Before you wax your skis, brush up on winter activities and your insurance

Snow is starting to fall in Washington state's mountains and in some lower elevations. Before you hit the slopes or backcountry, take a moment to consider insurance implications for winter recreation. 

Snoeshowing at Lake Wenatchee Sno-Park,
courtesy Washington State Parks

Ski and snowboard equipment

Winter sports gear is not cheap, and replacing it in the event of damage or theft can put a crimp in your winter fun. 

Generally, equipment you own will be covered up to a specific amount by your homeowner or renter policy. Check the limit in your policy and decide if that will be enough to replace damaged or stolen equipment. Remember to factor in your deductible. 

If you think you need more coverage, ask your insurance agent about a rider that might allow you to increase coverage (and your premium) for specified personal property.

Snowmobiles

Snowmobiles may be covered under homeowner policies when they are used for maintenance of your insured property. They likely aren’t covered by a renter or auto insurance policy. If you want to be covered, talk to your insurance agent about a snowmobile policy. If you take your snowmobile off your property, carry proof of insurance.

If you are traveling and plan to rent a snowmobile, you may consider rental insurance to cover damage to the snowmobile. Your home or renter insurance might provide coverage for your personal liability while operating a rental snowmobile. Read the contract carefully before signing and ask questions of the agent selling you the coverage if you don’t understand the limits or conditions of coverage.

Travel insurance

Traveling in the winter can be full of surprises. Even if you’re traveling somewhere warm, bad weather en route to your destination can cause delays or cancellations. Travel sites and airlines offer travel insurance when you book your trip. Travel insurance can cover everything from lost luggage to delays and cancellations, but make sure you closely read any policy you consider. Learn more about travel insurance.

Health insurance

If you are out of town without access to your physician or local health care center, review your emergency medical treatment requirements:

• Are you required to seek medical treatment at a certain hospital or urgent care center that is in your insurer’s network?
• Will you have a copay?
• If you need to fill a prescription, do you have to go to a certain pharmacy?
• If you are traveling in an area that is out of your network, what is the insurer’s requirements for reimbursing your expenses? 

Make a list of these details and carry your insurance card with you when you travel.

Questions? You can contact our consumer advocates online or at 1-800-562-6900.

Tips For Refinancing Our Home Loans

Home loans... this is a major part for a property owner in Singapore. If you had bought a private property, you can only take a bank loan whereas for a HDB property, we can choose between a bank loan or a loan from HDB. 

Bank loans are structured in a way where if we do not refinance regularly, we will lose out on a lot of cost savings and end up paying more for our housing loan instalment. Many banks do not reveal that to you. It is like credit cards where they give you waiver of annual fees for first few years and start charging you later if you do not realise it. Some are smart enough to call in and cancel the card or request the fees to be waived. Others will end up paying the extra fees unknowingly.

How does bank loan work? 

For every loan package, there is a spread applied to the interest rate. If it is a sibor package, it will be something like "sibor + 0.8%". I've talked to many people before and some don't realise the rate that they are paying now is just temporary. Most of the time, after a few years (likely 2-3 years), the spread will increase. Instead of  0.8%, the spread increases to 1.2%. Some can even increase as much as 1% which is a significant amount on our loan installment. It will be a shock when we realise we have to pay a few hundred or thousands more per month later. 

Here are some tips on refinancing and when we should do it:

You should refinance as early as 6 months before lock in expires

Refinancing should not be done only when we see an increase in our loan instalment after the spread increases. We should refinance and get a better package even before our lock in expires. Yes this can be done and it can be done as early as 6 months before. 

The reason to refinance before lock in expires is simple. The minimum notice period for refinancing is 3 months which means if we only refinance after our lock in period expires, where the loan instalment will be higher, we will be stuck with the high interest rates for at least 3 months. 3 months can be a few thousand dollars paid in extra by then. 

The different variable rates to choose from

For loan packages, there are both fixed and variable rates. For variable rates, there are different options to choose from again. This is the confusing part for many people and sometimes I have to explain for quite awhile before people can understand the options available. 

For variable rates, there are mainly 3 types:

1. Bank's board rate
2. Sibor/SOR rate
3. Fixed deposit mortgage rate

As mentioned earlier, for home loans, there is a spread. For variable rates, it will be pegged to either one of the above variable factors. Thus, it can be either "board rate + 0.8%" or "sibor + 0.8%" or "fixed deposit mortgage rate + 0.8%". 

For bank's board rate, this is the most NOT transparent among the 3 types. The bank can change the rate as and when they want and then tell you your loan instalment will be higher the next month. There is no way we can check or see the rate for this. 

For sibor/sor rates, it is transparent and all banks follow the same rate. However, the rate can change quite a lot base on historical figures. It was as high as 8% in 1987, 7%+ in 1998 and almost 4% in 2007. Every financial crisis causes the sibor to fluctuate quite badly. 

For the fixed deposit mortgage rate, this is a relatively new type as compared to the bank's board rate or sibor/sor rate. This is also a transparent rate as it is pegged to the fixed deposit rate and we can see the rate published on the website of that particular bank. Many people are sometimes confused that this is a fixed rate. It is not a fixed rate. This rate is also less volatile as compared to the sibor based on historical figures. In any case, increasing the fixed deposit rate does not benefit the bank as it is also a cost to them.

Fixed rates only for short period of time

If your loan is on fixed rates, do not believe that your rate is fixed forever. There is no such thing as a long term fixed rate which means if you want fixed rates for longer term, you should refinance regularly. Most fixed rates are for 2-3 years with some extending to 5 years but that's about it so far from what I have seen among all the banks in Singapore. 

Once your fixed rate ends, it will revert to a variable rate so it is better to refinance to get fixed rates again. 

Should I switch from HDB loan to bank loan?

So far, we have discussed mostly on bank loans. If you're on HDB loan, the interest is 2.6% whereas if we switch to bank loans currently, it can be as low as 1%. However, switching to bank loans will have a huge consequence. The main issue is we would not be able to switch back to HDB loan once we go over to bank loans. 

HDB loans, although it is higher at 2.6%, but it is liken to a long term fixed rate as the rate has not changed for a long time. If we want more stability, we should stay on HDB loan.

However, if our loan is left about 5-10 years, we can consider switching to bank loan to take advantage of lower interest rates and not worry too much since the loan is going to end soon. 

What are the fees for refinancing?

Refinancing is not free. There are fees involved which we should take note of. However, if our loan amount is high, the banks will always give cash rebates or subsidies to cover most of the fees. 

The fees for refinancing are as follow:

1. Valuation fees
2. Legal fees
3. Mortgage stamp duty 

In most cases, cash rebates and subsidies can cover most of the cost which means we only need to pay less than a few hundred. Do note that all fees can be paid by CPF so no cash is needed as long as we have enough in our CPF Ordinary account. 

Where to get the best loan package for refinancing?

If you would like to find out more about refinancing and get the best rate for your home loan, fill in this form below and I'll get back to you on the best rate:

• Refinance Enquires

I will also be giving out vouchers as below for every confirmed case:

Loan amount $200K-$300K: 

$20 CapitaLand or NTUC Vouchers

Loan Amount $300K-$500K: 

$40 CapitaLand or NTUC Vouchers

Loan Amount $500K-$800K: 

$60 CapitaLand or NTUC Vouchers

Loan Amount above $800K: 

$80 CapitaLand or NTUC Vouchers

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What's an umbrella policy?

Commissioner Kreidler recently participated in a Facebook live Q&A with KIRO TV reporter Jesse Jones, where viewers submitted their insurance questions. Jesse and Commissioner Kreidler got lots of great questions, including a couple about umbrella policies.

Umbrella policy is one of those insurance terms that a lot of people have heard but many aren’t quite sure what it means. Simply put, an umbrella policy extends your liability coverage beyond what is covered by your homeowner and auto policies. Umbrella policies pay only after you exhaust the liability limit of your homeowner or auto policies, which are referred to as underlying policies.

Here’s an example: Your dog bites a visitor in your home. The visitor sues you for damages and wins a $1 million award against you. Your homeowner’s insurance policy will only pay up to the $300,000 liability coverage limit listed in your home policy. If you have a $1 million umbrella policy, it will pay the remaining $700,000, minus any deductible. According to the Insurance Information Institute, a $1 million umbrella policy costs $150-$300 per year – that’s about $13 to $25 per month in premiums.

If you are interested in buying an umbrella policy, you should contact your insurance agent or company.

Questions? You can contact our consumer advocates online or at 1-800-562-6900.

How you can save 24% of your tax, legally!

Source: CPF's website

- Written By Byte Sized Investment

Slightly more than half the year has gone and it is about time to review my annual financial plan. This is usually the time to consider budgets, cashflow and some tax planning for the remaining months of the year.

So recently, I made a trip to CPF office to find out more details on how I could enjoy some tax relief, and at the same time, boost my retirement funds.

Before we proceed, let’s take a quick look at what CPF actually is.

What is CPF?

Central Provident Fund, CPF in short, is a compulsory savings plan for working Singaporeans and Permanent Residents (PR), primarily to fund their retirement. It could also be used for healthcare, education, and housing needs. Both employers and employees contribute a mandated amount to the employee’s CPF retirement fund, where it grows and earns interest between 2.5% to 5%.

#For CPF members above age 55, they can earn up to 6% per annum on their retirement balances! You can find out more on the interest rates here.

The 4 CPF accounts are as follows:

1. Ordinary Account (OA) – for housing, pay for CPF insurance, investment and education.

2. Special Account (SA) – for old age and investment in retirement-related financial products. Interest for CPF SA  4-5% per annum.

3. Medisave Account (MA) – for hospitalisation and approved medical insurance.

4. Retirement Account (RA) – created when one turns 55 using the savings in OA and SA. It is set up to meet basic needs during old age.

#The Special, Medisave and Retirement Account are simplified to be known as SMRA.

What does the government do with the money?

CPF monies are invested in Special Singapore Government Securities (SSGS) that are issued and guaranteed by the Singapore Government through Monetary Authority of Singapore (MAS). The proceeds from the SSGS, owned by MAS, are then managed by the fund manager: Government of Singapore Investment Corporation, more commonly known as GIC. GIC invest the proceeds on behalf of MAS. With the returns from investment, MAS pays the interest on the SSGS to CPF board.

Tax Relief

One can reduce up to $14,000 of his taxable income if he were to do a $7,000 cash top up into his CPF SA and another $7,000 combined to his loved ones’ CPF SA (parents and spouse). This means it reduces his taxable income by $14,000. Let’s put some context to these numbers.

According to data provided by Ministry of Manpower (MOM), the median gross monthly income is at S$3,949, and including 13th month bonus, this translates to S$51,337 annually. This is the amount that our example 28-years old Joe is earning a year in the private sector.

Joe would receive a total of $1,000 and $10,258 of tax relief from earned income* and CPF contributions** (to know more about how to reduce your tax, visit IRAS deductions for individuals here, click here to calculate CPF Contributions). His taxable income would be $40,079, and he would pay taxes of $555.53 for the assessment year of 2017.

However, should Joe choose to transfer $7,000 cash into his CPF SA, he will reduce his taxable income by $7,000, to $33,079 instead of $40,079. Joe would then instead pay $307.77 in taxes. This is a 65% decrease in taxes paid.

If Joe does another cash transfer of $7,000 to his wife and/or parents, he will further reduce the chargeable income by another $7,000, to $26,079. He will pay $121.58 in tax. That’s a 78% tax savings!

Of course, for someone who earns the median income of $51,000 a year, to have up to $7,000 transferred into CPF SA would leave Joe cash-poor as he has to juggle the remaining $34,079 (~$2,800/month), net of CPF contributions, to settle housing and car loans, insurance, food, utility, entertainment, living expenses etc. The $7,000 top up into CPF SA can only be drawn after age 55. For a breadwinner like Joe, cashflow might be a challenge. The savings on tax might not outweigh the need for cash, especially during emergencies.

Let’s explore the effects on Jack, similarly 28 years of age, who earns an average income of $6,000 a month. Working in the private sector, let’s assume Jack’s annual salary package including the 13th month would be $78,000.

Jack would receive a total reduction of $1,000 and $15,600 from his taxable income due to earned income and CPF contributions. His taxable income would be $61,400, and he would pay taxes of $2,048 for the assessment year of 2017. But Jack being financially savvier, planned his cashflow and finances well, and he can afford to transfer $7,000 cash into his CPF SA, lowering his chargeable income to $54,400 instead. Thus Jack pays $1,558 in taxes, a saving of almost $500 or 24% in tax!

Comparing the opportunity costs

Putting $7,000 into his CPF SA would leave him with around $62,400 annually ($5,200/month) after deduction from the CPF contributions for his living expenses. If Jack’s annual expenses are below $62,400, whatever income left sits in the bank earning a measly 0.05% interest. At the same time, Jack has to pay the additional $500 in tax. On the flip side, if he does this CPF cash top up, he would not only save $500, his cash top up in CPF would earn him an additional 4% interest, or $280 the next year. That is a $780 opportunity cost, 11% of $7,000!

Hence, if the $7,000 cash top up does not put too much strain on Jack’s cashflow and finances, doing this top up seems worthwhile.

This tax savings is significant.

At age 28, Jack will continue to work at least another 34 years till he reaches the official retirement age at 62. Assume his pay stays stagnant, the tax savings of $500 a year would result in $17,000 after 34 years!

As our tax is progressive, where the low income earners pay as little as 2% to no tax and the high income earners pay up to 22% to the government in tax, a person who climbs the corporate ladder would have increasing income, thereby incurring a higher proportion of tax compared to when he was much younger. In some cases, I estimated that the tax savings could be up to $21,000 in 34 years.

Anyway, this notion isn’t new, a famous blogger (AK71), who earns more than $165,000 from dividends a year, had been advocating it a long time.

Well, if you think a 24% or a $17,000 tax savings is little, wait till you see how much returns you could gain over the years with the additional $7,000 cash contributions you made.

*Deduction from Earned Income. Earned Income refers to the taxable earned income from employment, pension, trade, business, profession or vocation less allowable expenses. The amount of relief is based on your age and taxable earned income in the assessment year. For non-handicapped employees below age 55, the deduction of taxable income is up to $1,000. For more information, click here.

 **Deduction from CPF Contribution. Your portion (not the employer’s) of mandatory CPF contributions counts towards a reduction in taxable income.For every $1 you contribute to CPF, your taxable income is reduced by $1. For more information on the CPF contribution relief click here. To calculate how much CPF you will be contributing, click here.

References:

1. Deductions for Individuals (Reliefs, Expenses, Donations)
2. CPF Contribution and Allocation Rates
3. What is Ordinary Wage and Additional Wage Ceilings for CPF
4. CPF Contribution Calculator
5. Personal Relief Eligibility Tool [.xls]
6. Tax Calculator
7. Personal Income Tax calculator for YA2017 (Resident) [.xls]

This is a Guest Post by Byte Sized Investment

Is A Degree or Diploma Necessary?

There have been a lot of articles lately on the mainstream media which talks about private degrees and local degrees etc.  In the year 2000, only 26% of Singaporean residents between the ages of 25 and 34 are graduates. Now, more than 50% are graduates. However, the problem is not all 50% jobs in the market are for PMETs, which means many are doing a lower skillset job than what they possess. There is another bigger problem with pursuing a diploma or degree. The problem is the world is moving too fast and the skills you learn in your 3-4 years course may become outdated too quickly.

Before we carry on further in this article, I have to clarify that I am not against getting a degree or diploma. In fact, it is a necessary certification to get our first job. What is important is we pick the right courses to study which will ensure the maximum return we have on that certificate which we spend a lot of time and money to obtain.

I was in a dialogue session with Minister Chan Chun Sing who was speaking on what the Committee of Future Economy (CFE) is doing. The CFE aims to keep the Singapore economy competitive by helping to position Singapore for the future, as well as identify areas of growth with regard to regional and global developments. One key message I got from the session was that many jobs will become redundant in time but that many new jobs will be created also. The global economy is shifting to a new phase which we, as a small country in Singapore, have to change too in order to stay competitive.

In any case, many jobs will be lost regardless if you have a Degree, Diploma or Masters. If you're in the wrong industry, there is a possibility that you will lose your job. In this article, I will explore what are the jobs which will possibly be lost and what are the new jobs which will be in demand. Hopefully this will help us to position ourselves better for our career as well as make better decisions in our education choices.


The Singapore Economy

To understand why some jobs will be lost, let's take a look at how the Singapore economy has progressed and changed over the years. The following information is reference from the Economic Development Board (EDB) Singapore:

1960s

In the 1960s there were a few developments which marked the start of Singapore’s industrialisation programme that began with factories producing garments, textiles, toys, wood products and hair wigs. Along with these labour-intensive industries were capital and technology-intensive projects from companies such as Shell Eastern Petroleum and the National Iron and Steel Mills.

1970s

Singapore's manufacturing industry evolved to become more sophisticated and included computer parts, peripherals, software packages and silicon wafers. Manufacturing eventually became the largest sector in the economy surpassing trade.

1980s

The 1980s was the start of the movement away from labour-intensive industries and the attraction to high-technology industries

1990s

EDB shifted its focus from manufacturing to strengthen the new key industries, namely chemicals, electronics and engineering. It also began leveraging its leadership in these industries to develop biomedical sciences; an area that included the pharmaceutical biotechnology and medical technology sectors

2000s

Most of the R&D activity were focused on environmental and water technology, biomedical sciences and interactive and digital media.

When will I become obsolete?

In this era where advancement is moving faster as compared to the past, jobs are becoming obsolete sooner than we think. In the past, jobs may last 10-20 years but now, today's job may be gone tomorrow. I still remembered a few years back when I was still in the army, the first 3G smart phone came out which was from Apple. The first ever iPhone was launched. Moving forward, every year there were new models and the technologies evolved as well. From 3G to 4G and even 5G in the future. Mobile data speed got faster and faster every year.

With technological advancement, many industries will be affected which will cause jobs to be lost. We are already seeing it happening now. The question to ask ourselves will be "when will I become obsolete?" Will my job last for the next few years?

Jobs which will be lost

If you realised, Singapore has transformed rapidly especially in the past 2 years only. Let me bring things into perspective:

• Traditional taxi business has been disrupted. Now we have Uber and Grab
• Credit cards can be paid wirelessly through paywave or paypass and can even be sync with a mobile phone for use on Apply, Andriod or Samsung pay
• We can use our mobile phone to pay for bus and MRT rides instead of using Ez-link cards only
• Self-payment machines are everywhere in Singapore including supermarkets, Macdonalds and Polyclinics/Hospitals
• Macdonald has self-ordering system which eliminates the number of cashiers at counters
• Self-driving cars, taxis and buses will become a reality in the next few years
• Buying groceries online and getting it delivered to your house is becoming more common
• Booking of apartments through Airbnb is an alternative to hotel stays
• Food delivery such as food panda and Deliveroo is seen everywhere on the street
• Buying a property without property agent is easier now with websites such as property guru and OhMyHome App
• Food Vending machine cafe which opened in Sengkang

From the above list, there are going to be various jobs which will be lost. Property/Insurance agents, taxi drivers, retail assistants/cashiers will be greatly affected. Lesser manpower will be needed to perform the same function which machines can take over. This is happening now and it’s happening fast.

In our connected world, anybody can take over our jobs in another part of the world as long as it can go through the wire. This was what Minister Chan said. When asking ourselves "When will I become obsolete?" we should see whether our jobs can be done elsewhere in the world. For example, for website programmers/designers, if a designer or programmer in India can do the job, it would be a great risk. We are not just competing nationally but on a global basis. 

Jobs which will be in demand

Although some jobs will be lost, there will be new jobs created too. Industries such as healthcare will be in demand due to ageing population in Singapore. It is expected that by 2021, the local manpower will start to fall which means more people will be older and retired. Other industries such as IT/engineering, data/eCommerce and logistics will also be in demand.

With IT and wireless communications depended heavily in the future, more professionals will be needed in these areas. Infocomm and cyber security skills will definitely be in demand.

Is pursuing diploma or degree necessary?

Now, let's get back to the question of whether a diploma or degree is necessary? A degree and diploma is still important but it is also important to consider the career prospect of that education path. The skills which are learnt in the course should be relevant to the industry too.

If we are unsure whether we want to study that course, we can actually take modular courses first or take up professional certificates to get ourselves certified. For example, for data analysis, we can take up SPSS or Big Data courses or for project management we can take up PMP courses. Thereafter we still can take up the relevant diploma or degree to further deepen our skills and competencies.

The world is changing and in order to remain relevant, we need to re-skill or up-skill and even consider changing industries. The CFE will wrap up its findings by Q1 next year and propose to the government recommendations in order to keep Singapore's economy competitive. We should expect some changes and restructuring thereafter.

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The New Phillip SGX APAC Dividend Leaders REIT ETF

Word has spread around of a new REIT ETF which has been launched for IPO just last week and closed on 13th October 2016. The ETF will begin trading in the market this Thursday 20th October 2016.

REIT has been an all time favourite for Singaporeans as it provides higher than average dividends which is quite a good dividend income for many people. With the new REIT ETF, it will be easier to diversify between different stocks instead of being concentrated with just a few REITs in our portfolio.

Phillip Capital invited some bloggers for a dinner and Q&A session on this new REIT ETF just last week. I was there as well to find out more information on this interesting development in Singapore. As we know, investing in funds, such as unit trusts, have high costs that comes with it. However, for ETFs, the cost is relatively lower which makes a difference in our investment returns.

Understanding more on the Phillip SGX APAC Dividend Leaders REIT ETF

Let me list down some of the details as well as the pros and cons of this REIT:

REIT ETF focuses on Australian properties

The first thing that caught my attention for the REIT ETF is the concentration of properties in Australia. 59% of this REIT index consists of Australian properties with 30% in Singapore and 11% in Hong Kong.

Here are the constituents of the index:

Source: http://phillipfunds.com/uploads/funds_file/Phillip_SGX_APAC_Dividend_Leaders_REIT_ETF_Prospectus.pdf

As we can see, the REIT index consists of 30 stocks with the focus on Australian stocks.

Pros of investing in the REIT ETF

I asked the Managing Director of Philip Capital why the choice to put more emphasis on Australian REITs and he gave some reasons for it which I will share below.

Here are the reasons:

1. Australia Economy has not seen a recession for the past 25 years
2. Australia shopping malls are crowded with good occupancy rates
3. Gearing ratio is low at 30% or less
4. Rental reversion is positive
5. AUD currency has gone down and is somewhat at the bottom now
6. Strong GDP growth of average 3%
7. High productivity growth in the country

Those are the reasons I manage to capture at the dinner session. I was actually surprised to know that Australia did not have a recession for the past 25 years and their GDP growth is higher than many developed countries, including US and Singapore, with strong productivity growth.

Back home in Singapore, we are struggling with weak GDP growth, low productivity rates and weak retail outlook which the government is trying very hard to improve productivity here. In economics, productivity growth tends to increase the salary of workers which increases consumer spending and results in stronger economic growth. This is the reason why productivity growth is so important for a country to do well. 

Back to the REIT ETF, it is interesting to note that back testing was done for the REIT ETF and the annual compounded return was 13% for the past 5 years. The average dividend yield for the REIT is about 4.5% currently. 

So far, we have seen a lot of pros in investing in the REIT. How about the cons? 

Cons of investing in the REIT ETF

In every investment, there will be risk which we need to take note of. Here are some which I can think of:

1. Focusing on overseas stocks will increase Forex risks
2. 4.5% dividend doesn't seem too attractive for a REIT investor
3. Concentration in one country adds in some risks if Australia economy doesn't do well
4. We have no control over rights issue of any REITs in the component of the ETF

The risks are mainly due to the exposure to overseas stocks but if all is well and the AUD goes up plus the economy continues to do well, it will definitely benefit investors who invest in this REIT ETF. 

To me, this is a medium risk investment which beginner investor should not invest in unless they fully know what it is about. For seasoned investors, this may be an alternative investment fund to get exposure to the Australia market. What do you think of this new REIT ETF?

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Fight health care fraud: guard your Medicare number!

Medicare open enrollment is here (October 15 to December 7), which means fraudsters and identity thieves will increase their efforts to get and abuse Medicare numbers from people.

Fortunately, there are many measures you can take to fight health care fraud:

• Guard your Medicare number. Protect it the same way you do for your credit card numbers. Medicare will never contact you for your Medicare number or other personal information. Don’t share your Medicare number or other personal information with anyone who contacts you by phone, email, or by approaching you in person, unless you’ve given them permission in advance. 
• Don’t ever let anyone borrow or pay to use your Medicare number.
• If you’re looking to enroll in a Medicare plan, be suspicious of anyone who pressures you to act now for the best deal. There are no “early bird discounts” or “limited time offers.” Any offer that sounds too good to be true probably is.
• Be skeptical of offers for free gifts and free medical services. A common ploy of identity thieves is to say they can send you your free gift right away—they just need your Medicare number to confirm. Decline politely but firmly. 
• Do your part to protect your friends and neighbors: remind them to guard their Medicare numbers, too.
• Check your Medicare Summary Notice (MSN)–which gives you information on services submitted under your Medicare number–to make sure you and Medicare are only being charged for services you actually received. While the MSN is only mailed to you every 3 months, you can access your Original Medicare claims at any time on MyMedicare.gov. You’ll usually be able to see a claim within 24 hours after Medicare processes it.

You can report suspected fraud by calling 1-800-MEDICARE (1-800-633-4227).

TTY users should call 1-877-486-2048. 

To learn more about how to protect yourself from health care fraud, visit Medicare.gov/fraud, or contact our state’s local Senior Medicare Patrol (SMP), which is the OIC's Statewide Health Insurance Benefits Advisors (SHIBA) program.

POSB launches innovative "Bank and Earn" programme

Most of us would have a POSB or DBS account which we will be able to earn cash back from now onward. I just received this information from DBS which I found it quite useful for most of us.

With “POSB Cashback Bonus”, we need only to fulfil three or more types of regular banking transactions to enjoy cashback rewards, without the need to make additional deposits.

We can earn up to SGD 130 per month via salary crediting, credit card spending, home loan instalments, insurance premiums, or investments.

POSB LAUNCHES INNOVATIVE “BANK AND EARN” PROGRAMME

FIRST BANK IN SINGAPORE TO REWARD CUSTOMERS WITH MONTHLY CASHBACK

FOR REGULAR BANKING TRANSACTIONS

***

POSB today announced the launch of an innovative “bank and earn” programme which will reward customers with cashback every month through regular banking transactions. This programme is also the first-of-its-kind in Singapore which allows customers to earn straight cashback rewards without making additional funds deposits on their account balances.


The “POSB Cashback Bonus” programme is the first of its kind in Singapore to offer customers direct monthly cashback simply by fulfilling at least three types of regular banking transactions. This is a simple programme for customers to earn cashback as the majority of POSB/DBS customers are already conducting these transactions with the bank. For example, customers will only need to conduct at least three of the following transactions every month to earn up to SGD 130 per month in cashback rewards:
         

1.     Credit their monthly salary (Minimum amount of SGD 2,500; cashback of 0.3%; monthly cashback cap of SGD 20)

2.     Spend on their POSB/DBS credit cards (No minimum amount required; cashback of 0.3%; monthly cashback cap of SGD 20)

3.     Pay their monthly home loan instalments (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30)

4.     Pay their POSB/DBS insurance premiums (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30; insurance products should be purchased after signing up for the programme)

5.     Invest through POSB/DBS (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30; investment products should be purchased after signing up for the programme)



See below for two examples of how we can earn generous cashback rewards from regular banking transactions:


Scenario A: Early-Career Individual (monthly transactions)


Salary Credit: SGD 2,500 (Cashback of SGD 7.50)

Credit Card Spend: SGD 500 (Cashback of SGD 1.50)

Home Loan Instalments: SGD 800 (Cashback of SGD 24)

Insurance: SGD 350 (Cashback of SGD 10.50)

Investments: SGD 200 (Cashback of SGD 6)



Total cashback: SGD 49.50 monthly and SGD 594 yearly



Scenario B: Mid-Career Individual (monthly transactions) 


Salary Credit: SGD 5,000 (Cashback of SGD 15)

Credit Card Spend: SGD 1,000 (SGD 3)

Home Loan Instalments: SGD 1,000 (Cashback of SG30)

Insurance: SGD 500 (Cashback of SGD 15)

Investments: SGD 1,000 (Cashback SGD 30)



Total cashback: SGD 93 monthly and SGD 1,116 yearly



Earlier this year, POSB conducted a survey among some 800 customers on their reward preferences based on their banking relationships. The majority of customers responded that they prefer the following features for their banking accounts:


·         Rewards structure that is straightforward and simple to understand

·         Cashback rewards which are credited to their accounts regularly

·         Rewarded based on their multiple relationships and transactions done with the bank

·         No requirement to make additional deposits to earn rewards


Said Jeremy Soo, Head of Consumer Banking Group Singapore, DBS Bank, “We are delighted to introduce this programme that rewards our customers based on their banking relationships with us. Currently, most of our customers are already conducting regular banking transactions with us and this means that customers can simply enjoy monthly cashbacks with ‘POSB Cashback Bonus’ without doing a lot more. As the ‘People’s Bank’, we are committed to offering our customers greater value through innovative products and services, and to providing superior deals for them to enjoy.”


To enroll in the “POSB Cashback Bonus” programme, simply log on to POSB/DBS iBanking to register, and nominate a deposit or credit card account to receive your monthly cashback. Visit www.posb.com.sg/cashbackbonus for more information on the programme.


In 2013, the bank launched the DBS Multiplier Programme to reward emerging affluent customers for consolidating their finances with DBS. With DBS Multiplier, which was recently enhanced in August 2016, customers are able to enjoy a higher interest of up to 2.68% p.a. on their account balances by fulfilling any three of the five transaction categories. The programme has been a hit with customers and the bank has now more than 90,000 accounts. For more information on the “DBS Multiplier Programme”, please visit www.dbs.com.sg/personal/landing/dbs-multiplier/.

*This is NOT a sponsored post

Outdoor, indoor features that you think are covered may surprise you

Many consumers think their homeowner policy covers everything they own, both inside and on their premises outside of their home. However, you should be aware that most homeowner policies do not cover everything you own. 

Creative Commons Backyard Pool by
Alvin Smith is licensed under CC BY 2.0 

Here are some common features that people may think is covered by a standard homeowner policy. 

Outside your home:

• Retaining walls
• Pools that sit above and below ground
• Gazebos
• Spas/hot tubs 
• Rockeries and other landscaped areas
• Driveways
• Sidewalks
• Foundations
• Fences
• Pump houses
• Garden sheds
• Greenhouses 
• Playground equipment

Inside your home:

• Collectibles
• Money
• Jewelry
• Artwork 
• Musical instruments

Talk to your agent or broker to find out if items like these are covered.  If coverage isn’t available, you’ll want to maintain and safeguard the property at your own cost, and do the best you can to keep it from damage. It’s a good idea to have a discussion about these types of property before you buy a policy.

Read more about homeowner's insurance on our website. Questions? You can contact our consumer advocates online or at 1-800-562-6900.

MINDEF & MHA Group Insurance

Many of us would have seen the news on the new subsidised insurance which MINDEF is providing to all personnel including regulars, NSF and NSmen. This also extends to your spouse and children. You can read the news here.

The purpose of this post is to uncover the protection provided and the premiums payable. From what I see so far, the coverage we get and the premiums payable is so much lesser than if we were to get from outside insurance agents. You'll be surprised it is about half the cost. This is one of the 30 recommendations by the Committee to Strengthen National Service (CSNS) to better recognise the contributions of national servicemen to national defence and security, and to strengthen our care for them.

If you've served national service, this will be of interest to you. If not, if your spouse has served national service, you can also get the insurance through him or her.

What is the MINDEF & MHA Group Insurance?

Under the MINDEF & MHA Group Insurance, there is group term life and personal accident insurance. Even if we do not buy any insurance, from 1 July 2016, we will automatically be provided with $150,000 group term life and $150,000 group personal accident insurance coverage during the period of our full-time NS and operationally-ready NS (ORNS) duties. The premiums are fully paid by MINDEF and MHA.


Group term life insurance

To get additional coverage, we can opt for the voluntary scheme. This scheme will only be available from 1 July 2016 for MHA personnel and 1 October 2016 for MINDEF personnel. We can get term life and personal accident insurance through this scheme. I will focus more on the MINDEF/SAF group. The premiums for the Group term life insurance is as below:

(Group Term Life Premiums)

As we can see, for a coverage of 1 Million, the premiums is only $41 per month. This covers 1 Million in the event of death or Total Permanent Disability only. If we compare to a term life insurance in the market using compare first website, the lowest will be $71 per month.


Critical Illness Rider

If we're thinking to just get insurance for death and total permanent disability, then it wouldn't be much of an issue. However, if we want to add in riders for critical illness, there are certain limitations for this scheme.

The limitations are:

1. Critical illness only cover maximum $350K
2. The premiums are not flat but increasing 

The critical illness rider under the Group term life insurance is called "living care". It covers against 37 common critical illness. Here are the premiums payable:

(Living care rider premiums)

As we can see, the premiums are in age bracket and not flat rate. This means we have to pay more per month as we hit the next age bracket. The problem is when we get pass 50 years old, the premiums can be quite a lot and even more when we are above age 60. If we are planning to add in this rider, there may be a problem in later parts of our life.


Disability Income Rider

There is also another optional rider called disability income. This coverage will replace your income in the event of disability. The annual coverage amount is based on 50% of your monthly basic salary multiplied by 12 times up to a maximum annual benefit of S$120,000. 

Here is the premiums table:

Similar to the living care rider, the disability income rider premiums are increasing. A point to note is the riders have to be bought together with the Group Term Life or Group Personal Accident insurance. We cannot buy the riders only without the main insurance.

Group Personal Accident insurance

For the personal accident insurance, it provides coverage in the event of an accident. We can cover up to $600,000 at cheap premiums.

Here's the premiums table:

(Personal Accident Premiums)

For personal accident, the premiums are on a flat rate and doesn't cost much. For the full list of items and conditions we can claim, you can refer to the brochure here.

List of resources

Lastly, I've complied the list of brochures from the website which I've wrote in this post. You can refer to the brochures for more information on the coverage and the premiums. I understand that to apply for the insurance, we cannot get through the public insurance agents channel and have to purchase direct from Aviva.

1. Group Term Life Product Summary
2. Group Personal Accident Product Summary
3. Living Care Product Summary
4. Disability Income Product Summary

For the full suite of insurance offered under the MINDEF & MHA Group Insurance, you can refer to the website here.

The above products are more for MINDEF personnel. For MHA personnel, you can refer here. It is quite similar from what I see.

I hope this post is useful for those who want to find out more on the new group insurance for people who served national service and played a part in contributing to national security. Don't forget this applies for your spouse and children as well so you can also buy for them through the voluntary scheme.

The Health Insurance Process - When the Patient Gets Stuck

Thinks about demonstrate that ER costs make up the greatest bit of sums owed from safeguarded and uninsured patients attempting to pay doctor's visit expenses!

In Network or Not?

Did you realize that around 66% of crisis room specialists are self employed entities who might possibly be in your protection arrangement? What's more, in a practice called parity charging, any out-of-system supplier or lab can charge you for whatever your protection does not cover. You may get bills from a few substances, some of which you never at any point met!

What is an out-of-system supplier mean? This is a medicinal services proficient that does not have an agreement with a protection arrangement. In this way, the supplier does not need to acknowledge the protection's suitable sum as installment in full.

The Ambulance

Consider the rescue vehicle as well. In the event that the rescue vehicle organization that takes you to the ER does not hold an agreement with your protection, you could be on the snare for more than $2,000.00 relying upon where you live in connection to the ER and what level of consideration your get before landing at the doctor's facility. Also, if your insurance agency infers that an ER visit wasn't justified, you may owe much more cash.

To evade these dreadful shocks, consider the accompanying methodologies:

Protection Policy

It may sound simple since it is. Ask your safety net provider what the arrangement does and does not cover in case of crisis consideration. This incorporates the ER copay, coinsurance, and deductible - all through system. Numerous patients are astounded to realize there are diverse qualities for out-of-system consideration. A few arranges even have a layered installment framework. Discover which range clinics are in system with your protection. Check with the doctor's facility to see which ER specialists are in system in your protection arrangement.

Discover how your arrangement characterizes a restoratively essential emergency vehicle ride and what is required to offer a non-installment choice.

EMTs choose which clinic they will take you as well yet you can ask for a specific one. Demand an in-system specialist when the affirmation structures are finished. Know, be that as it may, your protection may deny the charge in the event that you ask for a doctor's facility promote away and could have been dealt with at an area closest you.

Out-of-Network Bills

On the off chance that you get a bill for out-of-system charges that you couldn't avert in light of the crisis, then it's a great opportunity to get the opportunity to work. Inquire as to whether they'll take care of the expenses at the in-system rate. Contact the suppliers and ask what the protection has officially paid and approach them to settle for that or arrange for a lower sum.

Around a fourth of US states have buyer assurance laws that confine suppliers from equalization charging in certain consideration circumstances like crises. A few laws apply just to certain wellbeing arranges or certain suppliers. Contact your state's protection division for specifics.

In the event that this comes up short, contact your protection to figure out what must be submitted to document an advance and time limits for recording. By and large, documentation from the provider(s) will be required. On account of an out-of-system circumstance, request that the specialist give a letter bearing witness to a decent confidence exertion was made to use a contracted supplier and no fair access to such supplier existed.

Be Careful Buying A Used Car That May Have Been A Flood Victim

As of late, we saw an immense surge in Louisiana where somewhere in the range of 20,000 individuals must be cleared. Some say it wasn't the ever-dreaded 100-year surge, more like the 1,000-year surge. 10s of a large number of homes have been red hailed and are presently dreadful, base gone, schools demolished and enormous quantities of autos absolutely submerged. We should discuss this.

One of the numerous stories in the media originated from NBC News; "Louisiana Flooding Far From Over Despite Expected Respite From Rain," by Cassandra Vinograd and Alex Johnson distributed on August 15, 2016. The story recounted families escaping, houses overflowed, covers set up and autos submerged.

As a previous franchisor of a portable auto washing idea, I can review the immense quantities of overwhelmed autos appearing at auto barters, requiring itemizing and cleaning - continually thinking about whether the purchasers would be advised by the utilized auto dealerships purchasing these autos, maybe delivering them out West to California. At a certain point around 10-years prior the issue got so awful that the US government needed to venture in and make laws to shield customers from this fake movement. 100s of a large number of autos have been considered overflowed and in this way squashed for scrap - insurance agencies not able to re-offer those autos at sales.

Not very far in the past, I was helped to remember this law with a story in the Charleston Gazette-Mail titled; "WV law shields customers from accidentally purchasing surge harmed autos" Phil Kabler distributed on July 17, 2016 which expressed:

"With potential for vehicles harmed in the June surges to appear available, West Virginia customers can take comfort in knowing state law requires automobile merchants to give guarantees on vehicle deals, and precludes offering vehicles that have been submerged without a rescued title. 'With current law, in the event that you purchase a vehicle and it winds up having issues as a result of it, you recover your cash,' he said of surge harmed vehicles. 'With 'as may be,' you're screwed over thanks to it, unless you particularly asked, 'Was it in the surge?' and the merchant misled you."

Fortunately, there are presently standards, directions and laws set up to secure auto purchasers and customers. On the off chance that you are going to purchase an utilized auto, get some information about its history, particularly if the auto has ever been in a surge. You have buyer rights, essential ones, and new rights that buyers two or three decades prior didn't have, and paid for beyond a reasonable doubt. It would be ideal if you verify whether the utilized auto you are purchasing is to be sure fit as a fiddle and has never been submerged.

Most Common Car Insurance Discounts

The reports list a variety of use classes and normal sum, yet they stay substantial markers of how costly collision protection can be. It deteriorates when driver falls under high-hazard classification. A high-hazard driver is one who has inclination to document asserts more frequently than a normal individual because of history of intermittent inclusion in mishaps, absence of experience in the driver's seat, vision weakness, and awful financial assessment. Collision protection organizations see high-hazard drivers as undesirable clients. More claims mean more payout, and this is terrible for organizations. Be that as it may, there are a wide range of approaches to lessen auto protection premium whether a driver is high-hazard or generally safe.

Comprehend Auto Coverage Necessity

Collision protection gives money related assurances through scope. There is particular sort of scope for an alternate arrangement of dangers for cases Bodily Injury and Property Damage, Collision, Comprehensive, Personal Injury Protection, and Roadside Assistance. Some of them are obligatory by law, while others are discretionary. Obligatory scope is unavoidable on the grounds that all drivers must have the capacity to create substantial evidence of protection when a cop requests it. Inability to deliver the confirmation is deserving of fines, driver permit suspension, and correctional facility time.

Discretionary scope is omissible from collision protection approach. It is best to comprehend what every scope sort does to settle on the right choice. For instance, an old economical auto that would not be excessively expensive, making it impossible to supplant does not require far reaching protection. After some careful computations, the premium and deductible for the scope can cost more than the estimation of the auto. Conversely, another auto that is worth more than ten times of the premium can simply utilize both Comprehensive and Collision.

Notwithstanding the auto model, please ensure that all scope sorts in the arrangement are important on the grounds that exclusion of pointless scope can spare a considerable measure of cash. An exchange with an autonomous operator can help anybody decides the right protection for their requirements.

Cut the Premium yet Not the Coverage

Not all drivers can manage the cost of the most finish protection arrangement or need the same sorts of scope. A protection approach that comprises of just the state's base scope necessity costs not exactly those with some discretionary assurances in reality, however it doesn't imply that everybody ought to slice the scope to spare cash. One of the least demanding approaches to lessen premium without exclusion of scope is to exploit protection rebates. Accident coverage premium can look extravagant, however diminishment from a few rebates cut great measure of the expense. There are three fundamental sorts of protection rebates: Vehicle Discounts, Driver Discounts, and Policy Discounts.

1. Vehicle Discounts

Premium lessening is accessible for those whose vehicles meet and surpass the necessity for wellbeing principles. Vehicles with hostile to robbery and detached limitation framework are the absolute minimum prerequisites for qualification. Some new vehicles accompany these security highlights as standard alternatives, so there is no compelling reason to buy and introduce post-retail parts. Other security highlights incorporate VIN, electronically monitored slowing mechanisms, and steadiness control. Every one of those increments forestall wounds and mishaps out and about; collision protection organizations acknowledge and reward drivers' endeavors to stay safe. On the off chance that the supplier does not offer the rebates, buyers ought to request this.

2. Driver Discounts

Qualification fortification driver rebates rely on upon the drivers' profiles. It has nothing to do with vehicle security highlights. A few prerequisites for driver rebates are as per the following:

· Completion of Defensive Driving Course: the course instructs drivers to drive safe and maintain a strategic distance from contribution in mishaps all the time paying little heed to the street conditions.

· Safe Driver: after a time of sans ticket or mischance free, some protection suppliers remunerate the drivers with rebates. The period can be unique in relation to supplier to supplier.

· Low Mileage: in the event that the customer permits, a protection transporter can introduce mileage indicator on the vehicle. Drivers with low mileage implies they invest less energy in the street, consequently generally safe of mischances.

· Loyal Customer: a policyholder who stays with the same bearer for a few periods can be qualified for this markdown.

· Good Student: young driver who accomplishes decent evaluations at school or school is qualified for premium decrease also.

At the point when life conditions change, a driver who already was ineligible for rebates can request decreases the length of he/she can indicate legitimate evidence of qualification.

3. Arrangement Discounts

Not at all like driver and vehicle rebates, the qualification for approach rebates relies on upon how a client buys the protection. Basic qualification prerequisites include:

· Full Payment: a few organizations offer numerous installment alternatives. A client who pays the whole cost forthright merits a value lessening.

· Multi-Car: a client who has two or more autos in the same approach is qualified for lower cost, as well.

A few organizations offer a considerable rundown of rebates, while others just have a few fundamental alternatives. Kindly do an online research or counsel a free specialist to get the most out of the protection approach. Rebates turn out to be more imperative when a driver is high-hazard. Much of the time, a high-chance driver must gain protection from non-standard business sector with higher premium than normal. An organization that merits a look in this circumstance is Good to Go Auto Insurance, a non-standard supplier who offers simple endorsement for high-chance driver and a lot of rebates.

Tips to Trust Building on Cross Cultural Teams

Does every one of your workers believe your choice and quality your organization with their head and heart? Shouldn't something be said about representatives working from seaward areas? Assembling enough trust among representatives is basic to the accomplishment of any trying business. Be that as it may, things can get somewhat confounded when you are hoping to make your nearness felt over the globe. What works in the US won't do in India and the other way around. In any case, given the chances of a worldwide business sector, it is important that organizations and brands discover an exit plan.

Building connections gets harder with multifaceted groups as it is anything but difficult to confound aims and get wrong supposition in the absence of virtual signals. The main distinction is the style of correspondence. At a few sections of the world, individuals like to mingle more than others before getting right to business. Time, patterns, political perspectives, way of life and business sector conduct further confound things. Things being what they are, in what manner can pioneers of multinational/multicultural groups try to utilize differences further bolstering their good fortune without neglecting to the difficulties?

Make a win structure for group building

As per the mainstream authoritative conduct researcher, Dr. Richard Hackman, the perfect approach to guarantee culturally diverse group building achievement is by making beginning molding. This would imply that the whole group has a convincing and clear heading to endeavor towards. Associations ought to share over all assets and data crosswise over geologies to fill each representative about the board's plans. Individuals with the perfect specialized aptitudes ought to be utilized more as a part of worldwide smoothness and building social knowledge. It is additionally vital to manufacture a staff that is adaptable, inquisitive, keen and sincerely steady. Web preparing and courses will frame a part of the excursion today.

Understanding multifaceted cosmetics

To end up a powerful pioneer of a multifaceted group, you have to see each "flaw line" made by contrasts in dialect, thinking and culture. A uninitiated group that comprises of Germans, Koreans and Americans would be a tripwire! While Germans would be agreeable in giving and accepting direct negative criticism, it could be a debacle with Koreans. As a pioneer, you ought to be prepared for these strains and understand them quickly.

Aside from social contrasts, it is likewise beneficial if the pioneer additionally comprehends contrasts in identities, age and sexual orientation. You can't anticipate that an Indian representative will quickly adjust to a more drawn out working day in Germany.

Setting clear standards and adhering to them

Culturally diverse groups can be both resources and liabilities as they acquire a wide assortment of working styles. Add individual inclinations to the blend and things can get truly befuddling. It is along these lines important that the group pioneer chalks out clear standards that are required to be trailed by everybody - paying little respect to the individual bowed. So, it will be best to consider what will work best for the whole group as opposed to forcing your very own decisions and work styles. For individuals that think that its hard to hold fast to the standards because of their social bowed, some additional sessions, extra correspondence and suggestive preparing will be the answer. A customary inflow of video chats, video meetings, email upgrades and meeting room examinations will remunerate the separation boundaries between groups.

Take a stab at building an individual association

It needn't bother with exploration to discover that the best apparatus to battle diverse contrasts and clashes is by making an individual bond between colleagues. In any case, distinctive societies have diverse go up against relationship building. Brazilian workers can get to be companions overnight however it will require a considerable measure of investment to pick up the trust of a British group. It is in this manner important to cultivate a compatibility at every stage and each day of working. It is the occupation of the pioneers to discover the chances of correspondence. Maybe a worker is additionally enthusiastic about photography and would love to have his work included in the site. Get-togethers of this sort can help a great deal in drawing in better correspondence and acquainting colleagues crosswise over societies with each other. The advantages circle back straightforwardly to the profitability.

Address clashes without even a moment's pause

Clashes, particularly with regards to multifaceted groups, don't should be closed down and kept in the basement. While contrasts in assessment are unavoidable when you are working with such an enormous gathering, you ought to likewise guarantee that contentions don't develop to a degree that they will be difficult to oversee. The pioneers ought to serve as a social scaffold and be prepared to start a plain gathering exchange and hear out everybody. Toward the day's end, there ought to be no show! In the meantime, regard everybody as equivalent as everybody prizes a law based authority.

In some cases, you should take a long lunch to comprehend somebody and in some cases it is the decision of the desert that opens up a man. The main thing that is regular in a culturally diverse group is the brand name. Workers, crosswise over society, need to feel regarded to be partnered to your image. There is a pragmatic advantage of letting your gatekeeper down some of the time to assemble multifaceted connections, particularly when hoping to benefit as much as possible from a developing business sector. The relationship demonstrations like protection against the work nature of the abroad group. Nobody needs to lose validity and a decent companionship!

Online and in-house preparing and talks can pilot an activity that aides everybody get in agreement. On the off chance that you went by a Burger King outlet in another nation, you would expect the same taste, representative help and work process as it is at home. All things considered, this won't be conceivable until and unless the administration of Burger King takes after the same rules around the world. It however needs inspiration to make things work and bring individuals under the same umbrella. An effective brand is one which has possessed the capacity to achieve a position where it effortlessly influences the advantages of social differences, as opposed to attempting to moderate the difficulties.

Understanding Over 50 Life Insurance Comparison

Who says that the life insurance will only be able to be purchased when you are still at your productive age? Actually, there are also over 50 life insurances which will make you have a good time of ensuring your future. Now, when you want to deal with this life insurance, you surely need to make a good over 50 life insurance comparison so you can find the best insurance. The best insurance will provide you with more ensuring future so your beneficiary will get the best benefits from what you have let.

This kind of insurance exists for some reasons. First of all, most people will forget about their financial management in young age because they tend to have fun with their money. When the old days come, people’s minds change to be more preventive because they have to deal what they will face in the future. They will have to think about the money for their family in the future or the money which is used for ensuring their funeral. For that reason, in the old days, people often find this insurance and making the over 50 life insurance comparison.

How to Take Over 50 Life Insurance?

In the first step, you should know which one that should be taken when you are dealing with insurance. First, you should see the type insurance which you take. In over 50, you can get the term life insurance which commonly will reach certain period of time in your age. There, you will have maximum payment and regular payments for ensuring that you’re insurance will mature soon. You should also take a look in this maturity time for the insurance in over 50 life insurance comparison so you will get the best benefits. You should get the fastest one because your time is limited when you are over 50.

Consideration in Over 50 Life Insurance Comparisons

Now, when we perform this insurance, we should have some considerations to take. Now, I will mention the consideration which you have to take when you are making the over 50 life insurance comparison. First, you need to know how long the insurance which you have purchased will cover your beneficiary. Most of the time, this insurance takes shape in term life insurance where the owner or policy holder will predict their period of being productive in the old days. When you have predicted it, you need to find the best length of time for the coverage.

You should see in the coverage which is offered by certain insurance agency. Here, you need to make an over 50 life insurance comparison based on this coverage matter. This coverage matter will deal with certain aspects in your life. You have to make sure that the coverage will hit right in the most important thing that you need in your future. For example, you need to find the comparison of over 50 life insurance which focuses on giving the best education for your children in the future.

You also need to ensure the quality of the insurance agent in the over 50 life insurance comparison. Here, you should not deal with newly born insurance agency because you will find some trouble because they have less experience. The best way is to find the insurance agent which is credible and has been established for a long time in that business.

The last thing which comes to your consideration when you make over 50 life insurance comparison is the payment. You have to see that the payments which you have to pay will not bother your daily need. You need to ensure that the money which you pay is actually your saving and it does not make your need in daily life get troubled and you have to force for being thriftier or stingier.

Those are the things which you need to know when you want to make over 50 life insurance comparison. Having this great comparison in over 50 life insurance will make you have better step in choosing. Choosing the right insurance provider is your main purpose here because different provider will also give different benefits. The most beneficial one is the one which is the best for you and the benefit will also depend on your need too