So yes, I believe there are a few valid reasons for the average single person to buy term life insurance (and only term life insurance). Since term life coverage can be so inexpensive, it’s at least worth considering in some situations. There may be some additional reasons applying specifically to wealthy individuals, but I’m going to focus solely on the middle and lower class for the purposes of this article.

Reasons NOT To Buy Life Insurance When You’re Single

Don’t buy life insurance as a savings vehicle – Insurance salesmen love to pitch whole life insurance as a tax-deferred way to invest for retirement due to the the accumulation of cash value. This is much the same way variable annuities and equity-indexed annuities are often pitched, in fact, and you know how I feel about those products. Unfortunately, these claims about whole life insurance don’t really stand up to analysis in most situations. Except for a few estate planning advantages only the rich need worry about, the cost drag of most whole life policies is going to more than outweigh any tax-deferral advantages involved. Max out your 401k instead and, once you’ve done that, a plain-old taxable account is probably going to turn out to be a better choice. By all means, run the numbers, but life insurance is a wholly unsuitable vehicle for retirement investing.  Besides, if you haven’t already fully maxed out your 401k and/or IRA you don’t need another tax-advantaged product anyway.

Don’t buy life insurance just because you were told it was the “responsible” thing to do – Buy a house. Save for retirement. Buy life insurance. These are just a few of the things modern adults are simply told they should do. But blindly following these societal rules-of-thumb isn’t always the best course of action. There are plenty of scenarios where it doesn’t make sense to buy a house, for example, just as there are plenty of situations where it doesn’t make sense to stash money in a retirement account in lieu of paying down high-interest credit card debt. Similarly, don’t just go out and buy life insurance if you don’t really need it simply because that’s what you were led to believe responsible adults do. Perhaps that money could be better spent elsewhere.

Reasons To Buy Life Insurance When You’re Single

Now that we’ve gotten that out of the way, here are a few reasons why you should consider buying term life insurance even though you’re single.

Will your family be able to afford your funeral? - Let’s be honest: if you die young, do you really think your parents and loved ones are going to cut corners on your funeral? Of course not. They are going to spend a ton of money to give you a nice burial whether they can afford it or not. The average funeral these days with burial comes in at around $7,000. Even if you opt for cremation, you’re still looking at a $5,000 bill, and that’s just average. Trust me, there is practically no limit on how expensive a funeral can be if you opt for all the frills.

If your parents or rich, there’s no problem. $5,000-10,000 is a drop in the bucket for them. But what if they’re not? That $10,000 bill could end up being a major hardship and since we know they are going to end up doing it even if we tell them not to, it could make sense to take out a small term life insurance policy to protect those you leave behind from an unexpected financial hardship. Fortunately, these days many corporate employers provide some nominal amount of life insurance for free as a benefit to employees. At my current job, every employee is covered at an amount equal to their annual salary (not including bonus) for free. If that’s the case, this argument doesn’t apply to you.

You want to protect your future insurability – Most term life policies have a clause stating that once you’re covered, you are guaranteed to be allowed to renew the policy as many times as you want. For example, say you purchase a 20-year term life insurance policy at age 25. Nothing happens, thankfully, and you live to 45. Unfortunately, you have developed a heart condition, cancer, or some other complication that effectively makes you “uninsurable.” Now that you are married with 2 children, going uninsured simply isn’t an option for you. Thankfully, you bought that policy back when you were single and the insurance company is required to let you renew it for another 20 years even though it now knows you are a poor insurance risk. Had you not bought life insurance in your single days, you may not have been so fortunate. At best, finding an insurance company willing to insure you would have been a major pain.

Do you want to leave a legacy? - If you’re young, you probably haven’t had the chance to save millions of dollars for retirement yet. That’s fine. But what if you really, really want to leave a contribution to some charitable cause after you die? A life insurance policy can be one way of doing that while spreading the “donation” out over a number of years. You may not be able to donate $50,000 to your favorite charity today, but can you afford $20 per month over 20 years? That’s probably much more manageable. And if you happen not to die during that time period, well then, that’s great! By then you just might have saved up enough money to make a donation outright. It’s certainly not for everybody, but I believe this is a valid reason to purchase life insurance for some charitable souls.

Where And How To Buy Life Insurance?

Okay, this is really a topic for another post (or a whole series of posts), but the advent of the internet has made things like buying practically anything, including life insurance, exponentially easier. There are a number of sites out there like InsureMe.com that take your information and hook you up with a variety of top-rated insurance companies offering your their best quotes. Then, you can just choose from amongst the best offers and go from there. I’ve gotten quotes from InsureMe before and based on my experience, I’d recommend them as a good place to start. You can shop and compare multiple Life Insurance quotes for free on their website. You can use the prices you get there as a starting point for further price comparisons (which is what I did) or, if you’re happy with the quotes you received, just go ahead and buy. One caveat: I believe a $50,000 policy is the lowest amount they will give you a quote for, but that shouldn’t be a problem.

Question To Readers: Did I Miss Anything?

Are there any other compelling reasons a single person should consider purchasing life insurance? Leave your opinion in the comments section and I’ll add the best reasons to the body of this post.

Most consumers pay their premium every month or every six months and as long as nothing seems out of the ordinary, they send a check and forget about it. However, it makes good financial sense to do two things regularly when it comes to auto insurance:

• Review what you are paying for each month

• Check out the competition

Times Change

In just a year there can be a lot that changes in one’s life. Financial situations, relationship status, credit scores are just a few things that can affect the amount of insurance you pay. If you are not reviewing your policy yearly, you can be paying more money that is needed. Check in with your insurance carrier at least every 12 months. Ask about loyalty discounts and inquire if they have reviewed your credit history lately. Improvements to your credit score can make a substantial difference to how much you pay since a credit check is one component of determining insurance rates. If you have changed jobs or even retired, you need to let your carrier know that the amount of miles you drive has dropped.

Competition Is Fierce

If you haven’t shopped for insurance rates lately, you may be surprised to learn that your long-term relationship with your current insurance company costs a lot more than a new relationship with its competitor. Even if you aren’t planning to switch to a new insurance carrier, you owe it to yourself to at least see what else is out there. There are plenty of online resources where you can get a free quote in just a few minutes. Insurance companies are highly competitive so don’t be afraid to put your current company to the test to ensure they are giving you the best rates.

Be Loyal

If you have been with the same company for many years, you likely enjoy discounts for that loyalty. But you can also earn more discounts if you have all of your insurance needs covered by the same company (Allstate, GEICO, State Farm, and the other large insurers all do this). Keeping your homeowners or renters insurance with the same company that insures your vehicles can help you save more money on insurance as a whole.

Whatever you ultimately decide to do, you should be clear on what you are paying for each when it comes to auto insurance. Your agent or a customer representative should be more than happy to help you understand what insurance is all about and if they aren’t very accommodating, it may be time to find someone new who can help.

15 minutes could save you 15% or more on your car insurance with GEICO

Although the existence of aliens has yet to be proven, you can still buy insurance for being abducted by one. Mike St. Lawrence is the president of UFO Abduction & Casualty Insurance Co. and has sold alien abduction policies to several thousands of people worldwide–some of which include TV host Larry King and actress Shirley MacLaine. You can buy a $25 policy for lifetime coverage. If the person is abducted and returned to Earth, you are covered $10 million for psychiatric and medical care as well as any emotion duress you may endure. The policy also has “frequent-flyer endorsement” and will double your coverage for conjugal visits from aliens.

Celebrities are well known and often commented on about their satire, but now they can have what’s under their expensive designer dresses, suits, skirts, and pants insured as well. David Beckham has an insurance policy for his legs as well as his feet. The producer and choreographer for “Lord of the Dance,” Michael Flatley, took out a $39 million dollar policy for his feet. Famous supermodel Heidi Klum has a $2.2 million insurance policy for her legs. Oddly, one leg is insured for $1.2 million while the other is only for $1 million. The reason? One has a small scar. Tina Turner’s legs are insured for an undisclosed amount, possibly more than “Entertainment Tonight” co-star Mary Hart who had each of her legs insured for $1 million dollars. But legs aren’t the only thing that celebrities have insured. At one time supermodel Claudia Schiffer had her face insured for $5 million dollars while actress America Ferrara has her smile insured for $10 million.

The trend of celebrities insuring their body parts may have begun back in the 1920s with silent-movie star Ben Turpin when he took out a $20,000 policy for his signature look, his crossed eyes. In the 1940s Jimmy Durante
had his considerable nose insured for $50,000 and German singer Marlene Dietrich took out a one million dollar policy on her voice. Since then, Bruce Springsteen purchased a $6 million dollar policy for his vocal cords, and Rod Stewart purchased one as well.

Country singing superstar Dolly Parton bought a $600,000 insurance policy for her 42-inch chest, and in the 1940s and ’50s actress Bette Davis took out a $28,000 policy against her weight gain.

Before Robert Downy Jr., Marilyn Monroe just might have been the very first start to have an insurance policy taken out against her drug use. There were no fewer than three movie studios that took out policy to protect themselves against her drug use in case it were to interfere with the filming schedule.

In a world where anything goes, it is interesting that so many creative business individuals have had the creativity to expand health and dental insurance into alien abduction insurance. With so many options for crazy insurance policies, we can only wonder what celebrities will think of to insure next. Maybe their DNA in case someone claims to have their lovechild and their name if there are any other people that share the same name as a celebrity.

Having your own business also brings with it legal risks. With that being said, it is logical that a small business insurance package is advised. This is a straightforward approach to providing coverage against the risks involved and therefore the insurance also provides peace of mind.

All types of insurance come with their own set of terminology. The types typically associated with small businesses include public liability, employers’ liability, and tool and equipment insurance. But not every small firm will need each of these protections. Fortunately, insurance policies can be mixed and matched or customized to meet the particular needs of any given client. Whether a small business needs a comprehensive package that includes several types of coverage or just a single type of coverage, most insurance companies can tailor the protection to include what is needed and desired.

Public liability insurance provides protection for a business if there is an act of negligence on its part that results in injury or death of a ‘member of the public’ or damaged property. This coverage comes into play should there be a legal challenge following the incident. The insurance will pick up the cost of defending the claim and even pay any awards of compensation or costs up to pre-determined limits.

Any business that employs others should consider purchasing employers’ liability. This type of insurance provides protection should the business/business owner face a claim due to the death or injury of a worker because of an act of negligence on the part of the employer. Additionally, this type of insurance protects businesses from claims from employees that become ill because of their work/job or whose property becomes damaged because of their work.

Businesses that use specific equipment and tools critical to running the operation can gain protection against loss or damage with tools and related equipment insurance. This type of coverage can also include protection for the business if a client sues following a mistake, omission, or act of negligence that result in a financial injury.

Small business protection is also available for such things as business interruption, unforeseen circumstances that result in the standstill of business. Other types of business insurance options include stock insurance and personal accident coverage.

Under each type of small business coverage there are many options and terms available. It is therefore wise to do your homework before making final decisions about what coverage to purchase.

Debbie Allen of The Things Women Want has written several books, ebooks and thousands of articles and reports. Her background in Psychiatric Nursing, Nurse Education and Organizational Development provides Debbie with a solid foundation that allows for the development of several areas of specialty.

You may be healthy now but that may change.  Many people think that they are invincible and do not need disability insurance for individuals.  The reality is that you never know when something is going to happen that may affect your ability to work.  For example, you may break your arm and this might put you out of work for a couple of months.  Other people may suffer from a serious illness that can keep them out of work for years.  This is why it is important to contact disability insurance companies and set up a policy.

If you already have a relationship with an insurance company, it is best to phone them and tell them what you are looking for.  If you have home contents or auto insurance with them, they may be able to offer you a discount for repeat business.  If they do not sell disability insurance, they will be able to refer you to somebody who does.

Before you sign up for a policy with an insurance company or even your employer, it is important to look over the paperwork.  You need to look over exactly what you are covered for.  Some illnesses, surgeries and situations may not be covered.  For example, most insurance companies do not cover the effects of terrorist acts.  You will also need to check if the company charges a deductible.  Another important aspect to consider before you take out the insurance is whether the policy will cover your monthly payments or give you a lump sum.  In cases of terminal illness, many policies pay out a lump sump.  Other policies will pay off your monthly commitments until you are well enough to work again.

Getting a policy is easy.  All you have to do is contact the insurance company and set up a policy over the phone.  Most companies will be able to do it on the spot.  Other companies will require documents such as your medical and employment history.  If you have any questions about the policy itself, the staff at the insurance company call center should be able to answer them.

You can purchase a term life policy for anywhere from one year up through a 10 year term life insurance policy or sometimes even more.  Premiums on these policies vary according to the length of time you are taking the policy for, the coverage amount you choose, your age and general health; however, in general, the cost of the monthly premium is low making them fairly easy to pay.  Cash value insurance policies are effective as long as you want them to be, generally until an individual’s death, and premiums are much more expensive.

Flexibility of choice in term length as well as low monthly premiums are some advantages of term life policies making them easy for most people to obtain.  In addition, dependents are guaranteed collection of financial benefits in the event of the insured’s death during the term of the policy.  An insured may cancel this policy anytime during the term if he desires, or renew it upon completion of the term at his convenience.  Coverage can also be reduced upon renewal if you want to lower your premiums.

Disadvantages Of A Short Term Life Insurance Policy

Some disadvantages to term life policies is that if you choose not to renew the policy once your term is completed, you do not receive any compensation for the funds you have paid neither does your family receive any benefits.  In addition, as you increase in age and/or your health wanes, renewal costs of these policies will increase as well and you may find your premium increasing substantially.  After a certain age, many insurance companies refuse to renew a term policy.  In contrast, in addition to receiving full compensation upon death, cash value policies offer a variety of additional programs that allows you to accrue savings, take loans against your policy and more.

The type of insurance policy you choose is a personal decision.  However, by comparing the pros and cons of both types of insurance policies, you will have a better idea of which would best serve your interests in both the short and long-term duration in offering the financial protection your family deserves.

Fortunately, the internet has made it much easier to compare prices between various car insurance companies. All of the information is much easier to find than in the past. For whatever reason, it seems that most people do not take advantage of this, and don’t shop around for car insurance the same way that they would shop around for a car. Still, you can be the exception to the rule. Some of the ways to save money on car insurance are to find out what discounts you are eligible for, to keep an up to date and safe driving record, to adjust your coverage and assume more risk, to drive a car with safety features, and to shop around for the best insurance deals. In this article we will focus on ways to get discounts.

Low Risk Job Titles

Insurance companies decide what rate to charge people based on statistical analysis. It is because teenagers are more likely to get into an accident that teenagers pay a higher insurance premium. They use trends such as this to make predictions about who they are most likely to have to pay for in case of an accident. There are some types of job titles that tend to be associated with low risk. For whatever reason, engineers and teachers seem to be less likely to get into a car accident than the general population. It is an excellent idea to find out from your insurance company if you can get a discount on your insurance rates based on your job title. If your insurance company won’t give you a discount, it’s worth shopping around to see if other companies will.

Automotive Clubs

It is always a pleasant surprise to find that you have a discount at a hotel because you are signed up for AAA. Fortunately, these discounts are not limited to incidental payments such as these. Membership with AAA and other professional automotive clubs can get you substantial discounts on your insurance rates. Some employers will offer group insurance rates as well. Talk to your insurance provider to see if any clubs you are a member of will allow you to have a discount.

Combined Or Renewal Discounts

One way to save a lot of money on car insurance is to insure your care through the same provider that insures your house. Take the time to find out if such combined coverage options are available from your insurance provider. If they are, they will save you money on your car insurance as well as your home owner’s insurance.

Another way to get a discount is to find out about a renewal discount. A renewal discount is an option offered by insurance companies to long term policy holders. If you stay with the same company for an extended period of time and you don’t have an accident, your insurance provider has more trust in you as a customer and is often willing to offer you a lower rate. A renewal discount serves as a way of keeping good customers from leaving to pursue other options. Find out if you are eligible.

Car Safety Discounts

Many states have passed laws to encourage drivers to buy safer cars by requiring car insurance companies to offer a lower rate to people who buy cars with certain safety features. One feature that is taken seriously by insurance companies is the presence of anti lock brakes. In some cases automatic seat belts and air bags are also features that will cause an insurance company to offer you a lower rate. Even if you don’t live in a state where laws have been passed regarding car safety features, many insurance companies will offer a discount anyway, because customers with these types of features are less likely to get into an accident.

Take On More Risk

One way to save a great deal on car insurance is to take on more risk. If you are driving an older car, it may be worth it to reduce your coverage, since the coverage is probably worth more than the car, and you will pay more for insurance that is really worth it.

You can also ask to pay a higher deductible in the case of an accident. If you are willing to pay more in the case of an accident, insurance companies won’t charge as much each month. Make sure you will actually be able to pay the deductible in the case of an accident.

Miles Walker is a freelance writer and blogger who usually compares car insurance deals over at CarinsuranceComparison.Org.

Contents insurance quotes are provided homeowners insurance companies as a standalone quote or in collation with homeowners insurance. These quotes give you an idea of how much you are going to have to pay for a certain home content insurance plan. The most common and easy place to get quotes are from various places around the internet and you can also find them in person from land-based insurance companies.

How Is A Quote Beneficial?

Quotes are one of the most effective ways to go find the cheapest home contents insurance plan because they aren’t time consuming at all (commonly taking around 15-20 minutes) and they allow you to get a basic idea of how much you are going to have to pay.

Quotes provided by the company for which you apply will help you understand what competition there is and how much money you will be paying for each one. The best place to start finding the best home contents insurance quote is online. Nearly every insurance provider you will come in contact with will have a method to get a quote online. It is typically a good decision to do your research and find as many companies possible in order to be certain that you are getting the best deal for your quote

If you aren’t comfortable with the internet or just have no idea where to start there are plenty of places offline that will provide a great range of companies and their reputations. Just be certain that you take time in order to find the best deal (the difference prices between companies can be like night and day)

I’m currently paying less than 40 percent of my previous plan (before I took the time to hunt for quotes) If after everything, you still can’t find a cheap and desirable price for how much coverage you desire, look off of the internet and look up local agents in your phone book and contact them as they may be able to cut you deals and help you out.

I hope this post has been helpful in order to get you off of your feet and into the world of quote shopping, best of luck!

Not Having Insurance

Obviously the biggest mistake is not having health insurance at all.  No matter how much it costs to pay health insurance premiums the cost of going uninsured is always going to be much higher.  When the time comes and it will, that you need either routine or emergency medical care the expenses can quickly become more than any person can handle.  With that in mind, there are many families that have no option as the money is just not available despite the need.  If this is the case you must not allow pride to get in the way of seeking assistance.  There are government programs available to people who qualify that provide health coverage for adults and children.

Comparing Price Versus Coverage

When selecting a health insurance policy it is common to look first at how much it will cost to pay monthly premiums without considering out-of-pocket expenses.  The danger in this is buying a health insurance policy with a low premium that has high co-payments and limited benefits.  If you have to pay more out-of-pocket each time you visit your doctor or fill a prescription you might end up paying more than if you had selected a policy with a higher premium and better benefits.

Confusion Over Policy Terms

Simply having health insurance does not mean you are covered for any and all expenses.  If your insurance requires you see a doctor within a network and you receive care from a doctor not included, your expenses will not be covered.  Insurance policies can be complicated and many people don’t take the time to learn exactly what coverage is available.  This can result in decisions that can be quite costly.

Health insurance is a necessary evil that we must all deal with or risk incurring exorbitant health care bills.  A major illness or medical emergency can destroy your personal finances and put you in a position where getting out of debt is all but impossible.  Avoid this by taking health insurance seriously and making smart decisions when purchasing a policy.

A complete business insurance solution is actually made up of many important insurance needs. To maintain smooth functioning of your business, no matter how small or big it is; you must fulfill all types of insurance requirements. Here are some tips to help the new business starters in this direction.

Business Property Insurance

First of all, your business establishment must be protected against damage from fire, earthquakes, cyclones and other such events. For this, you must have adequate Property Insurance cover. Such Insurance covers can be obtained for owned as well as leased commercial properties.

Business Liability Insurance

Consider a situation when a consumer or a third party sues your business due to damage caused by it. For example, negligence of the employees of your business organization can lead to physical or monetary losses of the consumers or clients. This can lead to legal proceedings for which your business might have to bear legal costs. Business liability insurance is thus another important part of the business insurance.

Business Vehicle Insurance

Commercial vehicles and fleets can’t be insured under usual auto insurance plans. Thus, you need to thing of more sophisticated business insurance plans to cover the business transport vehicles against damage or theft.

Business Health Insurance

Health insurance benefits are among the many advantages offered by a business organization to its employees. Inadequate business Health Insurance cover might lead to dissatisfaction amongst the workers. So, group health insurance plans are important entities for the business organizations.

Workers Compensation Insurance

Workplace injuries are inevitable and can occur in all types of business backdrops. So, you must obtain workers compensation insurance plans to bear the cost of on-job injuries caused to the workers. This prevents a worker from legally suing the employer or the business owner.

Business Interruption Insurance

There might arise some situations, when the business or a part of the business comes to standstill. Hence, the losses are inevitable in such situations. To compensate for the losses, there are business interruption insurance plans available with the insurance companies. The best example in this regard is loss caused in the production department due to a problem in machinery.

As you can see, business insurance needs to be a comprehensive plan that encompasses various aspects of running a business smoothly. Choose a reputed and reliable business insurance provider and make sure that you make best out of these plans.