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Does Smokers’ Life Insurance Differ From Non-Smokers’ Life Insurance?

Supporting a family in 2014 can be a highly costly activity.  In addition to rent there are bill expenses, housing expenses, food expenses and other unforeseen costs that may occur.  It is important to be prepared for any factors that life may throw at you, such as medical emergencies and unexpected death.  One way of ensuring that your family remains financially stable in these situations is by taking out life insurance.  This article will provide some information on life insurance for smokers.

life insurance for smokersLife insurance for smokers will differ from those who are non-smokers.  Insurance companies are not always keen to insure individuals who have a higher risk of death or contracting life-threatening illnesses, and smokers fall into this category.  Due to this fact life insurance for smokers will generally have higher premiums than non-smokers.  To be defined as a smoker by a life insurance company you must have used a tobacco product in the last 12 months.  Contrary to popular belief, there is no differentiation between social and daily smokers and both will face the same difficulties when taking out life insurance.

The cost of life insurance for smokers is approximately four times higher than those who are non-smokers.  When seeking insurance it is recommended you obtain several quotes before choosing a package.  Shopping around is the best way to find a suitable option with low premium rates.

It is important to consider there are different types of life insurance available and the type used is dependent on the individual’s needs.  Many will purchase term life insurance because it is the most popular when there is not anything else to choose from.  However, you should look into universal life insurance, whole life insurance and equity index life insurance to determine whether you will receive a lower quote as part of another package.

Methods of Getting on Track Financially

Many people cruise through life with their financial records in a total mess. They feel as if the whole world is against them because of this. These people need to take charge of their financial lives in order to avoid feeling a victim in such situations. It all boils down to becoming financially literate, eliminating debt and saving money for the future.

Any person dealing with loans, overdrafts or credit cards should contemplate on getting rid of their debt on a priority basis. But, debt doesn’t seem to go away magically even if most of us prefer it that way. Borrowers must become proactive if they wish to become debt free one day in their lives.

Making your payments in FULL and on-time is the best way to become debt free. Anything less than it would affect the borrower’s credit rating very badly. If you are able to afford it, it is always better to pay more than the required minimum repayment amount. Anyone planning to do it should make sure that the lender doesn’t charge any early repayment fee.

Interest rates and late fees are the worst enemies of a borrower when it comes to debt. Anyone making only the minimum payment will pay off a very little of the principal amount. This sort of action will only help to extend the lifespan of the debt.

Paying off the debts with the highest interest rates on a priority basis is the key to becoming debt free. Any borrower having a hard time paying off his or her debt should speak to the lender and work out a debt consolidation plan. Payday loans are totally out of bounds unless a person is in a dire situation.

Financial freedom is not difficult when a person is free from debt. Once all debts have been paid off, a person should start to save money for the future. The savings can be invested for better returns in the future. Once a person is debt free, he or she should focus on living within their means.