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If you don’t have life insurance, make plans to take care of it as you prep your taxes. Since you’ll have a clear picture of your annual income, plus already be thinking about finances, it’s a perfect time.
Here are some tips to understanding life insurance:
- You need 8-10 times your gross annual income in coverage. (So if you make $30,000 a year, you will need $240,000 – $300,000 in coverage.) The lump amount received is then invested, and the yield off the interest used for living expenses. That way, the lump sum is not reduced, and keeps working month after month, year after year.
- Term insurance is one of the cheapest types of insurance you can buy. For a non-smoking male in his 30s, it’s approximately $20-25 a month. Actual amounts are determined by health of covered individual, age, face value, term length, insurance company, and other factors.
- The best term insurance is Level Term – 10, 15, 20, 30 years. This is insurance that is guaranteed to remain the same expense month after month, year after year, for the length of the term.
- Term insurance is only coverage at face value. It does not “build cash value” or anything similar. Whole or universal life policies do that – but are much more expensive. However, if health issues make whole or universal life all you can get, do it. More expensive coverage is at least coverage.
- If you cannot afford a full (8-10 times your income) policy right now, look into getting one at a lower face value. Even lower coverage is better than none at all. You can usually increase the coverage later.
One final tip: If you ever change policies (for any kind of insurance) never cancel the first policy until the new one is already in force. Canceling your first policy prior to having another active could be disastrous.
The best couponers save hundreds of dollars every month at the grocery store. However, extreme couponers can end up living very extreme lifestyles to get those savings. For over five years, SavingsAngel.com has equalized the playing field – giving extreme savings to busy families who don’t have the time or ability to be an extreme couponer. Each week, SavingsAngel.com’s over 70 angels combine over 2,000 products on sale at local grocery and drug stores with an enormous database of over 2000 different manufacturer coupons. These combinations result in our members getting access to over 300 products each week for 50% off or better. Simply log in, choose the deals you want, print or clip only the coupons you need, and save hundreds of dollars a month at regional and national stores. Our angels will personally work with you to craft a plan that will help you buy healthier food at lower prices – helping you keep $200 to $400 in savings each month.
Josh Elledge is the Chief Executive “Angel” of SavingsAngel, Inc. – launched from his home in January 2007. A husband and father of three, he now appears each week on television, in eight newspapers, and a number of radio stations across the country teaching families how to cut their grocery bill in half using the Internet. Elledge created the technology found on SavingsAngel.com through the need to save his own family’s money. Successfully able to cut his own grocery bill from $600 a month to less than $300 a month, his message has reached hundreds of thousands of families. SavingsAngel.com is now growing rapidly throughout the country. You can watch a short video at SavingsAngel.com that will explain more information about how to cut your own grocery bill in half with the help of SavingsAngel.com!