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Make Money With Storage Unit Auctions

Starting A Storage Auction Unit Business

Storage unit auctions have been a very lucrative way to make money, it might look like a gamble where sometimes you win it and sometimes you lose. But actually there are some tips you could follow to profit in this money making venture. Some strategies you can employ to minimize losses and make big profits from these auctions just by sticking to these standards and making professional and logical moves that could only spell success and profits for you.

Success in making right decisions on storage auctions and merchandising requires following some fundamental rules. The most basic of these is to obtain items of good quality that people will actually want to purchase, and to acquire them at a low enough cost to ensure adequate profit. Once this challenge is met, the entrepreneur’s success is largely assured.

What You Need For A Storage Auctions Unit Business

Basically having capital to buy out storage units being auctioned would be necessary to get you rolling. Looking for these storage units auctioned would be the next step. It would not be that hard to find, there are many storage units everywhere and they auction very often for non-payment of rent for the storage unit.

Start-up costs are minimal: a van or pickup truck (a trailer towed by a car will do) and a few hundred dollars are all that is required to begin your own business. Across the United States a huge supply of desirable products exists for low prices. Furniture, electronics, appliances, clothing, books, art, toys, tools, and a plethora of other goodies can be had for a fraction of their true value. The purchaser can use these items themselves, or resell them for a generous mark-up.

The first time I participated in a storage auction, I actually had to borrow the $500 I spent on purchasing the unit. I had terrible credit those days, so I used one those bad credit personal loans that you find on the internet. The interest rate was a little higher than I liked, but I didn’t matter because I made more than $1,500 selling the contents of that unit and I was able to pay back my loan within days.

Growing Your Storage Unit Auction Business Over Time

Start A Storage Unit Auction Business Taking into consideration that there would be times that you bid for items that are in the end you would find out, have less value than what you gave out to for the bid. These cases are inevitable but you could always reduce the chances that these would happen to you. Remember that your primary goal is resale. It’s through resale that you would gain profit, don’t bid for $300 for goods that would resale only for $50 its always a good idea to check local flea markets, yard sales, classifieds, salvage stores, E-bay etc. for prices to make better judgments on how much you should spend or bid for certain goods.

The best way to start bidding is always bid low, have a limit, for example put your limit at the 50% of the actual price of the goods. This way you are sure of your profits. You can determine the value by always estimating the resale value of the goods. Auctioneers would always open the storage units so you could see its contents, this is your chance to evaluate and give the goods a certain value. Then you can now place your highest bid at the limit you have set which is 50%.

Another tip is always sort the goods on the spot after the bidding make assessments on items that are of true value and those that are going straight to the junkshop. This way other bidders might be interested at some of your items and would be willing to buy it from you easily making your first resale on the spot. Sometimes some of the items would need a little work or repair. Always look beyond the dust and scratches of the items, look over them very well and sometimes you might find that a colored TV only needs a new part, a lawnmower only needs a new sparkplug. This way you raise the items value by making it usable again.

Remember that where you usually find the prices for such items are also the best venues for you to sell them. Storage unit auctions can be a hit or miss, some have been able to make their money back by selling the goods purchased and others have lost money due to the fact the unit they bought didn’t yield items with high enough value. Even though these types of auctions can be much like Christmas, not knowing what you’re going to get, they provide a different way to bid and their popularity is increasing as more and more people learn about them.

How to Save a Ton of Money at the Apple Store

Save3As you probably know, Apple is pretty stingy when it comes to coupons and promo codes.

They want to be know as a luxury brand, so if you want to save any money, you’ve got to be in the know.

We reached out to insiders and today we’re revealing Apple’s top secret discounts. Our best advice is to stack several of these tricks for some insane savings!

1. Shop Through Discover & Get 11% Cash-Back 

If you have a Discover credit card, you can use their cash-back shopping portal to earn a crazy 11% cash rebate on whatever you spend at the Apple store.

Here’s how this work: You earn your normal 1% cash back for using your Discover card, plus 5% for using the ShopDiscover portal, and finally if you make your purchase before December 31st, 2014, you can earn another 5% since Apple is a bonus category this quarter. Total it all up and you’re saving 11%!

If you don’t have a Discover card, you can sign up for one here (it’s a pretty easy credit card to qualify for).

I don’t want you opening cards you don’t need, but if you’re planning a big Apple purchase, then this might be worth it. For example, 11% cash-back on a Macbook Pro could be as much as $275-$400!

And if you’re a college student, Discover will give you an extra $20 for signing up. Here’s a link to that promotion.

2. Buy a Discounted Gift Card & Save 1-2%

One of my favorite hacks is to buy Apple gift cards at a discount through sites like Raise.com. Their marketplace matches gift card buyers and sellers, with discounts ranging from 1-2%.

They’re just regular gift cards, so you can them either in-store or online.

3. Teacher & Student Discount – Up to $200!

Apple offers incredible discounts to teachers and students. You just need a valid .edu email address. (Hint: Anyone can get an edu email address. Here’s how…)

You can buy through their education portal here. They’re currently offering up to $200 savings on a new Mac and up to $20 on a new iPad.

4. Use Swagbucks

Arguably one of the easiest ways to get free Apple products is with the Swagbucks rewards program. They’ll give you Apple gift cards for using their search engine, answering trivia questions, and watching videos.

It’s not a ton of money, but most people are able to earn about $10 a month in free Apple gift cards.

Plus, they also have a cash back shopping portal that will pay you 1% on your Apple.com purchases. So, if you don’t have a Discover card, I’d recommend using this instead.

5. Buy Refurbished  - Up to $450 Off!

Most people don’t realize that Apple has a special section of their site where they offer refurbished Apple products at huge discounts (up to $450 off).

Normally I’d be a little hesitant to buy electronics refurbished, but Apple tests, certifies, and include a 1-year warranty with all of these products.

6. Wait for Black Friday

The Apple store doesn’t usually offer Black Friday savings, but there are a few Apple retailers that do (Target, Walmart, Best Buy, etc.).

Here’s a rundown of some of the best Black Friday deals this year…

Apple iPad Air 16GB With $100 Gift Card for $399 at Target

Apple iPad mini 2 16GB With $100 Gift Card for $299 at Target

Apple iPad Air 2 16GB With $140 Gift Card for $499 at Target

Apple iTunes $100 (4 x $25) Multipack Gift Cards for $79 at Sam’s Club

Apple iPhone 5s 16GB Smartphone with $30 gift card for $79 at Target

Apple iPhone 6 16GB Smartphone for $99 at Sam’s Club

Apple MacBook Air Intel Haswell Core i5 1.4GHz 11.6″ Laptop for $780 at Best Buy

Apple MacBook Air Intel Haswell Core i5 1.4GHz 13.3″ Laptop for $1,050 at Best Buy

Apple iMac 21.5″ Core i5 All-in-One Desktop at Best Buy for $900

We hope this list helps you save a ton of money! Good luck Penny Hoarders!

This was originally posted on The Penny Hoarder

Finding yourself a Banking Position before the Holiday Season

Typically, the fourth quarter of the year is considered to have the most complicated hiring dynamics. This is due to the blend of fall activity, the end of year financial and budget maneuvering along with the slow down during the holiday seasons.

It is seen that hiring managers and bank CEOs tend to work towards reducing their operating fees by incurring search fees closer to the end of every year. Although many industries consider December to be a low season for hiring, a number of determined recruiters work towards filling in the year’s remaining positions before December 31st. If you are looking for a career in investment banking now, chances are that you will be at a benefit since competition is dwindling during Christmas and New Year.

Here are a few tips you can consider while looking for banking jobs before Christmas –

  • ·         Consider Applying for an Infrastructure Role

Few people know that most banks are recruiting at a 100% for their infrastructure requirements. Hiring for the finance, IT, operations and treasury is usually on an all time high during this time of the year. Furthermore it is found that there are significant openings in compliance right around Christmas.

  • ·         Don’t ask for a Bonus Buyout and Focus on a Higher Salary

If you want to make sure that your bonus be bought out before you change jobs, chances are you will not get an offer during this time of the year. Cost conscious bank recruitment policies make it viable for them to wait a few months and save that money instead. If your bonus is small, the ideal thing to do is to find a way to compensate for that loss by negotiating a higher salary.

  • ·         If you want a New Front Office Job, Go to a Smaller Bank

While it may be easy to get an infrastructure job at this time of the year, finding a position in M&A, trading and sales may be challenging. However, if you still insist on finding a position in the front office, apply to a boutique bank.

Finally, make sure your application highlights exactly what you are looking for. On the other hand, you also need to be flexible in a way that potential employers understand that you are not fixated on one or two positions. The most successful jobseekers are those that are open to relocate and consider different kinds of positions and employers.

Sorting out Your Finances

Organise your spending
Establishing what your current financial situation is need not be a nightmare; however, it will take time if you have neglected your accounts for a while. Start by assembling all the relevant paperwork and making two piles, one for income and one for outgoings. Print off any online statements so you can include them as well, and then add up each month’s transactions to see if you are striking even. If you are, just concentrate on putting some money aside, if not, then you will have to work on what has gone wrong and how it can be fixed.

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Get insured

By choosing to pay for life insurance, you are protecting your family’s financial interests, it is ideal for couples or people with dependent children. Always shop around to find a policy to fit in with your circumstances, as there are plenty to choose from. In the event of your death there may be specific debts you had like covered or a regular income for your loved ones, so consider what you need from a policy before committing financially. If you are worried about fluctuations in your monthly costs always, pick a policy that offers guaranteed premiums, that way your brilliant deal will never become a future burden.

When you have a specific beneficiary in mind you can write a policy in trust, this means that should the worst happen they would get a pay-out regardless of what happens to the rest of your estate. Moreover, as it is separate from the monies dealt with in a will, it can be discharged quickly and remains out of reach for creditors.

Cut your costs
Cost cutting need not mean going without, instead you could try implementing a few simple changes to save money. Start by establishing where your biggest spends are occurring, then think about what you could do to reduce these. Try low budget supermarkets, which are popular with perceptive shoppers, and price comparison websites, which enable you to seek out cheaper providers for your gas, electric or broadband. Use a monthly allowance scheme for luxury items rather than denying yourself altogether, that way you are less likely to lose heart and revert to your high-roller habits.

Reduce your existing debts

Borrowing money is not necessarily a bad thing; it can enable you to have a better quality of life without having to save for years. However, if you are paying extortionate amounts of interest or you have a number of credit cards, choosing to consolidate your debts is a sensible method of getting back in control. Many people also make full use of the interest free period on balance transfers offered by some credit cards, although you need to keep a close eye on the expiry date. It is also worth noting that if you have any savings you should use these to pay off outstanding debt. This may seem reckless in the short-term, but the interest you receive on savings is far less then you will be paying out on debts, so it makes clear economic sense.

If You’re Buying Life Insurance is It Best to Buy Online or In Person?

Save3An important thing to remember when you’re buying life insurance is that you need to shop around; there are so many different policies around that you need to give careful consideration to the product you’re going to purchase.

It can be a lot easier to check out the different products online. You can do so from the comfort of your own home and you have a huge variety of providers to search through. You also have the benefit of being able to conduct many searches through advice sites that contain lists of the different policies and providers, including useful and clear comparisons, see more at AAMI.

If I find a great deal online do I have to buy online?

Searching for a life insurance policy online is great for being able to examine a lot of the pros and cons of the policies without feeling the pressure of a face to face sales agent. You can just take your time and study all the details carefully; you don’t feel as though you’re being rushed to a decision.

There are some negatives to this; there isn’t really anything that can replace face to face contact if you have a lot of questions to ask to settle your mind. It’s easier to set up a trusting relationship if you’re in a room with someone who is being helpful in providing assistance. If you’re searching online, and you have questions to ask there and then, you may be able to live chat or pick a phone and call, but it’s not the same.

This can be especially frustrating if you’ve found a great deal online that you don’t want to miss out on. Don’t feel forced into a purchase just because a deal seems to be too good to miss. Take a step back and give it some consideration before you act on impulse.

So what’s the best way to go about choosing?

You may want to think about using a combination of online searching and face to face contact. Having all the knowledge that an online search provides can be of help if you then decide to approach a sales agent or broker. You are going into the conversation with a reasonable level of awareness so it will be far easier for you to know how to negotiate a good deal.

If you decide to buy your policy via a sales agent or broker you want to be dealing with someone you can trust; someone who is looking after your best interests. A sales agent will normally be representing a specific insurance provider whereas a broker is often independent. Whichever you decide on you need to know that they are reliable. The best way of doing this is to check their licensing credentials and then check for references. If these references come from people you know this is all the better. If a helpful broker has a secured great life insurance deal for your friends then chances are they’ll work well for you too.

You’ll probably feel a lot safer in your purchase knowing that you have someone with a level of expertise behind them. That being said, if you think you have enough knowledge to support a decision, there is nothing wrong with being independent and opting for that really good deal online. It’s going to come down to how much you value having some support, and how much you trust yourself in making life insurance purchase decisions on your own.

Some Facts for First Time Home Buyers

Buying a house for the first time can be a daunting task, and come with many unexpected surprises. The best thing you can do is research and prepare, leave no stone unturned, and you should be just fine. Below is list of items, a checklist of sorts, that will help you track all of the important home buying steps to watch out for.

Finding the right type of loan is everything. You are going to be locked into this loan for a period of several years, so this is something you want to make sure you get right. Look at Homestart low deposit home loans as a suggestion. The two most important aspects to any loan is the rate and fees associate with it. It’s no surprise that the lower both of those are then the better it is for you.

When looking into areas to purchase your house please keep the property taxes in mind. Some areas have higher tax rates, which are usually a percentage of your assessed home value. So while a large and expensive home can be a great thing, it can also be a very expensive thing. Search for a moderately priced home in a neighborhood with moderate tax values. This can save you a lot of money over the span of 10 or 20 years, you would be surprised.

Once you buy a house the expenses don’t just stop there, in fact, that’s when they really begin. There are maintenance and upkeep fees that are a necessity. Inevitably, appliances will fail and need to be repaired or replaced. Carpet will get old and worn down, and even furniture gets tattered and needs to be replaced. These are all very expensive items, that when maintained properly over the years, should only need to be replaced every great once in a while.

Homeowners insurance is usually a requirement if you take out a loan, but it’s something everyone should have regardless. You want to make sure you have the proper fire, flood, and theft insurance in case of an emergency. Obviously we hope that nothing ever happens, but having the peace of mind knowing you are covered is very important. One mistake that many first owners make is not taking out a large enough policy. For an extra couple hundred bucks a year you can take out a policy that is enough to rebuild your house from the ground up, and while this is the worst case scenario, it can and does happen.

Last but certainly not least, don’t forget about the daily living expenses! It is going to cost you money to heat your home in the winter, and to cool it in the summer. Presumably you also enjoy cable television and high speed internet services. Perhaps you even have satellite television with the total sports package. There is nothing wrong with all of that, but be aware that you are now on the hook for a monthly mortgage payment and that must come before everything else!

What to Know When Buying Your First Home

Buying your first home is one of the biggest decisions you will ever make in life, not to mention one of the most costly. This is precisely why you need to be fully aware of each step in the process, and the proper way to handle it. From finding the right realtor, to obtaining the right mortgage, and even the insurance and additional fees, there are quite a few things that need to be considered.

First, you don’t necessarily need to use a realtor. When I bought and sold my last house I did it alone. The typical 6% sales commission when selling a house can really eat away at any capital gains you make, and truth be told it’s just not that difficult. As long as you go out to your local hardware store and purchase a lockbox, as well as only allow potential buyers with realtors of their own in the house, then you shouldn’t have any problems. On the buying side, it can also be helpful to go it alone. The seller is on the hook for 3% to your realtor, and if you don’t use one then it can be an extra negotiation tactic to shave a little more money off the top. Now if you do decide to use a realtor then look up reviews on sites like Zillow or Trulia. This will allow you find experienced realtors that know the specific locale you are looking to buy in.

Finding the right mortgage broker and type of loan is very important. There are adjustable rate mortgages, or you can fix the interest rate on your home loan. In today’s economic climate a fixed rate is usually the way to go, since these low rates are virtually unprecedented. Though if you don’t expect to be in your house a very long time then an adjustable rate mortgage for a defined period of years might be your best bet. I know that 5 year ARM loans offer much better rates than a 30 year fixed rate, but if you don’t either pay off your house or sell it within 5 years then the rate is going to shoot up.

It’s not all about house hunting and obtaining a loan, there are other factors to consider when buying a home. You will need homeowners insurance. For this type of insurance you want to find the most reputable company you can, and make sure you have sufficient coverage in case anything should ever happen. Remember, this is the largest asset you will ever own, you need to treat it as such.

When buying a car becomes a headache

red car

Author bio…

Jordon Ramsey is a financial expert who spent several year working for a leading Sports Car company. He spends his spare time writing for popular websites and magazines.

 

Even with the UK’s public transport system serving its purpose and connecting much of the country together, ever-rising cost of it means the pure convenience of owning your own car is something that many of us love, or at least desire! With the UK’s current financial situation not exactly spectacular, it has become harder and harder for us to afford cars due to rising costs and, for young drivers, extremely expensive insurance. It is very common nowadays for a young driver to paying more for their insurance that their actual car.  So, what steps can you take to have enough money for your own car?

  1. Look closely at your finances

If you’re thinking of buying a car, it’s likely that you have a job and a house that also requires attention. Owning a car costs a lot of money, so you must be careful to not spend money on a car and then notice you cannot pay your rent or bills. This could turn into a vicious cycle that wouldn’t have taken place if you set aside some time to properly analyse your finances. Car dealers tend to offer several different deals for buyers, some of which you must be sure to read the small print on. If you’re slightly short on money but have a secure monthly income, companies like Wonga can help if you need a car sooner rather than later.

1.) Do your research

You don’t necessarily need a shiny, brand new car, especially if you are a first-time driver. There are several popular websites like WHATCAR? that can help you  find the right car for your personality and lifestyle. Make sure to use sellers that you trust, and be wary of people selling cars unofficially or for cash. The majority of these deals will be completely legitimate and not lead to problems, but remember if somebody is moving house and selling their car, they may choose to not mention a problem. Also, don’t immediately buy the first promising-looking car you lay your eyes on. Play the field for a couple of weeks if you have the time to, as you could find a car that makes the first car you saw pale in comparison.

2.) Test drive the car

A shocking number of people buy cars, in turn committing to pay thousands of pounds, without actually driving the car first. Exactly how a car feels to drive cannot be known from pictures and videos alone. Getting a test drive may not save you any money right away, but if you bought a car then went on to discover you dislike how it feels to drive, that’s a lot of money wasted! It’s important that I mention that taking a test drive does not tie you into any agreement of contract. If you are buying your car online, you can still test it out at your local dealership.

3.) Don’t panic in the showroom

If you have decided to buy a new car, the showroom can be either a terrifying or electrifying place. It is important that you don’t take absolutely everything the salesperson says as the whole truth and nothing but the truth. It’s their job to sell cars, but they also respect people who don’t cave in immediately. It’s your money, you spend it on what you see fit, not what the salesperson insists. Make use of the research you have hopefully done, as giving the impression of knowing what you’re talking about can be an important tool when dealing with a salesperson and a lot of money could be saved. Car showrooms are also not shy of haggling; remember to get your point across to without being too forceful, do not be afraid of making ultimatums and don’t forget you can walk out at any time.

4.) Cover all bases when buying online or second hand

When buying a used car, or one online, there are a number of thing that must be considered that don’t come into the equation in a showroom. Be sure to check the car for any faults if you’re buying second hand. If you are buying a car online, ask about the return policy, time until arrival, and transportation costs. Cars are extremely heavy and aren’t cheap to transport around the country (or even the world, depending on where you buy from!) so look out for extra costs.

Send your money to work, make more of your cash and 4 other money-boosting tips!

penny stack

Have you got cash lying around in a savings account, not gathering much interest and not really doing you much good? Well, if so read on as we have some great tips on how to turn this money into money that gets you the best return for your money. Read our tips on smart investment and you will learn how to make your money make you loads more money!

Be proactive with cash

If you have spare money, don’t ever ignore it thinking this is the best way to save for a rainy day. Instead make a plan of how to get your money making the best return for you. Do some research. Check out some investment strategies. Go online and see if you can compare competing providers of financial investment solutions. Ask your family and friends how they have invested their spare cash. There are so many things you can do with your ‘rainy day’ money which are soooo much better than simply ignoring it and feeling safe knowing it is there if you really, really need it in a hurry.

Take risks; make mistakes and learn from the experience

There is an old saying; ‘if you have never made a mistake you have never made anything’, and so true – so be prepared to try new things. Invest in new, exciting opportunities that you believe in. Why not back a business idea you like the sound of by becoming an angel investor? This way you can watch your money help build a business and see your investment grow and grow!

Stick to your budget

Sticking to your budget is important. If there is a glitch, for example if an emergency arises and you need to get a payday loan (from a reliable provider like Wonga) and paying this back costs a bit extra – don’t be afraid to change your budget and take account of the new expense. An unexpected cost does not mean you should throw your budget out the window!

Points, bonuses and offers

Stay in tune with points schemes associated with groceries, travel and any other things you spend regularly on. It is amazing how much difference these can make to your overall budget allocation for things like travel and groceries. If your credit card gives you a reward for spending – why not spend but do what the people offering the incentive don’t expect you to by paying back every penny and then spend again the next month and do the same thing all over again.

Convert stuff into cash

Have you got ‘stuff’ you have not thrown away because it is not being used, but is valuable so you would not really feel right throwing it on the scrap heap? Well if you sell, trade in or even rent out things like this, you can really make a profit on them. If your second car is gathering dust, why not sell it and put the money into an ISA?

Capitalise on things you would not have thought about

Boosting money is not always about getting a better job or working harder. Sometimes it just involves thinking laterally about the resources you have and using them to your advantage more successfully. Take the humble parking space. If you live in the City, you may not know just how valuable your parking space is until you post an add in a local newspaper, or on Gumtree and find out that people will pay a daily rate for your car parking space when you are not even using it!

Use your skills

Have you got a unique skill that you don’t make any money out of? Well why not boost your cash reserves by putting it to good use? Love fitness? Why not do some personal training on the side, after work? People will pay you to train them! Know about football? Why not advertise your training services? You could even try something really, really quirky like being a magician for the day! Some people even make money cause they look like celebs! So, whatever your hidden talents are, put them to good use and boost your cash reserves at the same time.

Are you a parent?

If you have kids, why not encourage your kids to get out there and use their skills? It is not all about forcing them out to work or chasing them out with a stick, but if you promise to buy them a really great present after working over the summer hols, you both gain, don’t you?

Have you got the answer to boosting your cash reserves? Is there some ingenious strategy we have not mentioned? Why not post your comments and opinions? Come on, join the debate!

Author bio

Catherine Smith is a blogger with a special interest in money, investments and travel advice.

How Friends Can Help Eliminate Forex Risk

Save3

Internet forums are packed with stories from traders who have failed to make it in the forex world. Of course, like with any market, in forex, the risks are large and trading currencies is certainly not for the faint hearted. Risks, however, are inherent for those who decide to take on these risks for the potential profit, and success can only be gained through hard work and risk limitation. One way that you can limit this risk is by consulting a friend. Friends, counterparts and other more experienced traders can all help you limit this risk, providing you with an alternate perspective on your trades, helping you navigate the markets. To find friends and allies who are willing to help, you’ll have to sign up to a social trading platform, here’s exactly why it can help you:

Share Your Experiences and Learn From Any Mistakes:

New traders in particular are often left flummoxed by the markets, unsure why their trade was unsuccessful and unaware of what the correct course of action would have entailed. The truth is that if you don’t know about the forex markets then it is incredibly hard to learn. If you execute most of your trades on a night after work then the forex markets can seem an incredibly lonely place and, especially if you don’t know many other traders who can help you along the way, they can be incredibly unforgiving.

To counteract this, social forex provides you with a constant reference point, allowing you access to other traders around the clock. Most social forex platforms are hosted by an ecn broker, and this means that, when you’re communicating with other traders, you can publish your trades so they can see exactly what you’re referring to. This means that with the click of only a few buttons, you can share your trades and experiences, with other traders giving you vital feedback which would otherwise be unobtainable. Instead of being a lonely world, social trading allows the world of forex to condense, becoming much friendlier in the process.

Create A Portfolio of Trusted Traders

Once you’ve got to grips with the platform and synced it with your trading platform then you’re ready to start building up a portfolio of traders. Of course, when discussing trades you must always be wary of the advice that others give you. Most traders are sincere, knowledgeable and approachable people, but there are others who may look to exploit your stance as a newbie trader. For this reason, you should take all advice with a pinch of salt, and ask for a second opinion. If you find certain traders that you know you can trust, then you should create a portfolio of traders who you know can help you bypass the inherent risk posed. Trading is far easier when done together, and more minds are certainly greater than one.

To conclude, social trading is a great way to bypass forecast risk. Such risks are inherent, but learning from other traders is vital. So, make the world of forex far less lonely and create a portfolio of traders to help you along the way.

How to Protect Yourself From Underinsurance

Research shows that 95% of Australians do not have adequate levels of life insurance. Even though many Australians have some degree of life insurance included within their Superannuation, it is thought that many are still underinsured by $100,000 or more. Insufficient amounts of life insurance will mean that your family will not have adequate cover, in their time of need. Source: Lifewise.org.au

Life insurance protects your loved ones with a lump sum payment in the event of your death, or upon diagnosis of a terminal illness.

When applying for life insurance it’s important to understand your policy, be completely truthful when you buy your policy; and ensure your details are up-to-date as your life circumstances change; such as a new child, new home or new job, to help ensure your family is protected when they need it most.

Australian insurance comparison site compareinsurance.com.au experts in all things insurance, helps you to understand life insurance, and explains how you explore your options and avoid underinsuring your income and life.

5 ways to help you find the right life insurance

1.     Duty of Disclosure

It’s really important to be truthful to your insurer when you buy your policy to make sure you have the right level of cover to protect you and your family. A common reason for an insurance claim not being paid is because not all information was disclosed to the insurer at the time of buying the policy. For example, hiding information such as being a heavy smoker, being involved in risky sports or activities, having a serious health issue or a terminal illness, drug use, or even having a mental health condition could result in a denied claim.  Even if you have a pre-existing medical condition, you may still be able to get cover, so it’s important to ensure all the information you provide in your application is accurate to have the peace of mind that comes with being protected when you need it.

2.     Risky hobbies or job?  You can still get cover!

Some recreational activities are considered high risk by insurers and may affect your application for life insurance. For example,

  • If you work in a dangerous working environment such as the mining or construction industry.
  • If you’re an adrenaline junky and often take part in activities like bungee jumping or car racing.

In these situations you will be able to get cover, but you might be required to pay a higher premium to balance the cost of the added risk.

3.     Ensure you update your details

It’s easy to buy life insurance and then not think about it for the next 30 years, but if your circumstances change such as you have children, you move house, or get a better paid job, you should be thinking about reviewing your life insurance. If you don’t keep your policy up to date your insurance may not meet your family’s needs and provide them with important protection.

4.     How much insurance do you need? And when?

Compareinsurance.com.au has an online insurance calculator that can give you an understanding of how much insurance would need.  How much would you need to maintain your lifestyle, provide for your dependents, as well as cover your debts and household expenses should you pass away or be diagnosed with a terminal illness?

Research by Asteron Life in October 2013 also revealed that Australians let their life insurance policies lapse approximately 5 years before they’re most likely to need them.

The average lapse on a life insurance policy happens at age 44, and the average claim is made around the age of 49, showing that Australians are letting go of their insurance just a few years before they might need it.

5.     Know your policy

Every life insurance policy is different, so it’s important to make sure you read and understand the policy documents or Product Disclosure Statement. By reading these legal documents thoroughly you will truly understand exactly what you’re buying and when you’re covered.

Conclusion

Overall life insurance is a very reliable type of insurance that provides your family with financial security. If you provide your insurer with all the information they need, and you’re completely honest with them, you can be confident your promise to protect your family’s financial future is secure – even if you’re not around anymore.

Even if you have poor health, you should still be able to get life insurance – you might just have to pay a little more for it.

It’s really important to compare your life insurance options. And a bit of research can go a long way. The best strategy for finding the right life insurance policy is to shop around and compare a number of different quotes from insurers. Make sure that the policy you choose is right for your needs by weighing up the benefits and not necessarily going for the cheapest life insurance premium.

Life is unpredictable and we can’t guarantee what’s around the corner, but we can protect our loved ones. Life insurance provides you with peace of mind knowing that you and your family will be covered if your life is cut short or your lifestyle changes dramatically due to a long-term illness or disability.

Every policy is different, which means that they all have different benefits and different situations that they cover. If you compare multiple life insurance companies, you’ll be sure to find one that has the perfect policy for you.

To compare life insurance and income protection go to www.compareinsurance.com.au/life to compare 11 of Australia’s major insurers.