Firefighters: High Stakes, High Premiums

by Editor on December 12, 2013

Firefighters Competition

Firefighters are some of the most fearless men in society. They display an admirable disregard for the natural self-preservation instinct on a regular basis, running toward burning buildings in an effort to preserve life and property for no greater reward than a nominal salary and the gratitude of the public.

Moreover, many people picture an eligible bachelor when they think of a firefighter…that is, unless they are evaluating the firefighter for an insurance policy. In that case, “eligible” may be the last word that comes to mind.

An insurance company is a business first and foremost, and a successful insurance company carefully evaluates the risk of insuring each applicant before providing them with a policy. It’s no secret that spending days and nights surrounded by billowing flames, poisonous smoke and buildings frequently on the verge of collapse is dangerous work, and while the bravery and importance of firefighters is never in question, their safety frequently is. You can find information about Suncorps life insurance policies & their other offerings on their new site, check it out today.

Insurance companies must balance this greatly increased likelihood of payout when determining a premium that allows them to cover their costs, and that means high risk carries an equally elevated price.

While being a firefighter certainly will not stop you from being able to obtain a policy outright, it does make it virtually impossible to find an affordable plan. Insurance companies view firefighters and others with similarly perilous professions as poor investments, and while other trades such as coal mining and deep sea fishing are statistically much more dangerous when looking at fatality rates provided by the United States Board of Labor Statistics, firefighters are still fairly high on the list.

Insurance rates for firefighters can vary by provider. An insurance company takes occupational statistics into account, but also factors in the company’s individual experiences with others in the occupation. An insurance company that has had to make significant payouts related to firefighters will have higher rates than one that hasn’t. A company with no experience insuring a given profession will simply go by the USBLS statistics.

Providers each have their own system of calculating premiums for potential policyholders, so it is important to shop around and speak with an insurance professional about potential options when seeking such insurance to avoid getting burned off the clock.

Firefighters typically have a number of traits in common: bold, selfless and expensive to insure. Insurance companies work hard to ensure that every investment they make in the form of insurance is as likely as possible to yield a profit. Fortunately, many firefighters have their own unions and industry associates that provide group life insurance for workers. Heroes without such protections are left to find their own financial security options, often at a much greater price than the average citizen.

photo by: Ken Mist

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5 Ways to Save this Holiday Season

by Admin on December 2, 2013

5 Ways to Save this Holiday SeasonWith Thanksgiving kicking off the holiday shopping season, many families will start their biggest spending spree for the entire year. Christmas and other holidays brought on “a whopping $579.5 billion” of shopping in 2012, and “much of that spending was done using credit cards,” reports debt consultant Scott Bilker. All this spending worked out to an average of $786 per person on gifts.

But this year, many people want to try to save as they make their annual holiday purchases. Here are several steps to help you afford this season.

1. Make a List

Just like a trip to the grocery store, bringing a list can help you save a lot by keeping you on track. Before you head out to the stores, sit down and write out what you need for every person on your giving list along with how much you can afford to spend. Then, you will be better equipped to shop and stick to your plan.

2. Research Online

After drawing up your list, don’t head to the mall just yet. First, log onto your computer and do some online price comparisons. You can check sales at local retailers and also find great deals from online retailers. The Internet is a fantastic place to find deals on brand-name items. This will also prepare you with a good reference of about how much you should spend when you do hit the stores.

3. Use Cash at the Checkout

Studies have demonstrated that paying with plastic makes spending feel easier. And when you’re trying to adhere to your budget, this is a convenience you should probably avoid. Research shows that when people pay with credit, purchases are relatively painless because the spender never sees the actual cash and gets to keep the card, putting it back into his or her wallet after the mini thrill of swiping it.

A good rule of thumb to follow is that if you can’t purchase it with cash, then you probably should not buy it at all. When you do choose to use credit, treat the card more like a debit account. Try to spend only what you already have in the bank. This will help you avoid high interest rates.

While short-term loans like a credit line or those from TitleBucks.com can be useful in an individual situation, it is not extremely wise to take this type of loan unless you know for certain that cash will be coming in soon to allow you to repay the amount prior to the deadline. Try to stick to your actual budget and don’t spend the rest of the new year paying off last Christmas.

4. Don’t Wait Till Christmas Eve

Shopping ahead of time is an overlooked but important key to avoid excessive spending. Shoppers who wait until the last minute are more likely to buy on impulse. When you are desperate to find gifts, the very first item that looks like it will work seems like a great option despite the price. And another cost to procrastination comes in express shipping charges to make sure online purchases arrive on time.

5. Don’t Worry about Impressing the In-laws

One of the most common ways to spend more than you want is falling into the game of impressing your friends and family. Because you care about them, it is easy to want to find over-the-top presents. But it is more important that you be realistic about your budget. Find thoughtful or even homemade presents that mean a lot without costing too much.

And when you are planning the greatest ugly Christmas sweater bash of the century, keep the same principles in mind. Throwing an incredible dinner party can quickly break the bank. Try alternatives like a potluck in which everyone helps share the cost while still putting on a delicious meal. And craft creative decorations to save on décor.

With these proactive ways to keep your budget intact, you are all set to enjoy this holiday with peace of mind and goodwill towards your wallet.

Image from www.cnn.com

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