due to some kind of negligence in taking care of health
• If the traveler has some disastrous being under the affect of drugs, narcotics and liquor
• Injury held after the participation of life-threatening games
• Death due to the involvement of criminal act
• If the traveler is suffering from AIDS or HIV
• Policy is not covered for the treatment is long diseases like Nervous system and mental health problems.

Document for buying the travel insurance

For buying the travel insurance you need the following documents:

1. The person must show the valid passport and the tickets for the destinations.
2. Health fitness certificate
3. No drugs addiction

Claims for the health reimbursement, baggage and accidents

i.            One has to fill the relative form at the first place.

ii.            Summary of discharge

iii.            Invoices and all other relevant documents in original

iv.            Reports of the diagnostic tests and other medical documents

v.            For baggage claim you have to gain fill up the form and submit the baggage coupon or the boarding pass

vi.            The report of the irregularity about receiving the baggage

vii.            The summary of articles that has been lost

1. Proof for the value of baggage that needs to be higher$ 100

ix.            Report of the permanent loss of the baggage

x.            Certificate regarding receiving the baggage.

xi.            For claiming for the personal accidents, again you have ask for the relevant form or you can call on the relevant contact number

xii.            Report for the FIR

1. Summary  of all the details of discharge from the hospital
2. All the treatment invoices and the diagnostic summary

xv.            Newspaper  or media evidence

1. If the person is subjected to death, then one has to present the postmortem report, death certificate and other documents

So happy journey! Travel safely to buying a good travel insurance plans.

Following link may help you:

• Life Insurance
• Save money on Life Insurance

• Health Insurance

Are you missing out the basics of Health Insurance?

We all know “health is wealth” but do we really care about it? Health insurance is the other way of taking care of your health, since it manages many things during critical health conditions.  Health insurance looks after many issues like medicines, hospitalization and other medical expenses. However, buying health insurance is smart job and you must ponder upon the five major steps while buying health insurance policy:

1. First of all you have to decide the family member for whom you want buy the health insurance policy
2. Plan out the amount coverage that you require under a certain policy, since the policy varies person to person.
3. Check out if you can buy individual policy, for example policies related to the critical health illness rather than buying in the bunch of policies.
4.  Compare and contrast the various privileges that are offered from the lenders.
5. To get the broker involved is never a bad, but first explore the work history of the same.

 Your checklist for buying health insurance

I.            There is not much documents required for health insurance, mostly you have to submit the bank draft and premiums.

II.            In case policy holder is more than age of 45 years than one has to present the medical certificates and respective diagnostic tests.

III.             However, for claiming the same, you will have to present the identity proof, medical reports and invoices.

The place where you can buy the health insurance policy:

If you happen to be new to this area, it is always a better to seek the experts’ advice.  Yet, today most of banks are catering there services to provide health insurances

 Awareness while buying health insurance policy:

Buying health insurance policy is a great responsibility since you are going take care of your loved ones. If you happen to have some family doctor or any doctor who is looking after you in past, then  please find out if the policy covers same or not. Be aware!  About claiming on critical ailments right from the initial days and about specific disease that are not covered by the health insurance at all for instance AIDS, dental surgery, cosmetic surgery and cancer.  Therefore, borrower must find out about the expensive medical claim that insurer is going to provide.  Finally, you must take is about finding out the reimbursement costs that would be not be covering the diagnostic and medication costs.

Due to expensive medical treatments some of the health insurance companies limit number of check-ups that a policy covers. Being a smart borrower you have to find details at this front too.  Apart from this, you must also find out the special coverage of med claim such as reimbursement during terrorist attack, wars and riots.

Important steps after buying health insurance:

Here is the health insurance in your hand, now what’s next.   After buying the health insurance plan, its update is very important. Just like any other insurance the timely renewal of health insurance is compulsory to maintain the validity of your policy.  Hence, from beginning you have to be very conscious about policy since the expenses would be on your way annually.  Gradually once you start feeling the needs of making claims, try to understand the entire procedure.  Taking help of a broker here is quite genuine because it will help you out in getting the appropriate claim. The best thing is to keep the records at one place so that your claims can be supported by the documents.  One must also aware of the network of hospitals that is covered by the health insurance policy. Share all the information from your family and assure that to have a diary mentioned all the emergency contacts. Never forget to keep advance cash, so that you can tackle the situation well and of course none of the health insurance covers 100% reimbursement.

Learn how to make claims for your health insurance

The customers must be acquainted about the norms and entire pros and cons while asking for the medical claim.

a)      Prepare the checklist: your checklist must enclose the following original documents

I.            Expenses of check-ups and treatments, with complete enumeration of multiple bills that you have gathered.

II.            The original copy of the discharge card with complete update certifying the duration of sickness

III.            Bills of pharmacy

IV.            Complete application form of applying for claim health insurance

b)       Make sure to claim for health insurance within a month of the patient’s discharge.

c)       If you happen to buy a special kind of health insurance policy like cash less health insurance, the claiming method is quite different. The identity card is issued to customers under the name of TPA (third party administrator).  It ensures subsidized rates of billing at the hospital.  However, under the cashless policy there are two kinds’ policies: the first one is planned hospitalization, and the other is emergencies.  In case of planned hospitalization patient is expected to inform the TPA before 72 hrs of hospitalization after which the insurance company will issue authorization letter to the third party and resume the cashless health insurance services. Alternatively in the case of emergency health insurance, the patient is expected to TPA within 48 hours of hospitalization.

Become a conscious customer:

Any insurance policy is a deal between the buyer and insurer. Therefore, one must try to understand the fine prints of documents signed.

To know more about Insurances refer to the following:

• Life Insurance.
• Auto Insurance.

Have you bought the protective shield for your automobile?

Right from a long drive with family and friends to reaching office in time, people are highly dependent on their cars and bike. Be it a Mercedes or BMW, automobile consider a huge investment at your end but think what happens if you lose your beloved car? Don’t worry! Buying auto insurance would resolve your problem to a great deal.  It safeguards your automobile from several mishaps that might come on your way and disappoint you largely.  However, auto insurance companies take care of damages caused due to the fire, self ignition, damages occurred due to lightening, explosion, theft and burglary. You can also claim for the auto insurance in case of riots and strike, terrorism, cyclone, flood and earthquake or if the mishap occurred due to rail accident, road, airways or the elevators.

 The perils come under the coverage of auto insurance are:

1. Consider for the liability, if accident has caused death of the third party. In such case, property and liability is credited to the driver
2. One can also get the premium discounts on the auto insurance.

Rights of auto insurance:

Any owner of the auto-mobile and corporate owners is eligible to insure their vehicles. However, if any third person is the financer he might also get the insurable rights.

Benefits of auto insurance

1.        Customers are expected to get amount spent of the repairs and replacement of different parts of the vehicle.
2.       Sometimes the small expenses becomes a great deal for us.  Auto insurance covers all these small expenses up to one        thousand rupees.
3.      If the damages are done to the wheels, then one gets reimbursement up to 50% of the total costs.
4.      Finally buyers get market value of the present time or the actual insurance amount.

Claims for liability:

•  In case of uncertain death or serious injury to the third party, the grants extend to the unlimited claims.
•  Liability is only paid to the driver
•  Expenses are also paid to the third party in case of damages up to  Rupees 6000
•  The claims are only meant after the designation of insurer.
• In case the buyer dies in accident the reimbursement is transferred to the representative made during buying.

What is not covered under the auto insurance policy?

1.       The loss is occurred due to negligence, with a gradual wear and tear, damages caused due to mechanical and electrical failure are not covered in auto insurance policy.
2.        Vehicle when taken outside the geographical area,
3.        The policy is also not covered when use of automobile is extended from its limitation.
4.       When any accident or damage is caused due to driver, who is acclaimed in the insurance
5.        The damage is caused due to the war, drugged or alcoholic drivers.

Types of vehicles come under auto insurance:

       I.            Private car:  If you have automobiles for your personal use, the policy is covered within the subscribed geographical area.  The insurer must specify the gadgets that come under the coverage of electrical and non-electrical gadgets.

    II.            Two wheelers:  if you happen to use two wheelers then again the premium is determined on the basis cubic capacity and cost of the automobile. Even in the two-wheeler one gets reimbursement on the specific auto mobile parts. However, the automobiles’ part lost due to theft does not come under the claim, but if the automobile is lost completely then customer is liable for claim.

 III.            Commercial vehicle:  buying insurance for commercial vehicle again  divides into two conditions:

• Goods carrying vehicle: in the case auto insurance premium is fixed with the
  capacity of carriage of carrying goods. It also counts accessories and other specified products.
•  Passenger carrying vehicle: the premium is determined on the capacity of carrying passengers and the value of the automobile as well.  Claiming about the accessories would come under the certain specifications.

Documents required for buying auto insurance:

Few basic things that you should collect before going for auto insurance are your birth certificate, address where the automobile will be kept, residential address, along with the zip code. Some of the insurers also require the social security while buying up the insurance.  Apart from this, complete license information is required, such as your case record about any traffic violence and accidents. Look out for model and the year of purchase along with license plate number, and the city you live in.

Usage of automobile per day:

Usage becomes an important factor for buying auto insurance.  Consider miles that you drive per day.  Just an average distance that you cover in your day-to-day schedule and of course! It also includes the tour that you love go with.  All these factors decide the premiums of policy.

Sort out the right kind of policy for you

Before buying up any policy exploring market is a great idea.  If any changes have occurred recently or any special amendments then you must talk to insurer about the fact.

Any policy fails if you don’t pay your premiums at right time, therefore just be assured about the fine prints of your insurance.

Following are some of the Question related to Auto Insurances:

1)    Auto Insurance Required for Learners Permit?

Yes, you can. A Drivers or Learners “Permit” is permission to drive and therefore a temporary license with certain restrictions.

You can obtain your own auto insurance or you can be covered under someone else’s policy such as your parents or the vehicle owners policy, but you must have coverage. If you are a minor and want your own policy, due to the limitations of contract law your parent or legal guardian will need to countersign your insurance application for it to be legally binding.

2)    How do you find insurance records from a previous owner of a car?

Insurance Records are protected under State and Federal Privacy laws. There is no legitimate legal reason for a person to want to obtain the “insurance records” of a previous owner. The attempt to do so could constitute an invasion of that persons privacy rights.

Any coverage or compensation paid to a previous owner would not extend to the new owner as the new owner was not an insured and did not have a financial interest in the property (vehicle) prior to the purchasing of it.
The previous insurers obligations was to the previous insured owner. Those obligations ceased when the policy expired, terminated or when the vehicle was sold to another individual.
The previous owners insurance company has no obligation to someone who purchased the vehicle at a later date.

Value added tax- have you understood the term.

Mostly we know the value added tax as VAT. It is almost like consumers tax collected by the VAT-registered traders on their distribution of goods and services to their customers. You can simply understand VAT as a value added to the products and services, and basically a price difference between the amount paid by the customer and the price of the product.  However, let me tell you that not all the business companies are VAT registered, only the firms, which has the annual turnover of more than 70,000 pounds can VAT registered companies.

How much does one has to pay VAT

According to the rules applied after 4^th January 2011 onwards, the standard rare for VAT is 20%, while the reduced rate is 5% and zero rate equals to 0%. Moreover, until it is specified mostly items are categorized under the standard rate. The reduced rate is only applied to the specific items such as domestic power and fuel, sanitary hygiene products and children’s seats and installation of energy-saving product, but when it comes to the zero it is only applied to certain items such as the food, books and newspapers, public transport, and clothing and shoes. Certain policies are also exempted from VAT such as the education, providing credit, collecting funds from the charities, membership subscriptions and medical services.

The processing of VAT tax

1. VAT is charged on sales made between the seller and buyer. You simply VAT to the existing price of the product.
2. It is charged by multiplying the cost of product to the VAT rate percentage and then finally adding in the invoices.
3. Most the VAT charged on the receipts are shown separately, i.e. the cost of VAT and the rate it is charged at and ultimately the total bill.

How to pay VAT tax

1. At first you have to keep all the records of sales and purchase that you make.
2. The VAT you are charging on any business activities or customers. When the customers buy services and goods from you, it is considered as the output tax.
3. The VAT that you pay while buying the goods and services are known as the input tax.
4.  One can file VAT tax returns within the three months span.
5. This shows you net output and input tax.
6. One has to pay HMRC the net difference between the output tax and input tax.
7. Dealers have to pay HMRC, which is the total of VAT charged to the customers and the amount that you have paid while carrying out your business.
8. In case, your input tax is higher against the output tax, then HMRC  generally reimburse the cost.
9. you can file your VAT tax returns in both the ways as the paper return or via online

To know more about Taxes refer to the following:

• Basics of Income Tax.
• Property tax some basics steps to follow.

Following are some of the Question related to VAT:

1) What are the requirements required for VAT register in India?

• Filling a VAT application form.
• (CST) Central Sales Tax Registration Certificate
• PAN details of Owner of the Company
• Bank account details of Owner of the Company
• If the Company is acquired on rental, Rental agreement should be provided
• Photocopy of documents such as personal I.D, address proof, postal address of owner, directors and imp. officials
• Latest Photograph (passport size).

for more details on saving accounts:  How to Open a Saving Account

2) How to file VAT Return Online?

The trader are suppose to deposit the amount returns in respective banks and later on sends a copy(i.e softcopy) to the respective department of the records. The department will start accepting the VAT from trader via Online saving their precious time.

3) How is Vat Tax classified for different products?

Tax covers around 550 goods, but there are two basic VAT rates i.e of 4% and 12.5%, special VAT rate of 1% for ornaments (i.e gold, silver, etc)

Purpose of the property tax

Property tax enables the local municipality corporations and other community services. Mostly these are local taxes and aims at generating funds, for public school systems, law enforcement and other services like maintaining other infrastructure like maintain roadways and the traffic management.

Property tax variables

The rates of the property tax significantly varies from place to place as mostly municipalities look up for accommodating their local needs.  The different variables that decide this tax are the density of population in the concerned area, size of the district and the revenue left over from the previous year and the revenue from the municipality and other sources that directly influence the overall property tax to be paid for the area in any given year. However, at few places tax variables immensely depends on the residential voters on the voting on which services needs to be offered, and expenses all together.

How to calculate property tax

The property tax is calculated against the total value of the property and the percentage of tax levy on the same.

1. Find out the exact value of the property.
2. Performing a sales evaluation: the assessor can assess the value of the property based in similar sales which have taken place in the area. As this method is being used it is crucial to look the pricing details and the location of the property and the overall state of the property.
3. The cost evaluation: the cost evaluation determines the several factors such as the value based on replacing the property and the if it is not new than assessors may explore the amount of depreciation  and the value property with the items it posses.
4. Income method:  income method determines your actual income with the concerned property. Suppose if you have rented the property how much exactly you gain from it. The other factor includes expenses related to the maintenance of property insurance, taxes.

Exemptions

 Property tax are liable to property owners only, if you happen to living in the rented place, you don’t have to pay the property tax. However, non-resident property owners have to pay the property tax whether it is mortgaged or not.   The disabled, retired residents and people below poverty level are often exempted from paying off the property tax.

Following are some of the Question related to Property Tax:

1) How do you calculate property tax for a property in india?
The rate of Property Tax varies from state to state. And it has nothing to do with the value of your property or the cost price of your property.

In West Bengal it is calculated this way:

1) Calculate the average monthly rental value of your property depending upon the locality and area of the property, say Rs.3 per square foot for 1100 sq ft superbuilt area of your apartment, coming to Rs.3300.

2) Multiply it with 10 and that will be your annual rental value or Rs.33,000.

3) 10% of that will be your quarterly municipal tax or Rs.3,300, aggregating to Rs.13,200 per annum for 4 quarters.

In Mumbai it is calculated this way:

The new rates of property tax will be the following :-
Residences (with metered water connection):0.41% of capital value
Offices:1.95% of capital value.
Banks:3.91% of capital value.
Illegal buildings (without OC or water connection):8.44% of capital value.

The capital value of a property will be determined by four factors : price, area, age, and the type of property.

The proposal is yet to be passed by the General body of  BMC.However,the first hurdle has been cleared.

If you want to know more about taxes you can refer

• VAT
• Basics of Income Tax

So Property tax rate  changes from state to state there is no fixed format for calculation of Property taxes.

1. Create a solid plan to repay your debts: Without creating a plan, it is pretty impossible to combat your high interest credit card debt. As credit card debt always comes with a high interest rate, you should remain firm about repaying the amount as soon as possible. It is crucial for a high interest credit card debtor to formulate a schedule for repaying his debt obligations and the best way out is to chalk out an amount that you may need every month so that it becomes easier to manage your finances.

2. Craft a frugal budget: Frugality doesn’t always mean pinching your pennies and depriving you of all the luxuries of life. Frugal living entails leading a life within your means and spending only on what you genuinely need. Always have a well-conceived budget plan that you can resolve to follow throughout the month. There are both optional and essential expenses and while you can keep the essential expense the same throughout the month, try to curb down the optional expenses so as to be able to save your dollars.

3. Look for ways to boost your income: One of the excellent ways of managing debt is to look for ways to boost your income as this will make it easier for you to repay debt on your own. If one has enough to pay back, getting out of debt becomes simpler. Try to reduce the optional expenses so that you can utilize the saved money in repaying some of your other important liabilities.

4. Pay more than just the minimum amounts: You’ll always find your credit card company allowing you pay just the minimum amount on your credit cards as they’re the ones who will gain from this. The longer you stay in debt, the more you’ll accumulate on interest rates and this will make the entire process tougher for you. Save bits of money every month and use that amount to make more than just the scheduled minimum monthly payments.

5. Seek help of the debt management firms: The debt management work with the credit counseling agencies and if you sign up with the DMP, you can systematically put an end to all your fiscal woes. The credit counselors will convince your creditors to lower the rates on your accounts and you have to make single monthly payments to the counselors. This alternative repayment schedule will certainly facilitate the entire repayment schedule.

So, if you’re someone who is drowning in debt mire, take the above mentioned debt management steps to stay off the vicious cycle. Manage your finances and stop using your credit cards so that you can stop taking on further debt even before you let go of the previous burden.

Let’s check out what does income tax slab has to say about paying taxes.

No matter what type of business you are dealing in, if you fall under the category of paying income tax category, you must file your income tax return before the 30^th June of the assessment year. However, somehow if you happen miss out the deadline of filling the same, you can make it on 31^st august.  Behind all considerations,  income tax returns should be filed in the prescribed Saral form, to get back the extra income while filing up the income tax returns.  For claiming income reduction, you have to attach the sufficient documents talking about business income, investments and payments claiming deduction from the account.  Therefore, income tax is paid on the two parameters, calculation of the total income and then the total tax payable.

Calculate the income tax on your own

You can always calculate your income tax by following couple of simple steps.

1. Try filling the basic and HRA amount that you get as your salary
2. Check if you are liable the other payments or pre-requisites or other sections. If yes then you have fill the aggregate amount that shows your overall income.
3. It’s better to always check if you can cut the income tax to be paid.
4. How much tax is exempted from your account? If one happens to be losing their residence or figure out loan interest then you might some get relaxation while paying your income tax.
5. The tax payers have to check out the basic tax slot, beside this, one must also look up to PRV employer tax and referral claim.

Documents for paying the income tax

1. If you and your spouse both works, then you to show the annual income.
2. Income generated through investment and entire documentary proves.
3. Income from the local and the state tax refunds, or even if the tax payers is unemployed, has filled up the forms 1099-G.
4.  The reception of alimony
5. The statement regarding the business income and its entire bureau of profit and loss and capital equipment information.
6. If you happen to work from home, make sure to get the information about the size of home, office space, and other expenses.
7. Pension distributions
8. If you have the rental property, you have to mention income as well as expenses, profit/loss and rental property suspended loss information
9. Money earned by selling of property and other details like original cost of property and the cost of improvements, escrow closing statement  and the cancelled debt information.
10. Income from the other sources like gambling winnings, medical savings account(MSA) and scholarship etc.

To know more about Taxes refer to the following:

• VAT.
• Property Tax.

Just another Case of Ambiguity
Despite of the profitable returns they derive, debt collection firms are reported to have the highest number of complains as per the Federal Trade Commission. My friends asked me to contact attorneys who deal with such issues. In most cases consumers like me have no choice left other than seek legal help and make the most out of statues stated in the Fair Debt Collection Practices Act. The FDCPA is designed to protect interest of consumers who are subjected to experience immoral acts of the abusive debt collector, even if they don’t owe an outstanding debt from a lender.

For the past two weeks I have been receiving abusive calls at inappropriate hours of the day. They were accusing me of something I had barely done. In what might seem surprising to you, debt collectors may execute clever and bitter tactics to an innocent man who doesn’t even have a debt against his name. The collectors often get confused and repeatedly harass those who share the same first and last name. It so happens that even after repeated attempts victims fail to prove their point that they are not the same person the collectors have been looking for. The Abusive debt collector takes to wrongful acts just to squeeze money; I had been a victim and am thoroughly aware of what they can and what they can’t. One of my friends sued a debt collection agency for a similar issue as that of mine. He had finally won the lawsuit.

Complaints against the abusive debt collector have been increasing. It has been found out that such complaints stem from aggressive behavior of collector and his intent to break legal limitations. This is a reason why creditors should always rely on reputed debt collection agencies for further needs.

Learn the Jargon

The first thing you need to do is do your research and learn the jargon. The best way to go about this is visit life insurance websites and browse thru their frequently asked questions and definition of terms sections. Tip, go to comparative insurance websites to evaluate the quotes then visit the individual sites that meet your requirements. You can also go old school and visit the local office. For more information speak with an insurance agent personally or via chat, phone or email.

Dealing with an Insurance Representative

Speaking with a live person is usually the best way to go about getting the most up to date and complete information. However most consumers dread talking to insurance representatives who they believe will fast talk them into a bad deal. The best way to prevent this is do your research before hand and be firm but professional with the representative. Ask your question and if the representative strays from the topic firmly direct the representative to your inquiry. Bottom line is you have to control the conversation to get the information you want.

Know What You Want Before Hand

What type of life insurance policy do you want? Do you want to take out a whole life or a term life policy? The former remains in full force for the entire duration of the named insured. The latter is a policy that is active for a specific period of time and payable in specified installments within that period of time, meaning premium payments and recovery is only for a specific period of time.

Limited Payment vs. Continuous Premium Payments

Both are classified as part of whole life insurance quotes therefore coverage is for so long as the name insured lives. The former requires premium payments to be paid within a specific period of time while the latter requires payment for as long as the name insured lives or reaches 95 to 100 years of age (depends on the insurer or on the terms of the contract). The former usually requires higher premium payments to offset the limited premium payment period while the latter has lower premium payments because the same is stretched out for so long as the named insured lives.

The principal benefit of a whole life insurance policy is that the named insured or the policy originator pays regular premiums for the whole time or for a specific period of time which allows the policy to build a pretty high cash surrender value. Therefore upon the death of the insured or upon reaching the age of 95 to 100 (depending on the insurer) the cash value is surrendered in lump sum or on installment basis. In other words, if the named insured passes away the beneficiaries get the total insurance coverage but if the named insured or originator lives to reach 95 to 100 years of age, then the total cash surrender value which is the total premiums and sometimes guaranteed interest is given to the named insured or originator to be used as he or she sees fit.

Programmable thermostats are one product that over time pays for itself because you are able to program the exact temperature you want for your home.  You can also time it to where it automatically goes down when the family leaves for the day.  This will save you from forgetting about resetting the thermostat each time as well as saving money.

Space heaters are another item that can lower your heating bill.  These are very efficient at heating a small area and in the long run will conserve the energy that the main heating unit is having to put out.  I know when I had one, we would use it in the living room..and with closing off the rooms we weren’t using, it made my heat bill go down considerably.

Filtered water bottles or pitchers are another item that pays for itself.  The filters themselves are anywhere from $10-$15 for the pitchers, and they last around four months.  Much cheaper than buying bottled water all of the time..and much safer than drinking it straight from the tap.

There are many products, from battery chargers to high efficiency washing machines that can, with an initial investment, save your family a lot of money in the long run.  Something as simple as changing your light bulbs to compact fluorescent ones can keep you from spending as much as an extra $100.00 a year…so check around and see what pays for itself!