While life insurance can definitely be an important tool in financial planning, the fact is many people do not understand what part it plays. Many people who should own life insurance do not and many who do not need life insurance have it. The purpose of this article is to explain the role life insurance plays in personal financial planning and to help you understand whether you need it or whether owning it is an unnecessary expense.

A very simple way to grasp the concept behind life insurance is to think of it as “income replacement” insurance. In other words, if you have a family who depends on your earnings, you should have adequate life insurance to continue providing for them in the event of premature death. A good example is a young married couple with small children. If your family would be hard pressed to maintain their standard of living should you die prematurely then life insurance is certainly a necessary part of wise financial planning.

Many people who should own life insurance do not simply because none of us really like thinking about our own mortality and so procrastinate. This is the primary reason that people who should have life insurance don’t. It is rarely the case that they don’t have it because they can’t afford the expense. Hopefully we will all live a full life but unfortunately that doesn’t always hold true. One of the best things you can do to guard your family and their standard of living is to purchase adequate life insurance. The question isn’t whether you need life insurance, but how much.

Figuring out how much life insurance you need is actually a very simple matter. The last thing your family would need in the event of your premature death is being left with a large debt load. So first, you should consider how much would be needed to pay off all of the family debts. Next take into consideration the annual income your family would need to maintain their current standard of living. We will use the sum of $50,000. While according to Morningstar, Inc. the average return on large company stocks (as measured by the S P; 500 Index) from 1926 to 2008 was 9.6{c835b761c2f87407f7fc9702c7c320da5d80927cf35ce030ec22993f8994dbd8}, your surviving spouse would need to invest the proceeds from your life insurance policy very conservatively to guard against loss of principal, so to be conservative let’s use a figure of 8 percent annual return which is relatively easy to achieve with low risk. To generate $50,000 of income at 8 percent would require $625,000 (P x R x T; 625,000 x .08 x 1= 50,000). Based on figures from MSN Money, the average American family owes about $8,000 on credit cards and carries an average mortgage balance of $69,277 for a total of $77,227 in debt. So for our purposes we will use this figure and add it to the $625,000 figure calculated previously which indicates that as a minimum you should have about $700,000 in life insurance if your debt situation is around the average and you wish to provide your family with $50,000 a year in income. Both spouses frequently work today so this advice is applicable to both when both work and contribute a paycheck to the family finances.

The monthly premiums for life insurance vary based on a number of different factors life age, health, sex, term, type of insurance, etc. But to illustrate the relatively low cost of insuring your family’s future, the Met Life web site advertises a $500,000 10-Year Level Term policy for as low as $20 per month for a 30 year old male and $17 per month for a 30 year old female. This brings up the point that life insurance companies offer a variety of different types of life insurance products: term life, whole life, universal life. Whole life and variable life policies have an “investment” component while term life pays off only in the event of the death of the insured. Term life is the kind of life insurance that should be selected to provide income replacement for your family. There are much better places for investing money than through an insurance policy. Life insurance should only be a temporary means of assuring financial security for your family until you have the time to acquire sufficient assets so that your estate will be large enough so that life insurance is no longer necessary. Term fits this criteria perfectly and can be canceled without penalty whenever you no longer need it.

Now let’s turn our attention to those who do not need life insurance no matter what your insurance salesperson might have told you. First, children should never have life insurance purchased for them. Children are not wage earners and no one is dependent upon them for support. Sure we love them but in a strictly financial sense the fact is children are not assets but liabilities and so they don’t need to be insured. Most singles do not need life insurance. Without a family no one is dependent upon them for financial support and frequently singles have sufficient assets to satisfy the debts that would be left behind in the event of premature death. The insurance industry often has all kinds of “good” reasons why singles should buy life insurance policies but none of them hold water when given serious consideration. Paying monthly premiums for life insurance you don’t really need makes about as much sense as paying car insurance premiums when you don’t own a car.

Hopefully you have now joined the ranks of the informed when it comes to life insurance and death insurance policy as you are now ready to make informed decisions about whether you should have it and if so, in what amounts.

One life insurance policy option that insurance shoppers are presented with is the Whole Life Insurance. It is a form of permanent life insurance. You pay off premiums and the death benefits are guaranteed.

Several types of life insurance policies are out there. You need to check all coverages before getting one. It is a lifetime investment. It is something that you leave your loved ones with. It helps if you choose only the best.

A whole life insurance is for a lifetime benefit. While it comes with certain advantages, there are also factors that people regret when buying it. Here are some of the factors that people often regret after getting the Whole Life Insurance coverage.

·        More Expensive

Whole life insurance policies are more costly than term. The premiums that you pay for are higher. Although it gives more coverage and is a lifetime investment, it still is more expensive than the term life insurance policy.

·        Returns Take Longer

Most of the time, a whole life insurance policy will take time for its returns to take place. This is due to how the policies are written. The low interest rate has also something to do with the longer wait of the returns. It is really important to know what your life insurance offers.

·        Less Control Over the Coverage

The insurance company is the one to provide the coverage of your whole life insurance policy. You get what you are given. It may not be the best coverage for you. So, with this fact, you get less control over the coverage to be included in your whole life insurance policy.

·        Policies May be Complicated

If your circumstances change, you cannot decrease or increase the coverage of your whole life insurance policy. The premiums cannot be adjusted. So, when the time comes that you really need to adjust something on your coverage because of some life changes, you will encounter more complications with the whole life insurance.

·        Huge Interest on Loans

Yes, you can make a loan out of your cash investment, but the insurer will charge you interest. If you are not able to pay-off the loan, your death benefit will be changed at a lower one. There will be less money for your beneficiaries when you die.

·        Whole Life Insurance May Not Be A Good Investment

You invest cash on a whole life insurance. That’s money earned by you. It is so important that you get the most out of it. A whole life insurance’s investment may not be the best. The cash value you pour into the policy might become less.

Some other life insurance policies will give more value to your cash investment. Might as well get a better look at what you are getting. It is your right to check your coverage. You are the one that will need it the most when it is time. Not only you, but your loved ones as well.

Final Thoughts

A permanent life insurance may work for some cases. It still helps to look out for these factors that people regret after buying a whole life insurance. The reason why you get a life insurance in the first place is to have something to leave behind. So, make sure that your loved ones will not have a hard time when you’re gone.

Life Insurance policies vary. It helps if you speak with a life insurance expert so to get all the coverage that the policy offers. There can be more than what you just read about. Shop for all options. It helps for your peace of mind.

Myth 1: Family members who have no income from work does not need life insurance

If you are staying at home, and have no income from working, life insurance coverage for you is still necessary. Even though you may not pull in a proper income for the family, you probably deliver services which could be very expensive to replace in case you pass away. These types of services include babysitting, child care, day to day transport, home upkeep and food preparation, among other things. If you die, your life insurance quote will help take care of a few of these expenses, which can cost thousands of dollars to replace.

Myth 2: People who have a life insurance policy as a benefit in their job position does not need to get their own life insurance

Normally, your life insurance plan from your job is not transportable. This means that if you resign from your job or got laid off, you are most likely also leaving behind your life insurance policy. On the other hand, if you purchase your personal life insurance policy, you will choose how long you would like to be protected. Furthermore, with a personal life insurance policy, you might be capable of getting more customized insurance coverage that suits your financial necessities.

Myth 3: Life insurance plan is too expensive

Based on a Insurance Barometer study carried out by Life Happens back in 2015, 4 out of 5 people misjudge the price of term life insurance coverage. An insurance plan can be quite inexpensive for many individuals, based on the protection you are interested in. You can begin with an insurance policy best suited to your financial budget, and then obtain extra benefits in later years as you start to be able to afford them.

Myth 4: Life insurance coverage is not required once your kids grow up

Life insurance coverage will help you in most phases of your lifetime. Life insurance coverage as adults possesses a variety of benefits, like assisting to reduce the stress of spending money on final expenses, spending money on state real estate fees that your beneficiaries might deal with, settling any kind of financial debt you might have left out after you died, or simply to give out as inheritance to your offspring.

Myth 5: Life insurance plans are not needed if you have a lot of saved money.

Though your financial savings may persist during your retirement life, have you ever pondered about final expenses? Based on the statistics released by the National Funeral Directors Association, the nationalized average expense of a funeral service with a burial back in 2014 was $7,181. In case you do not have sufficient cash stored, it’s possible that your family will not have the ability to afford final expenditures. Bear in mind that if your home loan is still not paid, your remaining family members might not be in a position to keep paying your mortgage, which may lead to foreclosure.

Myth 6: It is not possible to convert from a life insurance policy type to another

You are able to change quite a few term life insurance plans in a long term life insurance plan, based on the plan you obtained. Nevertheless, it’s wise to talk to your insurance agent in the beginning, because these types of term insurance policies usually should be switched in a given point in time.

Stargazing is an interesting and entertaining hobby. And for people who want to make stargazing their hobby, they should acquire a telescope. Having your telescope, you can go stargazing anytime and anywhere you want though there are many factors to consider before purchasing your telescope. As buying the best telescope is not an easy decision. There are different types of telescopes. Meaning you will have to choose the best telescope for you thoroughly. Purchasing the best telescope for stargazing will undoubtedly make your experience better. The best telescopes can significantly improve and help you see constellations and stars brighter.

Factors To Consider

For people who want to purchase their telescope. Consider every element before deciding to buy a telescope. There are different types of telescope, before purchasing your telescope. You should know the difference between each model and its advantages. You should check their price ranges as well, as telescopes may be costly. Especially, high-powered and brand new telescopes. Consider your experience as well, and there are telescopes that are hard to set up. It is highly advised to ask around and check the best telescope for you. Learning and knowing more about telescopes is necessary before purchasing your telescope. Being informed will help you choose the best telescope that’s suitable for your stargazing hobby.

Choose The Best Telescope

In choosing a telescope for you, you should choose the best. For you to find the best telescope, you’ll have to do research and product reviews. By doing so, you will be able to differentiate between good and the best telescope. Brand new telescopes are the best telescopes to buy. But brand new telescopes are quite expensive. It is also not easy to use, and this means it is not suitable for beginners. Meaning you will have to consider your experience, before purchasing a telescope. The best telescope for stargazing is a telescope that is suitable for your current knowledge.

Maintaining Your Telescope

Purchasing a telescope may be hard on your budget. Thus, this means you will have to take good care of your telescope. One way to keep them functioning and in good condition is proper cleaning. It’s highly advised to seek help from people who know how to clean it properly. Though beginners should learn how to clean their telescope themselves. By doing so, you will be able to maintain the condition of your telescope. The best telescopes have a longer lifespan from typical telescopes. Especially if it is regularly cleaned and properly stored.

Conclusion:

Acquiring a telescope is not an easy decision to make. Telescopes are quite costly, meaning you will have to spend your budget. But the benefits of having your telescope is fun and entertaining. You will be able to stargaze anytime you want. Though having your telescope means you will be able to make stargazing your hobby. Though acquiring your telescope, requires you to maintain its condition. Maintaining its condition will ensure that it will function properly. You will also be able to stargaze better if your telescope is well maintained.

Are you apprehensive of getting a sizeable student loan because of your bad credit history? Now, it’s true that the credit rating of a borrower is always checked before granting a loan. A borrower with bad rating is considered to be risky. Hence, most lenders deny borrowers with poor credit. But, you must know, bad credit is not the end of the world. Yes, it makes getting a student loan difficult but things are not impossible here. The post below offers a brief on the financial option for Canadian students with poor credit history.

Look for grants, scholarships and bursaries

Financing does not always refer to loans. You can also take to grants, scholarships and bursaries offered to promising Canadian college/university students. The federal government only has started CSGP (Canada Student Grants Program) which offers grants for both full-time & part-time students. The grant amount for full-time students would be something like $3,000 per 8-month college year which comes to something like $375 a month. For part-time students, it would be around $1,800 per school year.

Apart from the federal government, Newfoundland & Labrador has started non-repayable grants for qualifying students which offer up till $100 per week. Then, there are various companies, unions and association that extend grants to students aspiring for higher education.

Look for loans with bad credit

Federal & provincial loans

While majority of the student loans demand high credit rating for approval, it’s not the case with every student loan out there. A good example is CSLP (Canada Student Loan Program) which is offered by the federal government only. As part of the loan, an eligible student will receive financing for up till 60% of the tuition fees. After you complete your graduation, you will have to repay that loan along with interest to the Canadian federal government.

Then, there are provincial loans to check out.

Private lenders

In fact, you will find many private lenders too who are ready to extend student loans even with a bad credit. But one thing- these loans will charge a way higher interest rates than regular student loans. You will find directories that list down the names of lenders who are ready to offer student loans even with bad credit. However, it will be easier to secure a loan with bad credit if you are supported by a guarantor who himself boasts high credit ratings.

Count on RESP

This tips is specifically for parents who are looking for ways to start saving for their child’s higher education since his/her childhood. The RESP is an amazing savings plan for the parents. If you can continue it effectively, you will be able relieved of a lion’s share of dependence of student loans and grants when your child will grow up for college. The RESP refers to a special savings account where parents can save especially for their child’s post-secondary education. The earlier you start, the better. You may consult Knowledge First Financial to open a RESP account. The company has been helping Canadian parents for 50 years now. You may check out https://knowledgefirstfinancialreviews.ca for an overview of the organization.

So, you see, there is no need to lose hope.

Online movie streaming is catching up real fast. The development of a broad range of movies streaming platforms has further taken the trend to new heights of late. The sheer convenience of “anytime watch” is one of the major factors behind the popularity of streaming of TV shows and movies online. There are other perks as well. However, as with everything, despite the benefits, online streaming of TV shows & movies come with certain limitations as well.

The post below offers a brief on the pros and cons of streaming TV shows and movies online.

Let’s start with the pros.

Convenience of “anytime watch”

As mentioned previously, online media streaming sites allow you to watch TV shows and movies anytime and from anywhere. You can watch them at home or at office (during break), at a friend’s home, at cafes and so on. All that you will need is your subscription with a media streaming site, a browsing device and solid internet connection.  Online media streaming sites even enable you to stay updated with the latest episodes of your favorite TV series even when you are traveling.

Easy access to massive media content

One of the best aspects of online media streaming sites is easy access to tons of media contents. From movies to popular TV series to documentaries- you can click here now to get easy access to all in just  minutes. Whether you wish to watch classics or hidden gems or the latest releases, you will get all on top media streaming sites. In fact, you can watch each show and movie on these sites as many times you want. Just imagine how much you can save on movie tickets and cable bill, thanks to these sites.

Subscription offers are available on both monthly and yearly basis. You will save a lot if you take the annual package instead of renewing your subscription per month.

Customized suggestions

Another great aspect of online media streaming sites is that these platforms send you customized suggestions for TV shows and movies. These portals study the viewing & rating activity of each member every month. Based on that, these sites tend to send curated suggestions to each member for a more personalized experience.

Let’s come to the cons now.

Internet connection is mandatory always

This is one of the major limitations of watching TV shows or movies on online media streaming sites. It’s true that they allow “anytime watch” facility. But you won’t be able to watch a single episode on them if you can’t assure a strong internet connection. You don’t have to face such woes while watching movies with your cable subscription.

Lack the feel of a theater

It’s always a different charm to watch movies in big screens in theaters. You don’t get that ambience while checking online media streaming sites from your smartphone or PC or laptop.

Final words

Online media streaming sites are a fantastic aide when you are craving for a good watch. Yes, there are certain limitations but the perks certainly outweigh the cons here.

A generator is indispensable when it comes to having a power backup for your home, in situations of blackouts. Generators power up the entire household during blackouts at times of natural calamities or any other cases of accidents or faults and failures. However just installing a generator is not enough. If one does not take adequate measures to ensure safety in handling generators, it can lead to unwanted mishaps. It is very important to be cautious and take proper safety measures with a home generator.

Here are 4 mistakes one should avoid with his/her home generator.

1. Do not overuse extension cords

If your generator has a smaller capacity than 220 volts, extension cords are your only solution. It is important that you do not overuse the extension cords as these can lead to grave accidents. Always stock up on 12-gauge cords, which are enough to handle most 110-volt appliances. However, if your generator has a greater capacity than 220V, you can have a transfer switch installed with the help of your electrician.

2. Do not install a generator very close to your home

A stationary or standby generator comes with specifications, and there are local codes as well to consider how far from home the generator unit should be installed. However the same do not apply when you are using a portable generator. That’s when you need to be careful so as to not place the generator too close to doors and windows. This is because it emits carbon monoxide, a deadly odorless gas. Do not run it in the rains, and do not keep it in a garage either. You should ideally place a portable generator on in a dry place and beneath a canopy-like structure.

3. Know the fuel considerations

If your generator is a standby one and runs on local natural gas supply, it is fine. But whenever your generator needs fuels like gasoline and diesel, you should ascertain that you have enough quantity of it at hand at the very onset of a natural calamity. It may not shape into something catastrophic, but it’s best to not take chances with the fuel supply. Also ensure that the generator cools off before you re-fuel it. It is of utmost importance that you should use good quality fuel to run your generator, to avoid contamination of the tank and malfunctioning. For example, if you run a predator generator 4000 for your home, you should know about the predator generator 4000 oil type that aids in its smooth functioning.

4. Do not skimp on maintenance

When you own a generator, you must take adequate steps to maintain it as well. You need to identify issues with the generator and fix them in early stage. You should also ideally burn off unburned fuel, change filters and fluids, check engine and starting and cooling mechanisms. Consider taking professional help so that your generator remains in good shape and serves you without accidents.

Sometimes, when we are working on a construction project, we may find ourselves overwhelmed with an impossibly long punch list. Working through a punch list in order to take care of all the items mentioned is not an easy task, but it can be brought down to manageable levels if handled correctly. In making sure that a punch list is fulfilled, every party on the construction project must be involved. This includes the owner, the contractors, the architect, and the designer. They must all work together in dealing with the list.

1. The duties of a contractor

A punch list must also be initiated if a contractor begins a project. They must document any faults or defects they see whenever they visit a site and make a note to inform the owner and other people working in the project. This allows for a seamless response to problems, as an alternative to holding out until the conclusion of the project before informing the owner and other people involved. The contractor must generate punch lists that are immediately delivered to a worker that is on site so that it will be noted and taken care of.

In order to make sure that the procedure of going through the punch list is effective, there has to be regular and precise communication among the project owner, contractor, architect, and designer. The contractor needs to be the one to gather items that need to be included in a punch list and send it to the architect, designer, and the owner so that they can start working on it. After an item is done, they must then relay it to the owner, along with pictures of the newly fixed items. This method allows for a seamless and easy way of zeroing your punch list.

2. The duties of the architect and the designer

The architects and the designers will be informed by the contractor of the items in the punch list. For example, if the problem is related to the visual look of the construction project, like a broken tile or a mismatched design, then the designer will be the one informed. The designer must then arrange the fixing of the said problem. Meanwhile, if the problem is related to the building itself, then the architect must be consulted. After the problem is fixed, the designer and the architect should document the repairs that they made so that the owner can be informed.

3. Contractors must create the punch list based on personal observations at the construction location

One of the alternative ways of easing a punch list is by using project management tools. However, you might ask, how to use a project management tool to streamline construction punch lists? Construction punch list applications such as Fieldwire can make the construction punch list procedure straightforward. Below are a few ways in which a software will greatly help in making a project easier to undertake:

1. Easy communication

One of the ways in which a project management tool will make a construction punch list easier is by allowing communication between you and other people in the task. With a project management tool, you can easily send messages to your workers regarding the punch list, so they can fix it according to your instructions. You can also attach pictures, and your workers can also send pictures to you, so you can see the repairs and modification they did to an item in the punch list without going personally to the construction site.

1. Can produce reports easily

Using any device, like a mobile phone or a computer, a contractor can locate construction problems and generate a punch list with comprehensive details. Using project management software, they can produce a punch list report and a regular construction report instantly, based on data previously gathered and send it to parties involved. Continuing this process, again and again, will assist a contractor in finishing out projects with speed while going through every single item that needs to be resolved. This is because when items in a punch list are done as soon as the workers can, there will be less work at the end of the project.

Towel radiators are known to be expensive and luxurious. Some homeowners opt not to have this kind of heating technology at home because they usually find it unnecessary. But for others who may have some extra budget to have an additional element in their bathrooms, towel radiators are one of the best investments to consider. But the question is, are towel radiators an essential bathroom installation? Certainly, yes. These technologies do not only provide sophistication, elegance and style in your bathrooms, but they also provide myriad of benefits to your family members. That said, it is important to know the things you need to check and look for in buying towel radiators. You don’t want to waste your money in buying low quality and substandard towel heaters. After all, we are talking about a good investment in your house. With that, here are the consumers guides in buying the best towel radiators for your house.

Look for a trusted brand

There are so many brands of towel radiators available in the market. Hence, it is an imperative to always go for the trusted and popular one. Never compromise the quality of your towel radiators by availing the cheaper ones. Since towel radiators are good investments, it is important to get them from a highly trusted supplier. In addition, you can look for some reviews and feedback of previous clients so you’ll have an idea on the quality and performance of the brand. You can visit trusted online stores such as www.poshh.co.uk where you can find an array variety of towel radiators.

Check for the serviceability of the product

One of the important things to consider in availing towel radiators is its serviceability. These installations are long-term investments, thus, if they are serviceable you’ll be able to save a lot of money when you encounter problems or technical difficulties with your towel heater as you don’t have to buy for new ones.

Look for quality materials

As always recommended, always choose stainless steel towel heaters. This type of heaters are known for its durability since it is rustproof, and won’t flake and chip easily. Additionally, stainless steel towel radiators can be easily maintained and it also brings good looks and sophistication to your house.

Check for dry element technology

Technically speaking, DET or dry element technology provides an array benefits compared to WET or wet element technology. Towel radiators with this element can be easily controlled, serviceable, easy to install and maintenance free. Consequently, you will not be worried about leaking because it doesn’t contain wet element such as fluid. Lastly, it contains both rapid heating and direct intelligent heating.

Consider total digital control timer

This element of towel heaters allows you to program the radiators to automatically switch on when needed. For instance, if you take a bath in the morning, you can opt to program it to switch on everyday at 6 am and turn it off again by 10 am. With this function, you’ll be able to conserve a lot of energy.

A sauna works under really basic principles. You get inside a room that’s heated, and then you sweat out. Saunas are touted to have a lot of health benefits. These benefits are quite similar to what you get during a sweaty exercise. It is said to help release toxins through sweating it out from the pores of our body. People also consider it as a great means to detoxify. With that said, one site that specializes in the selling of saunas, showers, among others is no other than vidalux.co.uk. Currently, there are two different types of saunas in the market. One type, is the traditional sauna, which heats the air around you. The other type, the infrared sauna, will give warmth to your body directly through infrared lamps. While both have the same purpose, it is said that the infrared sauna is a much better option. Here are some of the reasons why.

Lower Temperature, More Efficient Operations

Traditional Saunas will require you to set the device at a higher temperature than usual. Not all the heat in traditional spas penetrate your body, however. An infrared spa, on the other hand, allows majority of the heat to penetrate into your body, and thus will require operations at a lower temperature to be functional. The sweat that you experience, however, is believed to be more intense, yet the environment will remain to be more tolerable. Lower temperature operations also mean that you’re expending less on the energy.

Health Benefits

Spending time in the sauna, apart from making people feel good, will also help relieve them of certain ailments. One on these include arthritis. This is because joint pain is relieved by the heat. Sore muscles from working out can also be something that a sauna alleviates. Because it detoxifies, it is also believed to help with weight loss. Lastly, if you have chronic fatigue syndrome, then the infrared sauna will help to relax you in a way, as it can also help you sleep better. If you want better circulation, this is also said to help. Lastly, if you want skin that is clearer and tighter, this is believed to be a great way for you to do so. This is because sweating out will also clear the pores from impurities.

Words of Caution

Saunas have been around for centuries. This does not mean, however, that it is an entirely safe procedure to go through. Those who are prone to dehydration should be watchful, and also those who are sensitive to heat. Subjecting yourself to an infrared sauna may also cause your skin to be irritated if the heat is too much. If you are under medication, and are seeking for treatment for whatever purposes, you may want to ask your doctor on whether or not it is a good decision to hit the sauna. Also, never place your sauna at a temperature too high for you to tolerate. This is because this can do much more harm than good.