One of the great things about guaranteed term life insurance is that the rate is fixed for the whole term! So if you get a 20 year term, you’ll be paying the same thing in 20 years as you pay right now, even though you’ll most likely be making a lot more money in 20 years!

On the flip side, the negative about guaranteed term life insurance is that the premium is only guaranteed for the length of the term. Once the term is over your premium will most likely increase as you are now older. However you’ll also be making a lot more money, so you should be able to cover it just fine.

While considering what kind of guaranteed term life insurance policy to purchase, two of the major decisions you have to make are

1) What should be the length of the term?

2) How much coverage should the policy provide?

For guaranteed term life insurance, the first question is actually easier to answer than you may think. Most people purchase term life insurance just long enough to cover any major expenses they will incur in the short term.

For example, if your mortgage has 20 years left on it, or your children have another 20 years until they can be fully independent, a 20 year term is probably a good choice.

On the other hand, if you’re a little older and your kids will be out in 5 years, then a 5 year term is probably fine (unless of course you want to provide them with a windfall even after they’re independent, or want to take care of your spouse after you’re gone. )

As far as the second question, the easiest way to calculate the coverage would be

Number of years the money will have to last X your annual income

While this is very quick and easy, it’s not the most accurate. Taking into account the taxes you pay, as well as all the money you spend on your food, gas, etc. your family will most likely not need the full amount calculated above. But that is a good starting point. There are also calculators out there that can help you determine what’s right for you.

Choosing a guaranteed term life insurance policy is never easy. The good news is that if you do your research and think about what your family will need the money for in case you pass on, you can rest easy knowing that you did your best.

People buy health insurance for several reasons. Take a view of different reasons and consider in which reason you need to apply for health insurance. The following common reasons are explained-

1. The most common reason is that to protect from the risk of medical bills of health care. Without health insurance you may not be able to afford high cost of medical services.
2. Cashless hospitalization facility is provided at network hospitals across country. In this, insurance company will take care of your all kind of medical bills.
3. Health insurance pay you for your regular medical services that you use during the policy year.
4. If you requires more health care needs than common peoples. Then you get more benefits than other peoples, because you only pay an average premium like others.
5. If you have more dependents, then you need to apply for family health insurance. In this your entire family will cover in single amount of premium.
6. Generally, health insurance companies pays lower amount to the hospitals and doctors than you would pay by your own.
7. As a tax benefit, it is more valuable. You don’t have to pay tax on your health insurance benefits.

The importance of health insurance can not be measured. Certainly, it can be very difficult to come up with money for health insurance. Today, many health insurance providers are in the market to offer health plans with attractive rates and discounts. But, beware for the coverage limit, it might be shorten by the price and your necessary requirements are not included in the policy.

Here are some tips to help you to successfully navigate the tricky financial waters throughout your college years:

1. Start With A Budget

Write down all your monthly and periodic expenses such as tuition, boarding, transportation, food, books, and entertainment. Then make a record of all your sources of income such as allowances, student loans, grants or scholarships, savings, and work. Putting these figures on paper will help you to know if you’ll be on target to meeting your expenses or not. If you discover you will not have enough to meet your expected costs, you’ll have to cut back on spending or find other sources of income. A free college budget planner is available at

2. Track Your Spending

Your actual spending amounts may be very different from your budget. Most people don’t have a clue how much money they really spend until they start recording it. Little purchases such as magazines, bottled water, and fast food all add up. If you’re not careful in the early months, you’ll use up all your money and be forced to dine on crackers and water towards the end of the semester. Track your spending for at least one month to see how your actual money usage tallies with your budget. Make any necessary adjustments to your spending to ensure that you stay on track.

3. Set Spending Limits

There’s going to be a lot of temptation on campus to wear the latest fashion and attend all the hip shows. Many students get into financial difficulties by trying to keep up with the crowd. If your budget says you don’t have the disposable income to go out every night, find creative ways of getting free entertainment. Have your friends bring food and drink and have a party in your own room, or split the cost of renting a DVD instead of heading to the cinema.

4. Make alliances

Team up with friends and roommates in order to save money. You can pool your money to buy wholesale food items or share transportation costs if one of you has a car. Your roommate can decide to buy the microwave while you get the television set, so that you both can share the home comforts.

5. Plan in advance

You may need to put aside money regularly in order to meet a big expense during the school year. For example, if exam fees are due at the end of the semester, it might be easier to save monthly towards the sum, than to find the total amount at one time. If you have plans to do something fun for the summer holidays, defer some of your current entertainment spending to be able to afford it.

6. Be Careful With Cards

If you use a debit card, remember that you could be charged each time you swipe. Try to plan your grocery shopping monthly instead of every day. Don’t keep heading to the ATM daily to get cash- withdraw just enough for the week. If the cash is finished before time, discipline yourself not to go back until the week is up. If you have access to credit cards, remember that you’re spending money that not yours and at some point, you’ll have to pay it back. If you have problems staying in your budget, leave the credit card at home and only use for real emergencies.

7. Learn From Your Experiences

The art of managing money well has to be learned just like any of the subjects in your curriculum. Take advantage of the internet and financial publications to teach yourself how to become financially savvy. However, chances are at some point you’ll make mistakes with your money. Use the experiences you’ve gained on campus as valuable lessons which will help you to graduate with honours in money management.