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Apache is functioning normally

Life insurance is a highly important component of many people’s financial plans. One of the key reasons for this is because the proceeds from a life insurance policy can be used for multiple needs of one’s survivors, such as paying off debt, replacing income for everyday living expenses, and paying the high cost of the insured’s funeral and other final expenses.

If you are currently searching for the right life insurance policy, it is essential that you go with the right type of coverage, as well as the best amount regarding future anticipated needs. It is also recommended that you ensure that the insurance carrier you get the coverage through is secure and stable financially and that it has a positive reputation for paying out its claims to policyholders. One insurer that meets these criteria is Amica Life Insurance Company.

The History of Amica Life Insurance Company

Amica Life Insurance Company is the oldest mutual insurer of automobiles in the United States, with more than 100 years in the insurance business. Amica is a mutual insurance company, which means that it does not have stockholders, but rather the company’s policyholders are considered owners in the company.

The company was initially established in 1907 as The Automobile Mutual Insurance Company of America, and the first products offered by the company were automotive, fire, and theft insurance.

Over the years, it has grown and expanded and added additional product offerings to its mix. It has 44 offices around the United States. Amica Mutual Insurance Company is headquartered in Lincoln, Rhode Island.

Amica has several subsidiaries. These include:

  • Amica Life Insurance Company – This subsidiary of Amica offers both life insurance and annuity products, as well as some types of health and specialty products. This entity does business in all of the U.S. states except Hawaii. Amica Life Insurance Company was established in 1968.
  • Amica Property and Casualty Insurance Company – Amica Property and Casualty Insurance Company is also a wholly owned subsidiary of Amica Mutual Company. This entity provides auto insurance in New York and New Jersey. It was established in 2005.
  • Amica General Agency, Inc. – Amica General Agency, Inc., was founded in 1987, with the purpose of assisting with special or unique insurance needs.

As a mutual insurer, policyholders may be eligible for dividends – which can be taken as cash, or added to a permanent life insurance policy’s cash value, or used to purchase additional life insurance protection. (It is important to note that dividends are not guaranteed).

Amica Life Insurance Company Review

In addition to providing insurance coverage, Amica is also a key contributor to the communities in which it serves. For example, just one of how this company helps to build community ties is by sponsoring Habitat for Humanity.

Amica has also earned numerous awards and accolades throughout the years. These include:

  • Highest Customer Satisfaction Among National Homeowner Insurers from J.D. Powers for more than 15 consecutive years
  • Best Places to Work in 2017 from the Providence Business News and Best Companies Group. The company has been included in this list eight times.

Insurer Ratings and Better Business Bureau (BBB) Grade

Based on the company’s financial strength and claims paying ability, Amica Mutual Group has received a rating of A+ (Superior) from A.M. Best Company. Amica Life Insurance Company has also received an A.M. Best rating of A+.

Also, Amica has been an accredited business through the Better Business Bureau since January 1, 1957. The company has been given a grade of A+ from the Better Business Bureau, which is on an overall grade scale of A+ to F.

Over the past three years, Amica has closed out 79 total customer complaints via the Better Business Bureau, with 52 of these being closed out within the past year. Of the 79 customer complaints, 45 of these had to do with problems with the company’s products and services. Another 26 complaints dealt with billing and collection issues, six were related to advertising and sales issues, one was about delivery issues, and another one had to do with guarantee and/or warranty issues.

Life Insurance Coverage Offered Through Amica Life Insurance Company

Amica offers both term and permanent life insurance coverage options. With a term life insurance policy, there is death benefit protection only, with no cash value build up. Because term is considered to be the most basic form of life insurance coverage, it can often be quite affordable, especially for those who are young and in good health. Term life insurance policies will cover an insured for a certain length of time.

Permanent life insurance offers both death benefit protection and a cash value or savings component. The money that is inside the cash value portion of the policy is allowed to grow and compound on a tax-deferred basis, meaning that there is no tax on the gain until the time the funds are withdrawn.

Amica offers a level term insurance product that not only provides life insurance coverage for a set length of time, but that can also essentially be “customized” to best fit an insured’s personal needs.

These term insurance policies allow the choice of coverage for ten years, 15 years, 20 years, 25 years, or even for 30 years. During the period that is selected, the amount of the premium rate will remain the same – and, as long as the premium is paid, the policy will guarantee a level amount of life insurance protection up to the insured’s age 95. (With these policies, the coverage amount will also not decrease as the insured gets older).

Amica’s level term life insurance coverage also allows the option to add a cost of living adjustment rider. This provides the opportunity to offset inflation by increasing the face amount of the policy each year – at the same premium rate.

Also, the insured may also wish to take advantage of the conversion option, which can allow him or her to convert the term policy over into a permanent form of life insurance coverage. This option is available, regardless of the insured’s health.

The policy can also include a terminal illness rider, which allows the insured to receive a portion of the policy’s death benefits if he or she becomes terminally ill. These funds can help to pay for medical expenses or any other need that the insured sees fit.

Additional optional benefits and riders that can be available with the Amica level term life insurance policies include the waiver of premium, the children’s insurance rider, and an accidental death benefit rider.

Regarding premium price, Amica Life Insurance Company offers discounts for larger policies, and there are no policy fees. Also, an insured may be rewarded with a lower amount of premium if he or she is in excellent health, and they make healthy, positive lifestyle choices, such as exercising and eating right. For those who qualify for Amica’s better premium rate classes, there may be no need to take a medical examination as a part of the insurance underwriting process.

About permanent life insurance coverage, Amica Life Insurance Company offers whole life insurance. With a whole life insurance policy, the death benefit is guaranteed, and the cash value funds will grow at an interest rate that is set by the insurance company. Also, the amount of the premium cannot be increased – even as the insured ages, and if they contract an adverse health issue.

Whole life insurance is meant to cover an insured for the entirety of their lifetime – as long as the policy’s premiums are paid. And, the cash that is in the cash value portion of the policy may be either borrowed or withdrawn by the policyholder for any need or reason.

The whole life insurance from Amica also has some ways to customize the coverage to meet the needs of the insured better. For example, there is an early benefit provision, whereby if the insured is diagnosed with a terminal illness and given a life expectancy of one year or less, then they may receive advanced funds from the policy’s death benefit.

There are also additional optional benefits and riders, which include a waiver of premium, children’s insurance, accidental death benefit, and/or a guaranteed option to purchase additional insurance.

As with Amica’s term insurance policies, there can be premium discounts available for larger policies, and there are no policy fees. Also, Amica may reward an insured with lower premiums based on the insured having excellent health and lifestyle choices.

Amica also offers a simplified whole life insurance policy option. Here, the application and approval process is fast and easy and does not require a medical exam to qualify for the coverage. This coverage protects an insured up to the age of 120, and it guarantees level premium, never to increase – even regarding age or health condition. The premium payment on this simplified whole life insurance coverage option can be made monthly, quarterly, annually, or semi-annually.

The simplified issue whole life insurance plan is available in face amounts of $5,000, $10,000, $15,000, $20,000 or $25,000. There is no waiting period for coverage to begin, and there is a 31-day free look period for the insured to determine whether or not this is the right coverage for their needs. (And if not, they can return the policy and receive a full premium refund). Simplified issue whole life policies are often used to help survivors pay for funeral and other final expenses, as well as final medical bills and debt.

Other Products and Services Offered

In addition to providing life insurance protection, Amica Life Insurance Company also has additional products in its inventory, including:

  • Auto Insurance
  • Home Owners Insurance
  • Marine Insurance
  • Personal Liability Coverage
  • Condo Insurance
  • Renters Insurance
  • Motorcycle Insurance
  • Small Business Insurance
  • Wedding and Event Insurance
  • Investments
  • Retirement Annuities
  • Traditional and Roth IRAs

How to Find the Best Life Insurance Premium Quotes with Amica Life Insurance Company

If you are looking for the best life insurance premium rates with Amica Life Insurance Company – or on coverage from any insurance company – it is typically recommended that you work with an independent insurance agency or broker that has access to many different insurance carriers. That way, you can directly compare – in an unbiased way – the policies and the premiums of multiple insurance options, and from there you can more easily choose the one that may work best for you.

When you are ready to move forward with comparing life insurance policy options, we can help. We are an independent life insurance brokerage, and we can provide you with all of the essential information you need for making a well-informed decision. We can do so for you very quickly and easily, without having to meet with an insurance agent in person. In fact, you can receive the details that you need directly online from us. If you are ready to proceed, then just simply fill out our quote form.

We know how overwhelming it may be to look for the right life insurance coverage. There are many angles to consider – and you want to make sure that you are going with the best alternative for you. We can help you to find the coverage that’s best. So, contact us today – we’re here to help.

Source: goodfinancialcents.com

Apache is functioning normally

For quite a while my workplace has only offered a 401(k) plan for employees to invest in, and the investment options in the plan were pretty limited.  Because of that, and the fact that there was no company match on invested dollars, we’ve been investing through other vehicles, like the Roth IRA.

Within the past couple of months our company has switched plan administrators, and in the process the company plan has opened up a whole new slew of investment options. 

While the company still isn’t matching contributions, I was pleasantly surprised to find that they are now offering a new Roth 401(k) plan.

If you’ve been reading this site for any amount of time you know that I’m a big fan of the Roth IRA, so having a Roth 401(k) option is something I’m pretty pumped for. 

But I did have a few questions, including – how are the Roth IRA and the Roth 401(k) different, and does either of them have benefits over the other?

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Contribution Amounts For Roth IRA Vs. Roth 401(k)

One of the biggest differences between the two account types is that their contribution limits vary by quite a bit.

  • Roth IRA contribution limit: The Roth IRA currently has a contribution limit of $6,000, with an allowed $7,000 contribution limit if you’re 50 or over.
  • Roth 401(k) contribution limit: The Roth 401(k) has a higher contribution limit of $19,500/year, with a 50+ contribution limit of $26,000.

So if you’re looking at contribution limits the Roth 401(k) has a definite advantage because you can contribute $13,500 more per year than with a Roth IRA.

Required Minimum Distributions

Quite often retirement accounts like the 401(k) will require that investors take a required minimum distribution from their account balance once they reach a certain age. 

The Roth 401(k) is no different from the account type requiring you to take minimum distributions starting at age 70 1/2.   If you need to be taking money out of the account anyway, that probably isn’t going to be a big deal. 

If however, you would prefer to allow the balance to continue to grow without taking distributions the Roth IRA is probably the better choice.  The Roth IRA account can essentially exist forever without requiring you to take distributions and can be passed down.

Some have suggested that if you don’t anticipate needing to take distributions from your account upon retirement, that you roll your Roth 401(k) over into a Roth IRA when leaving an old job.  That way you won’t have to take RMD.

Investment Options Available

Quite often when you’re working with an employer sponsored retirement plan your investment options are going to be limited to the few options that are made available by your plan administrator. 

Depending on what investment options are available that may mean you’re not able to invest how you might like.

The Roth IRA, however, doesn’t limit your options and you can invest in pretty much whatever you’d like, including individual stocks and bonds.

Luckily for me my company’s new Roth 401(k) plan offers a good range of solid index funds for me to invest in, so this isn’t an issue for me.  

If, however, you’re limited in your own Roth 401(k) and there is no company match, you may want to start by investing in your Roth IRA first.

Company Matching Investments

One thing that is nice about the Roth 401(k) is that you can receive a company match when contributing to that account type. The same can’t be said for the Roth IRA since it isn’t a company-sponsored plan type.

If you are receiving a company match when contributing to a Roth 401(k), your account will have to have a traditional 401(k) component built onto it since company matching funds have to be done pretax. If you are getting a company match I highly recommend contributing to your Roth 401(k) first as it is essentially an instant 100% return on your investment!

Income Limits

The Roth IRA has income limits attached to it, with high-income individuals and couples having contributions phased out completely at $140,000 and $198,000 AGI respectively. Contribution amounts begin phasing out at $125,000 and $208,000 respectively. So if you’re making more than those amounts you may not be able to contribute to a Roth IRA.

The Roth 401(k) on the other hand doesn’t have those income limits.  High income individuals can contribute to a Roth 401(k) without regards to their adjusted gross income.

Is A Roth IRA Or Roth 401(k) Better For Me?

Depending upon what your current situation is, either one of the account types may fit your situation best. Things you’ll need to take into account include your current income levels, whether your company has matching contributions, what kind of investment options are available in your company’s Roth 401(k), and how much you’re looking to invest. Future tax rates and how long you have to invest might play into it as well.

Depending on your situation you may choose to invest in one or both of these account types, and even diversifying your tax situation by investing in a Traditional IRA or 401k as well.   For us, we’re currently investing in both our pretax 401k and our post-tax Roth 401k, as well as investing a bit in our Roth IRA. We’re covering all the bases!

How about you? Are you investing in one or both of these account types? Does your company offer a match?  Have you considered the differences between the account types – and has it affected how you invest? Tell us your thoughts in the comments!

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Source: biblemoneymatters.com

Apache is functioning normally

As a child growing up, I remember my father constantly eating Ramen Noodles in a Styrofoam cup.

It was pretty fascinating that all you had to do was add hot water, and presto, you had a ready to eat meal in a few minutes.

Perfect for an impatient kid!

As I got older I started to notice that the package of Ramen Noodles still existed in our kitchen.

My father had always struggled with money.

He had battled credit card debt and never really made good financial “cents” of his money.

I guess I always just thought that he really liked the cup of Ramen Noodles.

I later found it there was much more to the story.

All Too Familiar Feeling

I remember my first year as a financial advisor.  I was meeting with a couple in their early 60s.  At the time, I was 24 years old and already started a Roth IRA and was quickly learning the proper ways to invest in your 20s.  I remember this couple in particular because while many people get excited about retiring and starting a new venture in their life, with these folks, retirement was nowhere in the near future.

Combined, they had maybe $50,000 saved in their retirement investment accounts combined.  Their jobs offered no pensions, so all they had was social security.

I remember looking at this couple, and eerily, I saw similarities with my father. They had no hope of retiring.  They had done a horrible job of saving.

The Ramen Noodles Jolt

This meeting instantly made me realize that I did not want to follow in their footsteps.

I knew that I did not want to be in my early 60s and be forced to be eating cup of Ramen Noodle soup.

I didn’t want to have to worry about not ever being able to retire.  I know at the age of 24, I was thinking much more different than my peers.  None of my friends talked about retirement.  We talked about the next trips that we were going to go on, what concerts we wanted to go see, still reflecting back on the good old college days.

Investing in Your 20s Isn’t Cool, It’s a Must

I write this because if you are in your 20s, I know you’re thinking the exact same thing, even if it’s just how to invest with 100 dollars.  What’s the point of investing?  What’s the point of saving?  What’s the point of even thinking about retirement?

Here’s one thing I know, you don’t want to be eating Ramen Noodles for dinner for the rest of your life.  It might be good every once in a while, but I promise you, you get sick and tired of it.

So, why is it so important to start investing early in your 20s?

Most young people just don’t get it.  They think they have plenty of time to start thinking about retirement.  While, yes that’s true, what most don’t understand or appreciate is that the sooner you start, the easier it is.

You don’t want to discover you’ve waited until it is too late to retire.

For example, look at this chart.  This chart was something that was shown to me whenever I was junior in college.  The chart literally blew me away.

The chart has two young adults that should be investing in their 20s: Super Saver Parker who starts at the age of 25 and Super Slacker Sloane.   Both graduate with good paying jobs and have well enough income to start contributing to a Roth IRA.

Super Saver Parker 10 Years of Contributions Super Slacker Sloane 30 Years of Contribution
25 $2,000 25 –
26 $2,000 26 –
27 $2,000 27 –
28 $2,000 28 –
29 $2,000 29 –
30 $2,000 30 –
31 $2,000 31 –
32 $2,000 32 –
33 $2,000 33 –
34 $2,000 34 –
35 – 35 $2,000
36 – 36 $2,000
37 – 37 $2,000
38 – 38 $2,000
39 – 39 $2,000
40-65 – 40-65 $50,000
Total Contributions $20,000 $60,000
Ending Account Value $340,060 $266,427
*BIG* Difference

$73,633

Super Saver Parker starts putting $2,000 a year into his Roth IRA ($166.67 per month).   He does this for a total of 10 years and stops for a grand total of $20,000 he put in.  Why does he stop?   Don’t ask.   That’s just part of the illustration.   🙂

Super Slacker Sloane puts off saving because he wants to buy “stuff” (otherwise knows as “crap you don’t need”).  He finally gets it and starts putting $2,000 a year starting at the age of 35.   Wanting to catch Parker, he puts in $2,000 a year for 30 years contributing $60,000 in total – $40,000 more than Parker.  *We’re assuming that they both average 8% return on their money. 

After they showed this chart to me in my finance class, the question that was then asked was,

“Who will have more money at the age of 65?”

I remember my initial thought was “Duh, the guy who put in $40,000 of course!“.

Hmmm…..oh how wrong I was.

The reality is that the person who started 10 years earlier (preferably in their 20s) had actually made $73,633 more even though they put in $40,000 less.

Maybe a Chart Involving Beer Will Help?

Not convinced? Here’s something else to look at:

Sounds great, right? Being able to retire, not having to eat Ramen, being able to drink a gigantic tower of beer… all wonderful.

But if I had to guess there are some of you out there in your 20s — just starting careers, just starting families, just really starting to get into the swing of things — that are wondering:

How the heck do I start? I have no idea what I’m doing!

Well that’s hopefully one of the reasons you are reading my blog. I want every single one of my readers to be able to retire, and if I have to show each one how to do it then that’s what I’m going to do.

Resources for Getting Started on Your Retirement Saving

Here are some resources I’ve created to help you jump start your retirement savings.

Best Online Brokers for Beginners

With the large number of brokerage firms out there it can be really confusing deciding where to open an account. There are some brokers out there that are only for “professional” investors that trade a lot and need all kinds of crazy chart tracking.

If you’re just starting and investing in your 20s then that isn’t you.

I’ve boiled down your best online broker options for you to make the selection that much easier.

I like really simple, and beginner investors should too.

The Roth IRA is one of the best investment accounts to have to grow your nest egg for your retirement.

Naturally, you put the two together and you get a great result.The Roth IRA Movement

Last year I helped start the Roth IRA Movement to encourage young people to open and fund Roth IRAs. Over 140 bloggers jumped in to add their own articles and it was a huge success. The link above takes you to an easily accessible list of all of the posts. A lot of good reading here.

Start Saving for Retirement In Your 20s

No matter which broker you go with or what investment philosophy you end up selecting… please do not delay in starting your retirement savings.  Investing in your 20s is the absolute way to go.  Literally every day that goes by without saving for the future the harder you will need to work and save to meet the same goal.

Let your money work for you by giving it the maximum amount of time to be invested. Don’t end up eating Ramen Noodles and waiting for your next Social Security check. That’s no way to live your golden years.

Source: goodfinancialcents.com

Apache is functioning normally


What do you spend most of your money on? For most people, their two biggest expenses are their home and car(s). If you remember the post comparing expenses in 1913 to 2012, you might recall the three things that Mr. Average spent most of his “raise” on were:

  • Housing (36 percent of the raise)
  • Income taxes (28 percent), and
  • Transportation (24 percent)

A majority of the increase in transportation has, arguably, to do with that wonderful instrument of freedom — the automobile.

The choices we make

Our spectrum of choice in cars is, of course, wider than a mile. Egotistas spend big on the latest model of the coolest car. Hollywood celebrities once flaunted their beblinged Cadillac Escalades at the annual Oscar ceremony. That was before the 2002 recession. When that hit, it suddenly wasn’t cool any more to be seen piloting a behemoth slurping down rivers of Mother Earth’s precious resources. That’s when the curtain went up on the eco-friendly Toyota Prius, which Cameron Diaz and other stars rode to the 2003 big event in their sipply little Priuses. Overnight, saving the planet with the Prius became California Cool.

That was then.

The top 1 percent, as we saw a few weeks ago, figured out a way to ensure that a full 95 percent of the wealth increase from this economic recovery gets channeled into their pockets. With that, concern for saving the planet went the way of Uggs for boys, and now the wheels of choice for gliding down Rodeo Drive has become a Range Rover, starting at $85,000 (new, of course).

While an egotista’s main concern is how to bling up a new Range Rover, the other end of the spectrum is occupied by frugalistas sporting boring robust-o-cars destined for at least ten more faithful years of service. Those road warriors are inevitably at least 20 years old, scored on Craigslist for $500 from people with more money than savings concern.

Most of us find ourselves somewhere in the middle of the bulge of the ever-present bell curve, seeking to save while driving something a tad less extreme. That includes the mythical Mr. Average, the darling of all statisticians and bloggers.

So what does Mr. Average spend to keep his or her car on the road? The three biggest car expenses are depreciation, fuel, and car insurance. How does Mr. Average try to save on these items? Buy a cheaper car, is the usual answer.

Not for insurance. You would think you would save on auto insurance with an economical Toyota Corolla, which would be cheaper to insure than, say, a Chevy Tahoe, which is approximately twice the cost. You would be wrong. In an actual comparative pricing study I did for another blog post, I discovered that insuring the more expensive Tahoe is actually cheaper in total dollars than insuring the economical Corolla (new, as well as used).

Comparing gas mileage and depreciation is relatively easy. Getting a handle on car insurance costs for Mr. Average, however, is not.

You see, car insurance is greatly affected by “other” factors than by your choice of vehicle. According to Insurance.com, there are four basic factors insurance companies use to set your rates, and the actual vehicle is only third on that list.

The biggest factor setting your auto insurance rate is you — or, to be more specific, how insurance companies see you. You are bound to hate some and love some of these distinctions, but they’re driven by hard data, collected and analyzed by geeks at their computers.

Who you are

Age: If you’re under 25, your car insurance rates will be higher. Over 25, it depends. It drops until you become seriously interested in Depends, at which time your car insurance rates will start to climb again.

Along with age, insurance companies look at how many years you’ve been driving. Statistics prove that people who have driven longer file fewer claims. For that reason, it usually pays to keep your driver’s license current, even if you live somewhere like New York City or Chicago, where you many times don’t even need to own a car or drive. (Of course, you may need to have a driver’s license in America to write checks or buy stuff with plastic. Foreigners sometimes have a hard time figuring out how being able to pass a driving test qualifies you to write checks, but that’s a different story.)

Gender: Women pay less because:

  • They drive less
  • They get in fewer accidents
  • They get fewer speeding tickets
  • They get fewer DUI convictions
  • They buy safer cars

Please note: that’s not a personal judgment. Insurance companies agree that that’s what the numbers say.

Zip Code: Where you live affects your rates, because the frequency of “risk events” varies greatly from neighborhood to neighborhood. These risk events include vandalism, theft of cars and/or contents, and fraudulent claims. Again, these are not Mark Cuban types of assessments; they’re conclusions drawn from statistical data. For this reason, it’s not uncommon for two identical people living just a few miles apart to have a difference of as much as 50 percent in their auto insurance rates.

So, if you’re considering moving, it might be a good idea to find out what the difference will be in your car insurance. You can get quotes from esurance, Progressive, or other online insurance providers — or you can fill out a single form at Insurance.com and get free online quotes from a bunch of insurance companies any time you want to compare rates. (It’s pretty slick, but I digress.)

In general, it’s cheaper to insure cars in rural areas, because they have less crime, less traffic, and fewer accidents.

Credit History: You might not think paying your credit card bill late would increase your car insurance, but you would be mistaken. According to an insurance broker friend of mine, statistics show that people with bad credit file claims something like 40 percent more frequently than those with good credit. If you want to look into this, here’s an article about how and why your credit history affects your car insurance premiums.

Occupation: Again, statistics rule when it comes to insurance. Occupations like scientist, pilot, or actor/artist show lower claims and, therefore, have lower car insurance rates, generally speaking. Why? I want to say nobody really knows, but I’m sure somebody does. The most common explanation I’ve heard is that those occupations require attention to detail and being meticulous. In other words, those people are careful. That’s in contrast to occupations with high auto insurance rates, such as lawyers, business executives, judges and doctors. Apparently, the reason for that is the stress level that comes with jobs like those. (They say the rate for doctors isn’t much lower than for teens.) Real estate brokers also pay more because they have to drive more.

Marital Status: Did you know married people get into fewer accidents than their unmarried counterparts? Insurance companies do, and that’s why they offer married people lower rates. In addition, insuring two cars with the same company usually will get you an additional multi-policy discount, much like the next criterion.

Homeownership: Insurance companies generally charge less for homeowners because they’re regarded as more stable. By itself, that’s not a significant factor, but the discount you get from combining your home and car insurance is.

The rest

The other basic factors determining your auto insurance rates are:

  • Your driving record (accidents, tickets, etc.) and claims history
  • The coverage you’re looking for (pretty obvious)
  • Your vehicle

The impact of your vehicle selection is not obvious, so it’s not simply that a more expensive car will carry a higher insurance premium. In fact, as pointed out above, a Tahoe costs less to insure than a Corolla.

Chances are that if you’re concerned with getting rich slowly, you will have a good (or at least improving) credit record, and you’ll be on the positive side of many of the variables listed above. But now you know exactly how those factors can lead to savings on your auto insurance, the third largest expense of car ownership.

How have you gone about lowering your car insurance premiums?

Source: getrichslowly.org

Apache is functioning normally

Do you have a job that’s just like everyone else’s? Are you looking for a nine-to-five…but wish you weren’t? Do you wish there was another option, one that would lead to an exciting, unique, and fulfilling line of work?

I recently interviewed more than 100 people who currently hold their dream jobs as research for my new book. These individuals — who are travel journalists, event planners, fashion designers, forensic scientists, interior decorators, internet business owners and more — have one thing in common: persistence.

As unattainable as a dream job might sound, with the right amount of forethought and preparation, you can make the move as well. Here are six tips to get you started:

  1. Learn about yourself. Take time to do a self-assessment of your values, how you like to work, and what you’d be compelled to do even if you never got paid. Research careers and industries that map to your skills and interests. Hit the Internet, set up informational interviews, take relevant coursework, and arrange to go onsite at a company in your chosen field.
  2. Don’t be deterred by a lack of experience. In developing a resume and other promotional materials for the field you want to pursue, think about how your current skills and talents apply to the responsibilities you’ll hold in the new job. For example, knowledge of project management, client relations, information technology, and sales will take you far in most types of careers.
  3. Ease into a new career one foot at a time. Perhaps this means earning a paycheck at your current job while doing a part-time internship in your new field or taking an adult education class or workshop on the weekend. The only way to find out if you’re passionate about something is to try it — ideally with as little risk as you can manage.
  4. Remember that any progress is good progress. Even confident people stay in unsatisfying jobs because they feel safe, and because they’re afraid of making a bad decision. But in the quest to uncover a source of meaningful work, though, your worst enemy is inertia. Make an effort to do one thing, like e-mailing a networking contact or attending an event — that moves you a bit closer to your big picture goal.
  5. Start early. Twenty and thirty-somethings have more flexibility when it comes to test-driving different careers. The process of self-discovery is much easier when you’re unencumbered by family responsibilities and substantial financial burdens, and when you haven’t yet reached a level in a career where it’s tougher to turn back. That said, it’s never too late to pursue your passion. More and more baby boomers are leaving the world of traditional employment for alternative career paths that will fulfill them well into retirement age.
  6. Have realistic expectations. Even if you’re lucky enough to hold your dream job, there’s no such thing as the perfect work situation. Every job has its ups and downs, and aspects we love and aspects we don’t love. And dream job doesn’t mean “cushy” job. As your mom always told you, anything worth having in this world requires some effort. There will be some days you feel like shutting the alarm off and going back to sleep, but many more where you feel more energized by the prospect of work than you ever thought possible!

J.D.’s note: My wife taught high school chemistry and physics for many years. Though she loved teaching, she eventually left to pursue her dream job. Alexandra’s six tips closely match how Kris approached her career change.

Source: getrichslowly.org

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Obsessive-compulsive disorder, or OCD – it’s a term that most of us are familiar with, often because it is used in a humorous way (I.e. – That’s my OCD kicking in, or, I’m OCD about that).

But OCD isn’t a joke, and certainly not when you are applying for life insurance.

OCD is a recognized medical condition, and has implications for a person’s future, as well as the risk that a life insurance company will associate with writing a policy.

The risk is generally perceived to be higher for someone with OCD than it is for someone without it, and can sometimes rise to the level of a declined life insurance application.

Sometimes, but certainly not always.

What Is Obsessive Compulsive Disorder?

According to the U.S. National Library of Medicine, OCD is:

“…an anxiety disorder in which people have unwanted and repeated thoughts, feelings, ideas, sensations (obsessions), or behaviors that make them feel driven to do something (compulsions). Often the person carries out the behaviors to get rid of the obsessive thoughts. But this only provides temporary relief. Not doing the obsessive rituals can cause great anxiety and distress.”

Symptoms can include a combination of the following:

  • Obsessions or compulsions that are not due to medical illness or drug use
  • Obsessions or compulsions that cause major distress or interfere with everyday life
  • There are many types of obsessions and compulsions. These can be physically doing things (behaviors) or doing them in the head (mental acts). Examples include:
  • Checking and rechecking actions (such as turning out the lights and locking the door)
  • Excessive counting
  • Excessive fear of germs
  • Repeatedly washing the hands to ward off infection
  • Repeating words silently
  • Praying silently over and over

The exact cause of OCD is not well understood, but is believed that head injury, infections, or abnormal function in certain areas of the brain could be factors, as well as genetics. Typically, the symptoms will show up in the patient by age 30. In addition, the patient is usually aware that he or she has these symptoms, but is unable to control them.

Treatment includes a mix of medication (usually antidepressants, mood stabilizers, and antipsychotic drugs) and behavioral therapy, as well as talk therapy. This involves repeatedly exposing the patient to situations that trigger obsessive thoughts and behaviors, and effort to gradually increase the patient’s ability to tolerate the distress and to avoid compulsive behavior.

Though complete elimination of the syndrome is rare, treatment has been shown to be effective over the long term. Fortunately, there is little evidence to indicate that OCD leads to other mental health issues.

How Does OCD Affect an Application For Life Insurance?

Just as is the case with virtually any other type of pre-existing condition, your ability to get life insurance with OCD will depend upon a number of factors including:

  • How much time has passed since the initial diagnosis
  • The extent of your condition – mild, moderate, or severe
  • Medications (if any) that you are taking, and how compliant you are in doing so
  • How regularly you are getting medical help
  • Whether or not you have seen a psychiatrist
  • Whether or not you have ever had electroshock therapy
  • Thoughts of suicide, or any attempts at suicide
  • If you have ever required hospitalization as a result of OCD

The life insurance company will follow all the normal procedures in processing your application. This will include conducting a physical, which is generally conducted in your home or place of work, and will monitor the basics, such as height, weight and blood pressure, as well as taking blood and urine samples. None of this is likely to reveal that you have OCD, but the insurance company will also request physicians statements, that will reveal your previous medical history.

As is the case with any type of medical history, it’s always best that you disclose OCD on your application. There are simply too many ways that the insurance company can verify the true state of your medical condition. As an example, the company can do a prescription database search to see what type of medications you have been prescribed in the past. If that reveals medication taken for OCD, your application is likely be rejected because of your lack of disclosure of your condition.

In many cases, you may receive a standard risk assessment despite having OCD. This won’t get you the best rates on life insurance, but they will allow you to purchase life insurance at a reasonable premium.

In a worst-case scenario, you could be given a guaranteed issue policy. That’s the kind of policy that will be based on your age, and approval will be guaranteed. There is no medical exam or health questions required for this kind of policy either. There are however a couple of limitations. Because medical condition is not a factor, the premium rate per thousand dollars of coverage will be higher than it is for ordinary life insurance. You will also be limited in the amount of the death benefit, generally to not more than $30,000. Guaranteed issue policies also typically contain a waiting period on payment of the death benefit. Benefits will not be paid out at any time during the first two years that the policy is in force.

It’s not a perfect life insurance solution, but it’s certainly better than no life insurance coverage at all.

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The Affect of OCD on Your Life Insurance Premiums

Though it is unlikely that you will get preferred rates if you have OCD, as noted above, you may qualify for standard rates if your condition is mild or moderate.

That may be the case if you’re only taking a single medication and have no history of hospitalization or suicide attempts related to OCD.

Exactly what your premium rates will be will depend on a number of factors, as well as the company that you are making application with. If you have OCD, it’s much better if you do not attempt to try and get a life insurance policy on your own.

What It Takes to Get an Affordable Policy With OCD

If you have OCD, there are two factors that are important in regard to your life insurance application: approval and premium rate. For this reason, you will need to have the assistance of a life insurance professional, particularly one who has plenty of experience in obtaining life insurance for people who have pre-existing conditions.

In the insurance world, not all companies view all health conditions in the same light. In the case of OCD, some may consider it to be an automatic decline. Others will approve the policy with a significant rate adjustment, while still others will accept policies with only minor increases in basic premium rates. The key is to know which are the best life insurance companies for people with OCD, and have the most affordable premiums. A competent life insurance professional will know exactly this. That will not only save you premium dollars, but will also save you the time that you will waste applying to companies who will never approve your policy, or will do so at ridiculously high rates.

If you have OCD, you also need to do your part to make sure that you’re the best candidate possible for life insurance. This will include some or all of the following:

  1. Do your best to lead a stable life – that includes your personal life, your family life, and your professional life
  2. Make sure that you are healthy in every other way, and that especially includes your overall physical health; you need to avoid representing multiple risks to an insurance company
  3. Be sure to stay current with any therapy related to your OCD, that includes regular doctor visits, taking required medication, or any other prescribed therapies
  4. Be sure to disclose your OCD and any other medical conditions that you have to your agent – he can only help you if he knows what those conditions are

Do your best to take care of what you can, and let your agent worry about which companies to apply to. Your proactive behavior, in combination with your agent’s ability to navigate the life insurance maze, should get you the coverage that you need at a rate that you can afford.

Source: goodfinancialcents.com