More than ever, people are looking to trim their budget wherever possible. As a mom, you’ve probably tackled the grocery budget, housekeeping budget, and maybe even the car payment. However, you might be missing a less obvious budget item that can be trimmed — your homeowners insurance payment. Try out these five tips and see how much your insurance payment drops:

Universal life insurance rates are lower than those of whole life insurance, although both types of life policies provide permanent coverage. While term (temporary) life insurance is the cheapest coverage in the short term, over a lifetime the rates of universal life coverage may be lower than term insurance. The biggest disadvantage of universal life insurance is that it shifts some of the investment risk from the insurance company to the policyholder, unlike whole life insurance which is a virtually risk free investment.

Flexible Premiums

Most universal life policies offer flexible premiums with a minimum and maximum payment. Premiums for whole and term life insurance policies are usually fixed for the life of the policy. Part of the premium payment covers the cost of insurance and part is diverted to an investment component which accrues a cash value. The cash value or equity is invested in financial instruments like stocks and bonds which present a higher risk of loss of value than other types of investments.

Fixed Premiums

If the cash value in a universal life insurance policy reaches zero, the policy ordinarily lapses. Universal policies with a no lapse guarantee have fixed rather than flexible premiums but coverage will not lapse if the cash value reaches zero due to investment failures. No lapse guarantee universal life insurance rates are higher than those of standard universal life, but the guarantee lowers the risk to the insured person and raises the insurer’s exposure.

Single Premium Universal Life

Some universal life policies are paid for at the policy inception with a single, substantial lump sum. The money becomes equity in the policy and premiums for the life insurance are deducted from the cash value. If investments fail to return sufficient interest on the equity, the premiums are deducted from the principal of the equity in the policy. All universal life insurance rates and charges are transparent and policyholders receive statements detailing the costs.

Minimum Interest Guarantees

Universal life policies which guarantee a minimum rate of return have higher rates than other policies. The minimum rate of return guarantee may not guarantee the safety of the cash value investment. In addition to the charge for life insurance, universal life has charges and fees associated with investments which may use the entire guaranteed return and erode the principal in the cash value. Universal life insurance rates are higher for guaranteed return policies.

Permanent Life Insurance As An Investment

The unpredictability of the financial markets in the last few years has banks investing heavily in permanent life insurance. The vast majority of the permanent life insurance market is universal life insurance. Banks consider this investment highly stable, so although some individuals may loss part or all of their investment, the majority of universal life insurance investors have a stable investment which provides life insurance protection.

Life Insurance Quotes

TermLifeInsuranceQuotes123.com provides free and instant life insurance quotes for all types of policies. Consumers simply provide some rating information and the amount of insurance they are seeking and they receive universal, whole, or term life insurance quotes from multiple companies in minutes. Universal life insurance provides permanent life insurance coverage at much lower rates than whole life insurance and the equity in the policy can earn returns in interest and be a tool in financial planning for the future.

I heard a long time ago that one of the reasons some families remain wealthy is because of insurance. The father (or mother) makes sure there is adequate insurance to cover the funeral and the lose of their income. There is often multiple policies in place to make site the family never has to worry about money.

You are probably wondering why I am talking about insurance and death right? Its because my uncle passed away on Friday. He was a good man; kind, funny, and always smiling. But he had been sick for the last couple of years. This illness left him financially devastated and his family unprepared for his death.

There is no insurance to cover the funeral service and burial, so the family has to rely on the kindness of others to help cover the expenses. It’s good for people to help, but insurance usually covers all this. It takes the financial burden out of the equation so the family has time to mourn.

This scenario is an example for everyone, especially single moms. We are solely responsible for the welfare of our children so it is important to have life insurance to cover funeral expenses. The insurance should also cover the lose of yearly income three or four times over.

A friend of mine had already taken care of her funeral expenses so her family doesn’t have to worry about it. Making these decisions while you are still alive is an option that can save your family time and expense. It relieves them of the burden of planning.

I know all this may sound morbid but the reality is death is a part of life. We are born, we live, than we die. My uncle’s death just makes it very relevant for me right now.

I must get life insurance for myself as well as look into pre-planned funeral services. I’m sure there is a lot to think about and options to consider when choosing a service. I have had my will drawn up so that’s a step in the right direction. I also need to get short and long-term disability insurance. All this is important to good financial health for you and the children you may leave behind (God forbid).

Do you have life insurance? Is it enough to cover funeral expenses and provide 3-4 times your yearly income? Do you have disability insurance? Do you have a will?

Anyone who is self-employed has had to face the insurance conundrum.  Do you spend an arm and leg to insure yourself (since there’s no corporate umbrella to absorb a portion of the cost) or do you risk losing an actual arm or leg because you can’t afford the cost of medical care without insurance?

While there are certainly benefits to being self-employed, such as working from home, setting your own schedule, and taking only the jobs you want, one of the major drawbacks of freelancing or staring your own company is that the cost of medical and dental falls squarely on your shoulders.  Luckily, there are a few ways to cut back on these costs.

Here’s how to save when you’re self-employed:

Preventive care

There is no better way to dispel the costs of medical and dental procedures than to continue practicing preventive care.  Early detection is often the key to ensuring that health issues never get to a critical (and expensive) stage.  So whether or not you have insurance, try to find a way to keep up with your annual visits (physicals, dental cleanings, and so on), especially if you have a family (or personal) history of problems.

Pay in cash

Many doctors and dentists are sympathetic to patients that lose their job or insurance (often both) and can’t afford to pay for treatment at full price.  Some are even willing to make concessions if you pay in cash as a way to keep you on track with your health.  So if your doctor or dentist might normally charge the insurance company $100 for your visit, they’ll allow you to pay as little as half when you offer cash.  Simply ask at your doctor and dentist offices to see if they’re willing to make such an arrangement.

Shop around

You comparison shop for everything from cars to jeans to canned vegetables, so why wouldn’t you do the same with doctors?  While it’s true that visiting a physician is a rather intimate experience, the truth is that you’re going to be poked and prodded one way or another.  So look into prices and how they vary from private practices to hospital staff to clinics; you’re bound to find something in your price range that suits your medical and dental needs, and you may be eligible to pay on a sliding fee scale (or even get services for free).

Prescription assistance

Even after you visit the doctor or dentist, you’re bound to be on the hook for additional costs thanks to prescription medication.  Some people can save by going for the generic brand while others will order via apps or the internet (finding the best cost locally or getting medication from other countries where it may be sold cheaper).  But if you simply can’t afford the cost of medications that you need in order to survive, look for prescription assistance programs that operate on donations (government, private, or other) so that you get the prescriptions you need at low or no out-of-pocket cost.

Discount plans 

There are companies out there that offer individuals like yourself both medical and dental discount plans.  You won’t pay much for membership (generally up to about $30 per month) and the plans will cover as much as 60% of your costs.  This is a good way to ensure that you won’t be tanked by potentially costly problems, without spending a boatload on pricy insurance that you may never use.

Evan Fischer is a freelance writer and part-time student at California Lutheran University in Thousand Oaks, California.

Today’s guest post was provided by Denise Mancini of Accuquote. Check out Accuquote.com for free term life insurance quotes from top-rated companies.

You could save yourself a lot of money buying life insurance by understanding the underwriting process. Underwriting is a process that insurers use to examine whether an applicant is eligible for life insurance under a specified premium amount. There are many factors that go into the underwriting process including mortality rates, various economical factors and detailed information about the applicant. The final goal of the underwriting process is to determine the risk of death of the applicant. According to the risk, insurers will base the premium amount.

The first thing you need to know is that while life insurance companies use the same basic methods, the criteria they use may differ making the underwriting process very dynamic. This is why one life insurance company may charge you Standard rates and another may look at your health risks a little more favorably and charge you preferred rates. How can you take advantage of this to get the best policy at the most affordable price? Here’s what you should know.

What does the underwriting process involve?

The underwriting process takes about 6 to 8 weeks from the time you submit your application to the time you receive your life insurance policy. During this time, underwriters are working out your life insurance rates using both the medical and non-medical information you provide such as:
• Age
• Sex
• Marital status
• Your current health
• Medical history including that of close family members
• Driving record
• Alcohol intake
• Smoking habits
• Lifestyle
• Financial status
• Occupation
• Other civil or criminal information which they may think is useful in determining your mortality

In the past life insurance underwriting was a simple process. People fell into Best, Preferred, Standard or Smokers’ rates. Today with health complications rising, life insurance has become a more competitive business. While nomenclatures may vary from company to company the more general classifications companies use to classify premium rates are:
• Super Preferred or Best
• Preferred
• Standard
• Nicotine (with sub-categories such as Preferred or Standard)

It’s worth knowing that only 10 to 15 percent of applicants will qualify for the Super Preferred or Best category. This category offers the lowest premiums and only those who are in the best of health qualify. There is not much flexibility in this category. With some life insurance company, being one pound overweight or having a cholesterol level that is over by 5 counts, can increase your life insurance by 20 percent and put you into the Preferred category. Having a family medical history can increase life insurance by 20 to 40 percent. If you think you have any chance qualifying for Super Preferred rates, it would be worth losing a few pounds (to reach normal weight for you age and height) and improving your diet before applying for any type of life insurance.

Whether you smoke a cigar occasionally or chew on tobacco, most life insurance companies will put you in the smokers’ category. But you may be surprised to know that some life insurance companies offer an incentive to quit smoking. If you quit smoking a year after purchasing a policy, you can apply for non-smokers’ rates. Some may even look at your smoking habits in greater detail, and you may be able to get non-smokers’ rates even if you smoke an occasional pipe or cigar.

Many people today take blood pressure tablets which would disqualify them from Super Preferred rates with most companies. But again, there are companies that offer the Best Preferred rates if you are in general good health.

The same holds true in other areas. Generally, life insurance companies look unfavorably at those with DIU records, those who are engaged in hazardous occupations or life-threatening sports such as hang-gliding, bungee jumping, etc. Since underwriting processes differ, you may be able to find a life insurance company that offers better life insurance rates in spite of your situation with no medical exam required.

Find a life insurance company that favors you!

Several life insurance companies specialize in insuring people with higher death risks. These companies pay special attention to high-risk health conditions, occupations or hobbies that are hazardous and look at your personal situation in greater depth. For instance, if you have diabetes, life insurance companies may increase your premiums by 50 to 100 percent. Those that specialize in diabetes will look at your personal medical history and current lifestyle. If they see that you are taking steps to bring your diabetes under control, Standard rates may be applied.

With such companies your chances of getting low premium rates are much higher! How do you locate such companies? And how do you know whether they will actually pay out when the time comes?

Shop around for life insurance

In order to compare life insurance rates from different companies you need to shop around. The Internet offers a vast array of reliable online services. These services can save you time and money by shopping around for you to get the best rates based on your specific health and information. (Make sure the online life insurance provider you use is certified by the Better Business Bureau.)

Whether you are interested in whole life or term life insurance, online insurance providers can easily find companies that meet your criteria. Receiving free life insurance quotes from multiple companies allows you the opportunity to compare pricing, terms and conditions, as well as company ratings. In addition to a wealth of helpful information on life insurance products, online life insurance providers may also offer personal service from unbiased life insurance professionals. Some may even offer discounts of up to 70 percent by purchasing online.