35 years is a long time.

Think about some of the things that happened or were popular in 1981.

• Raiders of the Lost Ark
• MTV began
• Prince Charles and Lady Diana married
• Hall & Oates
• The Rubik’s Cube
• Donkey Kong

A lot can happen in that time of time. The fall of The Soviet Union. The Internet. Mobile phones. Emoji. 35-yr term life insurance.

Yes, you read that right. You can now buy term life insurance with a term period of 35 years from American General Life Insurance Company.

Until now, the longest term period available was 30 years. But with the new term length, you can lock in a low rate up to age 45 and keep it until you are 80 years old.

Will you need term life insurance for 35 years?

Maybe and maybe not. It all depends on your unique circumstances. Things to consider include:

• How many years until your youngest child leaves home?
• How many years until all your children (and perhaps grandchildren) graduate college?
• How many years until you pay off your mortgage?
• How many years until you retire?

This is a start, but there’s more to it. Thankfully, we’ve written a thorough guide to help you find out how long you will need term life insurance.

It’s important to note that you are never ‘stuck’ in a policy for the entire term length. Meaning, you can always cancel the policy before the term expires without incurring any penalties or fees. Most life insurance companies will refund any unused premiums as well. Just in time for last-minute holiday shopping!

Health insurance, as the word suggests, insures the risk of a person’s medical expenses. It is a type of insurance coverage that pays for all health related expenses from surgeries to small injuries or regular medical check-ups. Health insurance either reimburses the insurer or pays the medical authorities directly. It is often offered by companies to their employees to ensure quality workforce.

Why is Health Insurance valuable?

Health insurance is valuable owing to many reasons. People with no health insurance are likely to get poor medical services, no timely checkups, and quality health becomes a financial burden for such people. Health in Pakistan is a privilege, and health insurance makes certain that you are provided with that privilege in the best way possible.

Reasons Why Health Insurance is Expensive

Health insurance tends to get really expensive because of multiple reasons.

1: Administrative Costs

The top most reason of health insurance being so expensive is the administrative cost. The administrative cost of our health care is huge. Running the health care sector costs a huge amount of money in terms of management staff and administrative staff. More than anything else in the medical department, costs are associated with administrative costs, which is higher than any other department.

2: Drug Costs

Another major factor that makes health care an expense that is out of reach of most people is the cost of drugs. Even the government tends to understand that drugs are really expensive and people under a certain wage cannot afford basic healthcare and lose lives to easily curable diseases like pneumonia. The government tries to negotiate with the drug makers to lower the prices, but because of the fact that most drug making companies are private, they are unable to do much in this regard. Medicines that are provided by the government hospitals are free of costs for a certain class, but it is not enough. The quality of such medicines and the limited amount of the dosage provided is not enough to cure the diseases.

3: Defensive Medicine:

One reason for health care being expensive is defensive medicine. Doctors sometimes, because of their own benefit or sometimes because they are genuinely scared of being sued, do not conduct a proper diagnosis until they have run all sorts of medical tests. Multiple tests can cost a lot, and some tests are too expensive to be affordable for poor people. And the government only provides certain tests free of costs to people under a certain wage and to government employees.

4: Expensive Ways Of Treatment

Because of no or very less concern from the government on health issues, government and private practitioners offer expensive ways of treatments to patients. For example, they may prescribe a medicine from a company they have contracts with, even though a similar medicine of another brand is available at a cheaper price. Personal interests come into play and people are robbed of the opportunities to get right medical treatments. This also happens because of lack of knowledge of the patient or the family.

5: Branding

As mentioned above, the brands play a vital role in over pricing the healthcare. A certain medicine with the same salts can be available in the variety of prices. Practitioners tend to have a certain understanding with these drug making companies and they prescribe their medicine to their patients not considering if they can afford it or not. They tend to forget that not just their health but their lives are at stake.

How To Save Up on Health Insurance Plan

There are multiple health insurance companies, but how to decide which one meets all your expectation of ensuring a healthy life for you and your family? 

Here are few of the factors that you must keep in mind while choosing which plan to go for.

1) Lower Premiums are Not Always The Most Affordable Option

While lower premiums will sound great initially, it might also mean that you will have to pay more for deductibles. These things have to be kept in mind of course. For example, if you go for a high deductible policy, there are chances that you might pay less premium. But then you will have to pay more for the deductible.

2) Compare

Always calculate how much health insurance subsidy can you get and comparing different policies from different companies can help you get a much better deal.

3) Know If A Certain Health Insurance Plan Covers Insurance for All Members

If you are married and have kids, be very careful while choosing a plan. Your health insurance must cover a quality healthy life for all your family members, not just for yourself. By looking for a plan that is perfect for you and your family, you can end up saving a lot of money.

4) Compare the Coverage Of Existing Plans

Some people tend to overlook the benefits that two different insurance plans can give you. This can just help give you an advantage in a maximized way.

5) Health Insurance Waivers

Health Insurance waivers allow a person to get the space to decide with one group of insurer and then after discussing things and thinking them over, they can go for the one that benefits them the most, without any pressure on themselves for selecting a certain plan over another.

6) Health Insurance Agents

One of the wisest things to do would be to get a health insurance broker. It is their field and they can guide you the best as to which plan is perfect for you. These professionals know this field inside out and can help you find whatever you are looking for. Trust us: it is not an unnecessary step.

Health insurance is a basic necessity these days. With the increasing amount of health issues, one must ensure that they can cover their health expenses without a worry. Health insurance also provides a healthy life for your spouse and your kids and is an essential part of modern life.

Term life insurance can be seen as income replacement if you were to die prematurely.  It’s affordable and customizable.  One of the ways you can customize your term life insurance is with the term length.

The term length of a policy determines how many years you have insurance coverage for.  A permanent life insurance policy lasts forever – hence calling it “permanently.”  A term life insurance policy lasts a specific number of years – a “term”.  The typical term length options are 10, 15, 20, 25 or 30 years.  So, if you were 30 years old and you purchased a 25-year term policy, you would be insured until you were 55 years old.

A 10-year term policy is one of the cheapest life insurance policies you can buy, which makes sense because the coverage it provides lasts the fewest amount of years.

Even though a 10-year policy may not last very long, there are still situations in which it makes sense to purchase one.

Buy a 10-year term policy if it’s all you can afford.

You may have a lot of bills.  Maybe you’ve got credit card debt.  You couldn’t possibly afford to buy life insurance now, right?  Wrong.  It’s in situations like these when you likely need life insurance the most and can’t afford not to have it.  If your income were to suddenly disappear, what would happen to your family?  If you were already struggling financially, your death won’t make things easier.  Final expenses – such as any debt you had and your funeral costs – would be up to your family to somehow pay.

A 10-year term policy can protect your income and your family’s future while you work toward paying off debt.  A little bit of life insurance is always better than none at all.  Once your finances are more secure, if you decide you want to purchase more life insurance this is always an option.  You can either convert your 10-year policy into a permanent policy (if your policy is convertible) or you can purchase a new term policy.

Buy a 10-year term policy if you are close to retirement.

Most of the time term life insurance policies are purchased to cover the most financially-vulnerable years, such as when your children are small and you have quite a few years left on your mortgage loan.  Other times term life insurance policies are purchased to protect financial responsibilities that may crop up later in life, such as the purchase of a vacation home or your adult child’s graduate school tuition.

As an example, let’s say you are 55 years old and you and your spouse pull the trigger and finally buy that dream condo on the ocean.  It will be a great place for your children and grandchildren to visit.  However, one of your children isn’t quite done with graduate school and tuition isn’t decreasing anytime soon.  You have savings, Social Security benefits will be starting soon, and even though you’re healthy, you still want to be sure that if the unexpected happened, your spouse wouldn’t have to sell the condo and your child could finish school.

Buy a 10-year term policy to supplement your existing life insurance.

Perhaps you planned ahead when you were young and bought life insurance right after your first child.  You locked in a great low premium payment for a 30-year $250,000 term policy.  Perfect.  Your child will be financially protected through her college years and your spouse could pay for your funeral and rent each month.

Now, fifteen years later you’re 40 years old and realize that your $250,000 policy won’t cover your $400,000 mortgage loan.  Instead of applying for a brand new 30-year policy with a $500,000 coverage amount, you can opt to add to your current coverage with a new 10-year policy $250,000 policy.  This will ensure you have an appropriate amount of coverage for the next ten years while you’re paying off your mortgage and through your daughter’s college years – without being over-insured.

Buy a 10-year term policy to protect a loan.

Whether you need to take out a personal or business loan, lenders need to know how you plan on paying back the loan.  They also like a backup plan as assurance that they won’t lose money should you die unexpectedly before the balance is paid in full.  One such option is to assign a term policy as your payment backup should you die.  Lenders will be more inclined to approve your loan if they see you have all intentions of paying it back – even in death.

Interested in a 10-year term life insurance policy?  Finding out how little a policy may cost you is incredibly easy.  Visit AMEZones.com/lifeinsurance. – run as many quotes as you want without being required to enter contact information.  We look forward to helping you purchase life insurance.

Alarm systems and motion detectors can offer you protection and security, but there are other steps you can take to prevent your home from being burglarized.

According to Statistics Canada, alarm systems have helped reduce the number of home break-ins. Insurance companies favor those who have such security systems in place, however, follow our additional steps to further prevent home break-ins.

Doors and windows MUST be locked.

To prevent a break-in, always lock your doors and windows, especially when you aren’t home. Make sure that windows can’t be open from the outside, but that you can unlock them from the inside in case of an emergency. It’s important to change your locks or combinations if you move into a new home or lose your key. You can also use security bars on basement windows or sliding doors. If you have a spare key outside your home, make sure it’s well hidden.

Keep valuables out of sight.

Closing your blinds and curtains at night can stop people from seeing in, but you should also keep valuables out of sight. If a thief can see valuable items, such as jewellery or electronics, they are more likely to break-in. Small valuable items can easily be taken from your home. Keep these items in a safety deposit box or an unlikely place. It is always a good idea to take an inventory of your valuables in your home with videotapes or photographs.

What to do while you are away.

Home break-ins are less likely if it looks like someone is home. Before leaving for vacation, stop your mail or have someone pick it up for you. To make your house look lived in you can keep your grass cut, a shoveled driveway, and a car in the driveway. You can also use timers on your lights. If you have a good relationship with your neighbour, let them know how long you will be away so they can keep an eye on your home. Avoid posting on social media that you are going away and wait until you are back to post those great vacation pictures!

Remember to limit the number of people who know you will be away from your home. We hope you have found our prevention tips useful!  

The standard home insurance policy as it’s designed performs very well in protecting the assets of the average homeowner. The policy provides coverage for the dwelling and also the personal property of the residents. Additionally, home insurance policies offer personal liability coverage for protection from third-party claims and lawsuits.

However, because it is a standardized form utilized by the majority of homeowners, the policy will sometimes fail to properly insure risks that are somewhat unique. Nowhere is this more apparent than with unusual or high-value personal possessions that have limited, if any, coverage on the standard home insurance policy. Thankfully, the insurance industry has created personal floater policies to address the problem.

Limitations of Home Insurance for Unique and Valuable Items

In the typical home insurance policy, the dwelling and most of the contents are covered up to the amount specified on the policy. The only limit on items such as furniture and appliances is the total limit insured on the policy with no separate cap on the value of each individual item. Unfortunately, there are a number of other items that have very low limit caps on the amount recoverable from the policy. As an example, the following items usually are limited in the coverage available:

• Money, coins, and medals, including that are part of a collection – limited to $200 in any one loss
• Securities, checks, cashier’s check, travelers checks, money orders, and other negotiable instruments, manuscripts, and passports – limited to $1,000 in any one loss
• Stamps, trading cards, and comic books, including any that are part of a collection – limited to $2,500 in any one loss
• Firearms – limited to $2,500 in any one loss due to theft
• Silverware and goldware – limited to $2,500 in any one loss due to theft
• Electronic data processing equipment – limited to $5,000 in any one loss

The limits may sometimes vary from insurer to insurer, but these items are commonly covered with low sublimits, if covered at all. Many policies completely exclude jewelry and furs, while others may offer a small limit, such as $500 for the loss of any such items. Artwork and rugs are also commonly covered at lower levels than their full value if they are items of any significant cost.

All of the above items can generally be covered on a floater policy that is purchased separately from the home insurance policy. The floater is given its name due to the nature of the items covered, as they are not permanently affixed and may very easily be moved from one location to another. Even though other items in your home may meet this definition, the home insurance policy only shifts items of particular value to the floater policy for appropriate coverage.

Securing Floater Coverage

Most items that are not easily or appropriately insured on the standard home insurance policy can be insured on a floater. Different insurers will offer different types coverage, and often, multiple floaters will be necessary to cover varying items. If you have both valuable artwork and jewelry, you will likely need dedicated floaters for each category of items insured.

It’s unusual to have one floater policy cover very different types of property. When purchasing a floater policy, it’s a good idea to check around, as your standard home insurance company may not always be the best option. Unlike the standard policies (home insurance, personal umbrella, and personal auto), floaters are often unique to the property covered and there are sometimes very limited options for securing coverage. The more unusual your property, the more challenging it will be to find a good policy.

One of the benefits of floater policies is their superior coverage terms when compared to the standard home insurance policy. In many instances, floaters will cover property without any deductibles, and can offer better pricing than the standard home insurance policy. However, terms are less standardized with floaters, so it’s important to fully understand what you are purchasing before securing a policy.

Things to Consider from Your Floater

Some policies provide a blanket limit, which is the most the insurance company will pay in any one loss. Other policies will specify an amount for each and every item being insured. There are advantages and disadvantages to either option, but the decision will come down to cost and risk tolerance. If you want to insure at the lowest price, you will likely have to accept a lower blanket limit and hope that you don’t lose everything in one incident. If you are seeking the maximum coverage, a defined limit per item is the way to go, but will cost much more in premium. A hybrid approach is to have particularly high value items insured for a specific amount with the remaining items falling into a blanket limit.

When setting up your policy, you want to know exactly how you will be paid in the event of a claim. With most high value items, it’s common to have an appraisal of the insured items to pre-determine their value. With the agreed upon amounts scheduled onto your policy, there will be no dispute at the time of the loss. However, you should pay attention to any significant appreciation of your property, as you will need to update your policy with the newer, higher values.

The very nature of items insured by a floater policy presumes they can easily be moved from location to location and, therefore, the policy generally does not set such limitations on coverage. Ideally, policies with worldwide coverage are the best, as you need not worry if your jewelry is lost or stolen while on vacation overseas. Worldwide coverage is not always automatic, so you should inquire prior to purchasing a policy.

Even though your items may be insured on a floater policy, your insurance company would prefer that you not lose them in the first place. Many companies will offer loss control services to help you protect your property. They can offer suggestions and advice on how best to secure your valuable property to prevent loss or damage. These services are generally free of charge and are included in your premium. In some cases, the policy may actually place certain requirements on you to remain insured, such as storing your jewelry in a safe when they are not being worn.

Purchasing a Floater

The cost of a floater policy depends on several factors, primarily the value being insured and the nature of the property being insured. Items that are susceptible to damage or loss can be more expensive to insure. Most companies offering floater policies have established pricing based on their historical experience with loss of the type of items insured and will offer you a premium based on their assumptions. The more unusual your item, the more likely you will pay a higher premium, as insurers have less experience. As with other insurance policies,

If you find that your regular home insurance company can offer a floater policy, you might enjoy a multi-policy discount. Even if you go to a different company for your floater policy, you might still end up with a multi-policy discount if you purchase more than one policy for your many different insurable items.

The first step in purchasing a policy is to check with your current insurance company to see if they offer floaters. If they do, they can help you effectively separate out the values that would otherwise be on your home insurance policy, eliminating any double charges for the same items. If you need to find another insurance company, checking with independent insurance agents can open up the possibilities to more insurers.

For certain items, special interest groups or clubs may be of assistance. You may be surprised to find that there are Internet groups and forums devoted to just about any type of collectible items. These groups are often great sources of information for insurance to cover their specific hobby. Sometimes the manufacturer or retailer of certain products may also offer suggestions or even an insurance program already designed to insure your items. After all, it’s likely that you are not the first person to try and insure your item.

If you have anything that is of particular value, it’s always a good idea to check on the possibility of insuring it with a personal floater. The worst thing to do is to rely on the home insurance policy for insurance coverage on unusual or high-value property. Personal floaters can usually do the job better and cheaper.

While home warranties can be an additional level of protection for your home, some homeowners may have chosen not to purchase one and others may not even know what one is. If you’re wondering how a home warranty could help protect your home, here are five misconceptions and myths debunked.

Myth #1: “I don’t even know what a home warranty is, so I probably don’t need one.”

The more you know about the home systems and appliances in your home that may be covered by a home warranty, the more you may likely appreciate the value. Home warranties usually cover big-ticket items, like your furnace, air conditioner, plumbing, electrical systems and appliances — some of the essential things you use on a daily basis. A home warranty may help cover the repair or replacement of covered items that break down due to normal wear and tear.

Myth #2: “A home warranty is expensive; it’s not worth it.”

Have you ever thought about how much it would cost if you were to replace a major home system?  According to HomeAdvisor, the average cost of replacing a furnace may range from $2,298 to $5,550. Generally, a basic home warranty may cost you between $350 to $500 a year.

Myth #3: “I don’t need a home warranty, because I have all new appliances.”

Unfortunately, new items may break down, too. Without a warranty, you may be leaving yourself open to a potentially expensive repair on a new appliance.

Myth #4: “I maintain all my appliances and systems, so I would never need a home warranty.”

Breakdowns can happen unexpectedly, even to the most attentive homeowners. Routine maintenance can be a great thing and certainly helps, but it is no guarantee that things may not go wrong.

Myth #5: “I have homeowners insurance, so I don’t need a home warranty.”

This is a common misconception. Homeowners insurance and a home warranty are two separate things and offer different coverage. Homeowners insurance may cover things that happen due to an unexpected event, such as a fire or theft. But a home warranty is a service contract that provides for the repair or replacement of covered items when they break down due to normal wear and tear — things that can happen to just about any homeowner at some point.

Make sure to weigh all of the facts, and then decide if a home warranty may be right for you and your home.

Most of us know by now that our medical care will cost a lot less if we see a doctor who participates in our health plan’s network.

But it’s gotten harder to know for certain which doctors participate and which don’t, particularly if you’re hospitalized. For example, if you visit the emergency room you likely won’t know if the doctors treating you are in your plan’s network. Even if you have surgery or deliver a baby at an in-network hospital, you could be treated by an anesthesiologist or an assistant surgeon who is not contracted with your insurer.

Even if your insurer reimburses out-of-network doctors, the doctor you saw may decide the payment wasn’t enough, and send you a bill for the balance.

That’s when surprise bills show up. According to a recent report by Consumers Union, nearly one-third of Americans with private insurance got a surprise medical bill in the last two years.

So, if you’re planning a surgery or procedure, consider these 5 steps to reduce your risk of getting surprise bills:

1. Know what your plan covers. Surprise bills can often be avoided by simply taking the time to carefully read through your plan’s benefits and by calling your insurer to ask whether the procedure you need is covered.

2. Get the names of your providers. “You should have a firm understanding not only of what is involved in the procedure you’ll be having, but who will be involved in providing your care,” says Dr. Sam Ho, chief medical officer for UnitedHealthcare.

Get in writing the names of all the healthcare professionals providing your care and make sure they are all in the network, including physician assistants, anesthesiologists, and radiologists. “You have the right to request only in-network providers,” Ho says.

3. Call about your health plan. Provider networks change all the time. Before your procedure, get in touch with your health plan to verify that the doctors you plan to see are still in-network, and be sure to take notes on who you spoke with and what you were told. If you receive an unexpected bill after your procedure, contact your health plan again for assistance.

“Some insurers will serve as an advocate on your behalf and negotiate with the physicians to either lower the out-of-network charges or waive them all together,” Ho says.

4. Ask about cost. There are a number of pricing tools available today that can help you research the estimated cost of specific treatments and procedures. Most insurers offer price estimate tools, as do many large employers. There are also plenty of apps and websites available.

Keep in mind, however, that there is no comprehensive database of healthcare prices.
And, despite all the tools, finding accurate healthcare cost information is still generally difficult.

Still, it pays to talk with your physician and/or the hospital about the cost of your care and to request an estimate in advance.

If you receive a surprise bill, ask if your provider will accept your health plan’s payment as payment in full.

5. Know your state’s rules. Federal law does not protect patients from surprise billing. But some states have policies in place that help people with at least some of the common situations that lead to unexpected charges, such as emergency room visits that involve out-of-network doctors.

If you receive a surprise bill, contact your state’s department of insurance to see if there are legal protections against balance billing.