10 Types of Insurance That Can Be Avoided
Those that have full insurance coverage on their vehicles do not need rental car coverage because it transfers over to their rented vehicle. Your credit card may also offer coverage if used to pay for the rental car.
Life insurance policies for children provide the beneficiary with a benefit if the child passes away. When the child reaches adulthood, the policy can be converted to an adult policy without the need for a medical interview or examination. The need for this coverage is minimal unless the child has a substantial financial worth that sustains a family or group of individuals. A young adult usually qualifies for a life insurance policy easily and the odds that a child will die at a young age are minor.
This type of insurance pays a beneficiary if the cause of your death is an accident. This would really only apply to those that work in a potentially hazardous environment, but even then, you should be able to get adequate coverage through your life insurance policy, without paying extra for this secondary premium.
Credit card insurance covers your credit card payment if you are unable to. However, considering that most credit cards have low minimum monthly payment amounts, most should be able to stay current. Also, the money you are spending for credit card insurance can be applied towards your credit card balance.
Mortgage life insurance pays off the balance of your mortgage if you pass away. However, it’s unnecessary to pay for a separate policy specifically for that. A life insurance policy should provide a death benefit large enough to pay off your mortgage balance along with other expenses.
Identity theft Insurance reimburses victims for money lost due to identity theft. Policy coverage can include legal bills, notary bills, credit monitoring services, lost wages and copies of your credit report. Consider that this insurance is usually included for free with credit cards, or as a rider in your home insurance. Most credit report monitoring services also include it. If you do decide to apply for a policy, your monthly cost will range from about $10 to $100 and deductibles range from $100 to $500.
Electronic devices and appliances are typically sold with a warranty and the option to purchase an extended warranty. In most cases you won’t need the extended warranty. Most products do not break during the time period that the extended warranty covers and the repair costs are usually less than the warranty. Buy a trusted brand and you probably won’t need a warranty.
The collision portion of an auto policy covers repairs or replacement of your vehicle when it is your fault. Older cars lose value quickly, therefore the premiums for collision coverage may not be worth the expense depending on the value of your car.
This type of travel insurance pays a benefit to a designated beneficiary if you die during a flight. However, flight accidents are rare. In 2017, there were 3.19 accidents per million commercial flight departures. Life insurance will also cover most death situations.
Insurance policies can be implemented to cover specific diseases such as cancer, a heart attack, an organ transplant and coronary bypass surgery. They are designed to pay for necessary medical services and treatments that aren’t covered by a traditional policy.
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Guide for Graduates to Reduce Student Loan Payments
$1.5 Trillion dollars in student debt is owed by about 44 million people in the United States. This is the second highest consumer debt category in the U.S. after mortgages, followed by credit cards and auto. The average student will graduate college with about $25,000 in student debt. Considering the average salary for a college graduate is approximately $50,000, the cost of being independent, with the added long-term burden of a student loan payment, can hinder several types of economic decisions. For instance, many may choose to rent an apartment rather than buy a house or delay pursuing further education to avoid added debt.
Trust your instincts. We don’t choose our doctors because of television ads and their rankings aren’t determined by the number of procedures they’ve done, but rather by the success of their patient outcomes. However, financial firms use exactly this type of info when trying to appeal to potential consumers in their advertising. At the base of their business concept, they are not focused on the outcomes, so much as the quantity of people they can manage. It is all about the number of sales.
In any situation where money is involved, critical listening skills are imperative. You must feel as though your advisor is not only experienced enough to guide you in the right direction, but also empathic to your needs and goals. He/She must be receptive to your concerns, fears or lack of. Some investors might be too high risk while others might not be maximizing their potential. A good advisor will know what types of questions to ask to give you the tools to make decisions based on realistic expectations.
Many advisors have designations and letters after their name. Some are more prestigious and more difficult to earn than others. For example, the Chartered Financial Analyst (CFA®) designation and the Certified Financial Planner® (CFP) certifications, take several years to complete and include a proctored, multi-hour exam.
FINRA requires all financial advisors to pass a Series 7 licensing exam, which is necessary in order to sell securities. Shockingly, there is not an academic requirement prior to the exam. For this reason, it is especially important to ask about education and relevant work history when interviewing for an advisor. Their previous professional experience will contribute greatly to how they manage your portfolio.
The method by which advisors are compensated has become a point of contention. Due to this, a ‘fiduciary standard’ offers some level of protection for clients who prefer a level fee-compensation option rather than the commission-based type. Legally, a fiduciary must follow a higher standard of care than a traditional broker. Level fees help the consumer know that the advisor is not biased toward a given product or service based on the amount of commission they will receive. For a variety of reasons the industry is moving more toward this fee-based standard.
Hopefully you’ve had the good fortune of interacting with a leader you highly respect and admire. If so, you have probably studied them, pinpointing the qualities that you find so inspiring. Leaders and those in superior positions that command respect in such a positive way usually have a common skill. They are able to connect with others, making them feel understood and on common ground. The ability to develop such a connection, no matter how superior the position, level or experience of the leader is fundamental in gaining the respect of your colleagues.
While your advice as a leader may be appreciated, if you want to connect with someone, give them the opportunity to be heard. You can’t connect with another person if you’re having a one sided conversation. This will also help you to understand things from the other person’s perspective. Keep in mind that people will naturally side with leaders who make them feel heard and understood.
As a leader, it’s difficult to admit failure but admitting you are human is what will allow people to relate to you most. Most accomplished leaders like to present a successful persona: they are always dressed meticulously, punctual, prepared and ready for anything that may be presented to them. In reality, everyone has personal struggles, bad hair days and nervous moments. By allowing others to see that you are vulnerable and experience the same emotions and hardships as those you manage, will allow employees to connect to you as a leader rather than be intimidated by the image of someone they cannot measure up to.
Ultimately, having employees that are content and satisfied will lead to success much more so over focusing on the bottom line. Companies that primarily focus on product and sales numbers typically do not have happy employees or much success. If the employees selling your products are not happy they will not sell it well. A positive culture and true connections established in a company will determine the ultimate success of a company.
One of the most fundamental ways to connect with another person is to have empathy. Empathy is the capacity to understand or feel what another person is experiencing. This requires a leader to not only be aware of the situations of his employees, but to also identify issues and be sensitive to their emotions and needs. Having empathy makes a person a better communicator because it helps in the process of relaying information in a way that best relates to the other person.