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Added on the 04/10/2020 16:44:46 - Copyright : Wochit
It's very simple: if you smoke tobacco or cannabis, vape, or chew tobacco, you will pay more for life insurance. The US Surgeon General says 16 million Americans have a smoking-related disease. Smoking-attributable healthcare spending costs over $170 billion per year. According to Business Insider, life insurance premiums are based on your health risk for insurance providers. The effect of nicotine on health is well documented, so smokers are seen as a higher risk for life insurance companies. For example, a twenty-year, $500,000 term policy for a 35-year-old male would cost $27.50 a month if he is a non-smoker, but $102.08 a month if he smokes! If you plan to quit smoking or are in the process of quitting, annual renewable term life insurance is better than a traditional term life insurance policy. Another option for smokers is no medical exam life insurance.
The road to the Oval Office is fraught with peril and stained with blood, sweat, and tears. But once there, the US President makes out reasonably well. According to Business Insider, the president earns an annual salary of $400,000, as well as unlimited access to Air Force One, Marine One, and Camp David. He and his family are also looked after by over 100 White House staffers, including top-flight pastry chefs, maids, landscapers, plumbers, and a head housekeeper. While the president is never really 'off,' he and his family can relax and watch movies in the White House media room, and work off steam in a number of sports areas. Finally, US presidents get free healthcare and a generous $200,000 annual pension--for life!
Financial planner and Business Insider contributor Malik S. Lee says he's surprised when clients don't list their income as one of their most valuable assets. Can you support yourself and your family without an income? If not, it's a key asset--and you should protect it. Group long-term disability policies from employers typically cover 60% of your income. But according to Business Insider, that income is taxable and doesn't include bonuses or commissions. If you're self-employed, an independent contractor, a sole proprietor, or a gig economy worker, disability insurance is even more critical. Finally, if one part of your body is critical to your work, such as a surgeon's hands or a singer's voice, disability insurance should be high on your priority list.
Colonoscopies screen for colon cancer, which affects 150,000 people per year in the United States. Currently, the American Cancer Society recommends that adults begin having colonoscopies at age 45, as a part of routine cancer screening. UPI reports a new study says nearly one in eight people with private health insurance receive a 'surprise' bill after undergoing an elective colonoscopy. Researchers at the Universities of Michigan and Virginia say the average amount of these charges was more than $400. The researchers say the bills often came because of the use of out-of-network anesthesiologists and out-of-network pathologists.
As the pandemic drives the US economy inexorably into the ditch, many freelancers, gig workers, and self-employed Americans find work is dwindling. But according to Business Insider, there are ways to bring more money through the door--or at least, ways to keep less of it flowing out. Financial planner Ben Henry-Moreland says to start by looking at your own wallet. Where can you cut your spending? Negotiate with creditors, and chase late payers. Make adjustments to your health insurance to reduce your premiums, adjust your estimated quarterly tax payments downwards. Keep up with government programs and what's available. As one program ends, another may begin. You may be overlooking state or county programs, too. Finally, reach out to your network of friends and colleagues for job leads, client referrals, and advice on how to pivot your business to this new pandemic world.
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