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Health insurance costs have risen dramatically in the past few years - whether you re insuring only yourself or your family, you have most likely experienced this yourself. There are some alternatives to the traditional employer sponsored health plans that may be able to save you money.

First, there are what are known as Medical Savings Accounts, which allow you to put money into an account specifically for health related expenses, tax free. You also use it tax free, which means - you pay no taxes on that money at all! There are downsides, though. You have to predict how much money you ll need to put away, and you have to use it all up by the end of the year, otherwise that money is gone for good. It is typically distributed to everyone else who has medical savings accounts at your employer, so I advise only using these accounts if you know you will incur medical costs in the next year, and know the approximate amount of money you ll be spending on medical expenses.

In addition to t (more...)

Long Term Life Insurance is term life insurance that is taken out for an extended period of time. Most term life insurance tends to be for a period of between one and seven years, but some people prefer a longer term cover. Insurance companies have responded to this demand by offering a new range of products that fall somewhere between whole life insurance and traditional term insurance.

Normally when people want long term cover, they purchase whole life insurance, which covers them for the duration of their life, and also builds a cash value. However, if you do not wish to pay the extra premiums that are associated with the investment, then perhaps long term insurance rather than whole insurance may be the way for you to go.

These policies may be referred to as “Permanent Life” policies, and can be set up so that they are payable on demise, or at a certain age. Long term life insurance really blurs the line between whole life and term life insurance, with policies often borrowi (more...)