Finance Options

6 Steps to Have a Better Life

Are you tired of living your life right now? Do you want to change your life and start something new?A life that you wished for, a life full of happiness, less financial problems and healthy life as well?I know you want this badly. If this is what you want why don’t you do it now? I guess the there are a lot of issues going on with you and you don’t know the steps on how to do it to make it work. There are various ways to do it, and the below is a step by step process to embrace change and live life abundantly.

Change your lifestyle
People nowadays are living beyond their means, with a lot of temptation everywhere, you almost really want to try it all even if you are struggling with budgeting your income. The very first step in better living is to live according to your means, which mean you will be spending what is necessary, and the rest will be meant for saving for future financial investment. Of course, you will not live this life forever, but with this first step, you can change your life a little.
Multiply your finances
Once you have you already hit the amount of money for business or any investment venture, you can now start thinking and doing business to multiply your finances. Earning fixed income doesn’t give you financial abundance but only a limited funds or fixed living. As we all know we can only enjoy life to the fullest if we are financially abundant because you can do anything and even travel the world. So to achieve financial abundance, think of a very good investment to invest for your future and the future of your family as well.

Control your expenses
For you to monitor your expenses and money, you need to control what you are buying, if it is not necessary do not buy it, even if it is for sale. You will need to learn this step for you to save money to hit the target amount of future investment.
Know your goals
Each one of us has goals and wants in life. And you need to be clear on your vision of what you want in life. Because if you have goals and dreams, you can start planning on how to get there and eventually living the life you want and not living in the rat race. All of us doesn’t want to work and just pay their bills; we also want to enjoy what life has to offer even if its small things or big things.
Have a mentor
You can’t do this all alone; you need to have someone with so much experienced and have already succeeded to guide you in the life you want, perhaps a mentor. You can attend the business event to have someone to look for, and perhaps enlighten you with what you are doing. Every successful businessman will share their pathway to success to help others too.
Take care of your Health
Everything you have worked for or no matter how rich you are today, if you are sick and have a critical illness, your richness will not help you to improve your health. Our health is priceless, and no amount of money can help you to make your life last a little longer. So above all, you need to take care of yourself in the process as well. Eat healthily, exercise regularly and be health-conscious, so when the time comes that you are financially abundant, you have a healthy life and able to travel around the world with happiness along with your loved ones as well.

When Should I Review My Life Insurance Policy?

You spent hours doing your research to find the right policy for you, and now have your life insurance sorted. You’ve set up your regular payments and are confident that when the time comes, your life insurance will take care of everything. However, there are still things that need to be done. That’s because certain changes to your personal circumstances will impact your life insurance. These changes mean you will need to review:

  • Who are your beneficiaries for your life insurance policy? Do new additions to the family need adding to your cover?
  • If your premiums are set to increase over time, does this cost still seem appropriate for your budget? Will you be paying too much, or will a change in your finances mean you’d to pay more?
  • Is the cash value of your policy still adequate to cover everything you’d like it to cover? Or is it turning into an oversized nest egg, and you’d benefit from lowering your payments?

Because the answers to the above questions may change over time, it’s important to make sure your life insurance policy also evolves to suit your circumstances.
So, what are the factors that will affect your life insurance?

1. Marriage
After getting married or entering into a civil partnership, you may decide to create a joint life insurance policy. This is especially important if your spouse depends on your income. You can adjust your policy to help cover outstanding debts that your partner wouldn’t be able to manage alone. Other factors that might impact the amount of cover you need include

Likewise, separation from a partner can be a reason to review your life insurance policy. This can be an alteration of what your cover gives the other person, or mean completely removing them from your policy.   

2. Children
Your children will most likely have the biggest impact on your life insurance policy. It is important to review your life insurance policy when you have children, to ensure they are taken care of, should you pass away prematurely. This may mean changing your life insurance to mirror an annual income, rather than providing a lump sum. It’s also imperative that you think about the future costs you may want your policy to finance, such as university fees.

Once your kids are old enough to support themselves financially, you may want to review your life insurance policy again. Now that their needs are different, consider leaving them a different part of your estate, rather than a cash lump sum. As your children grow up and begin creating families of their own, this again may be a reason to review your life insurance policy. You’ll need to consider their spouses and any prospective grandchildren.

3. Retirement
Once you reach retirement age, it may be that your loved ones are in a different position with their finances than they were when you originally took out life insurance. They may no longer be reliant on your help to survive. However, that doesn’t mean you should just go ahead and cancel your life insurance policy! There are still plenty of reasons to have life insurance for people over 70. For example, you could amend your policy to instead cover the costs of your funeral expenses. Estate taxes are also something to think about, especially if you have a particularly sizeable estate.   

4. Moving House
For many people, mortgages have a large impact on their life insurance. They want to make sure that their loved ones aren’t left with a crippling debt, should they prematurely pass away. Over time, you’ll pay off your mortgage. As you do so, you may lower your life insurance premiums to match the remaining debt against your property. But if you decide to move home, then you’ll need to review your life insurance cover, to ensure it is appropriate for your new property.
There are other changes to your mortgage that will impact your life insurance policy. This includes mortgaging your home to release equity, or extending your mortgage term.

5. Changing Jobs
Just received a promotion? Congratulations! By changing jobs, you may find yourself in a better financial position. With a larger disposable income, it’s worthwhile reviewing your life insurance policy to see whether you’d like to pay higher premiums and therefore insure more.
Alternatively, you may be taking a small break from work. This could be for any number of reasons, from having kids to being made redundant. With less money available, you might consider lowering the sum assured as well as lowering your monthly premiums.

How to change your policy

If you decide that your cover isn’t appropriate for your circumstances, then you can either amend your current policy or even cancel it and find a new one. Depending on the cover you initially purchased, it may not be possible to make some of the changes that you would like. In this situation, it isn’t necessary to just go ahead and cancel your existing policy. Instead, shop around and consider taking out a second policy that will top-up your current insurance and cover any of its shortfalls. Life insurance premiums are normally lower, the younger you are when you take out the policy. Therefore, it may be much more cost effective to hang onto your current life insurance. This is especially true if you’ve had any health problems since first signing up for a policy.

All in all, there are plenty of reasons why you should consider reviewing your life insurance policy. It’s understandable if you’re unsure about whether a changing circumstance will have an effect, or if you can’t decide on how to proceed with making an amendment to your cover. In these situations, it’s best to consult a life insurance agency to find the best avenue for you. Many individuals will even meet with an advisor on a yearly basis, just to keep on top of things and make sure they’re getting the most out of their policy.