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  • The Financial Toll of Living With Heart Disease

    The Financial Toll of Living With Heart Disease

    Heart disease has a financial influence on health insurance and life insurance. Trying to get life insurance after heart surgery can be highly challenging — which is why it is essential to understand the financial implications of heart disease.

    It is possible to get term life insurance; however, the premiums are higher. Below, we will go over why people with families face financial hardship, what people with heart disease can do when buying life insurance, and how to minimize the cost of life insurance coverage.

    Why do low-income families with heart disease suffer financially?
    Many families in the United States have financial hardship due to a persistent cardiac problems that they cannot afford to treat.

    The expenses associated with treating chronic heart disease place a heavy financial burden on about one in four low-income households. These costs may cause an economic catastrophe for low-income families, even those with insurance.

    Surprisingly, these expenses weren’t incurred due to extended hospitalization or costly medical treatments. Prescriptions, clinic appointments, and insurance premiums are often to blame for patients’ financial difficulties.

    Chronic illness has a significant financial impact that must be considered. People are harmed by both the disease and the associated financial burdens.

    The out-of-pocket expenses of low-income households with insurance were greater than those of people with limited insurance. Low-income families may not get enough subsidies to pay the total cost of insurance, and out-of-pocket maximums should be based on income.

    Compared to middle- and high-income families, low-income families are more likely to incur chronic heart disease costs totaling more than almost 20% of their income. Low-income families are also roughly 10 times more likely to experience health care expenses that exceed nearly half their annual income than higher-income families.

    Can I get life insurance with heart disease?
    Purchasing a life insurance policy is a great way to invest in your future. Unfortunately, some life insurance firms will not cover individuals because of their medical history. Your term life insurance premiums will be lower if you are in good health.

    Even if you have a history of heart disease or circulation troubles, it’s vital to know that even the first signs of heart disease may impact your ability to get the best life insurance rates.

    Death from heart disease is the most common cause of death in the U.S. As you would expect, severe cardiac diseases are at the top of the list of medical illnesses that impact life insurance premiums.

    Before granting you life insurance coverage, your insurer will consider the unique risk factors you bring to the table.

    You’ll also have to consider the sort of heart condition you have. Congestive heart failure, for example, may make life insurance more challenging to get than well-managed atrial fibrillation. You may have no choice but to pay a higher price in some instances.

    As a result, yes, you can get life insurance even if you have heart illness or issues. Heart patients’ health insurance and life insurance will be costly even if they are not excluded from coverage because of previous conditions.

    When it comes to life insurance, how does having heart disease affect it?
    A cardiac disease might complicate applying for a life insurance policy. You must be honest about your current health and medical history.

    Lying, misrepresenting, or omitting critical health facts will almost always result in a higher insurance premium or denial of coverage.

    Insurers may deny a claim if they find that you misled or misrepresented facts on your application while applying for a policy, or they may lessen the amount your family gets.

    Even if you can’t change the fact that you have a cardiac ailment or risk factor, doing all you can to keep things under control can benefit you.

    What is the relationship between heart disease and the cost of life insurance?
    Your insurance choices may be restricted if you have a family history of heart disease. There are, however, proactive steps you may take to keep your rates low.

    Having a family history of heart disease means that you might need to get life insurance at an early age. This is an essential financial step for long-term stability.

    The healthier you are as a person, the more youthful you are. Because you are less likely to have risk factors for heart disease such as elevated cholesterol or blood pressure, you will be able to get the best possible prices on term insurance.

    Getting healthy is the first step if you’ve put it off for too long and have cardiac problems to deal with. As your health improves over time, you may qualify for cheaper premiums on long-term coverage if you get a short-term policy.

    Your medical history, including doctor visits, prescriptions, and other preventive actions, should be well documented for insurance companies to review your health risks.

    Fortunately, certain life insurance firms provide no medical exam term insurance policies. You don’t have to disclose your medical history to apply for this insurance.

    Imani Francies writes and researches for the life insurance comparison site, Clearsurance. As someone who watched family members battle heart disease, she stays up to date with new health trends to help people make wise decisions with their medical care.

  • Why is Gold Loan Ideal to Manage Short-Term Cash Needs?

    Why is Gold Loan Ideal to Manage Short-Term Cash Needs?

    India is one of the largest importers of gold in the world and Indians have had a cultural connection with gold for ages. Therefore, they purchase the metal in the form of ornaments and artefacts which hold a good value and can help in future financial appreciation. But many people are unaware that their gold assets can help them meet short-term fund requirements. You can apply for a gold loan online or offline hassle-free from a non-banking financial company or a bank. Before that, let’s see why it is ideal to manage short-term cash needs. Here are the top reasons.

    Flexible Loan Amount

    If you choose a top lender, you can get access to gold loans ranging from Rs 10,000 to Rs 50,00,000. The credit amount is flexible enough to meet various short-term financial needs like:

    • A medical emergency
    • A relocation
    • Holiday expenses
    • A 2/4-wheeler purchase
    • Paying off accumulated debt

    You can apply for a suitable amount based on your fund requirement and repayment capacity. Use a digital gold loan calculator on the lender’s website to choose the needed loan amount and tenure.

    Easy Eligibility

    The eligibility criteria to apply for a gold loan are quite basic. You usually need to be:

    • An individual Indian resident
    • At least 21 years of age
    • Not more than 70 years old when the loan matures so your golden years are free from financial burdens
    • The owner of the gold jewellery that you deposit

    Since the eligibility criteria are simple, it becomes easy to get a gold loan to finance an urgent need right away.

    Minimal Documentation

    You can borrow a gold loan with very few documents because it is a secured loan. Therefore, the lender gives more importance to your gold deposit against which the loan is secured. Here are a few documents that are usually needed:

    • Photograph
    • PAN details or Form 60
    • KYC documents (identity and residential proofs)
    • Bank cancelled cheque

    See if you can upload the gold loan documents online to save time.

    Minimal Processing Time and Fee

    The time needed to process a gold loan is very less. That is mainly because the documentation involved is minimal. Also, the lending institution has gold evaluators at its branch itself to save time for processing the loan. They evaluate the value of your gold deposit in your presence so you need not come back later with any confusion. Therefore, you can get quick access to cash to meet your urgent fund need. On the other hand, the processing fee is also low, generally below 1%. So, you can easily avail the loan.

    Quick Disbursal

    Minimal processing time means quick loan disbursal. If you choose a reputed lender, you can usually receive a gold loan online or offline within a couple of hours. In the case of an offline application, the lender has its sales team at the branch itself where the professionals review your application on the spot to disburse the funds. This can help you address an urgent cash requirement without much delay.

    Lower Importance of Credit Score

    Since a gold loan is a secured loan, the collateral matters the most. Therefore, even if you have a fair credit score, not excellent, you can still get a gold loan usually, provided you meet the eligibility criteria. However, if you have a very poor score, the lender may or may not grant your loan request. So, try to maintain a good credit score just to take no risks.

    Once you get the funds, use the gold loan calculator to check the EMI payable and ensure that you repay the loan responsibly on time.

  • Your Present best Chances with the Business Without Investment

    Your Present best Chances with the Business Without Investment

    In the early stages of their businesses, many entrepreneurs confront the same challenge: how to earn a profit while avoiding the need to spend significant financial resources in their operations.

    In order to assist those who wish to start a business but have limited financial means in doing so, the following are five steps they may take to help them overcome the difficulties listed above.

    Try to maintain your job for as long as you possibly can if at all at all feasible

    To be an entrepreneur, some individuals feel that one must devote one’s whole time and attention to one’s own commercial operation. Others, though, are not convinced. A considerable deal of effort and many hours of hard work are required to achieve success in the real world. But if you are already employed, there is no need that you stop working right away (at least for the time being). Beginning with excitement because you have a better grasp of how the company will be received, as well as the demand for its products, and how the brand will change over time as you gain more information about the market, it is an exciting experience. For business without investment you need to consider the followings.

    During the second step, you should choose a specific area of study in which you are very interested

    Despite the fact that you may not have the required financial means, it is feasible to start your own company. The most important thing to remember is to devote the required time and attention to the task at hand. Choosing the sector in which you wish to work is an important step before beginning your job hunt. This is, in essence, the first stage in the procedure’s progression. In this instance, the question is not “What is the best business to make money in?” but rather “What is the most profitable industry to make money in?” The issue being explored is “What is the most lucrative sector to make money in?” The inquiry states that the question is “What sectors do I already have skills and expertise in, and how can I earn money in those businesses?” The inquiry further states that the question is “What sectors do I already have talents and experience in, and how can I make money in those businesses?”

    Fulfilling all of your responsibilities at your place of residence

    According to the PEGN website, it is possible to identify numerous instances of entrepreneurs who started their enterprises in a small room in their own home and eventually expanded. As a result of the reduction in overhead, it will not only become more feasible, but it will also become less costly due to the savings in lighting, water, power, and renting space that will be realised as a result of the drop in overhead. Create a website on a free or low-cost platform and use social media to market your product or service after you have determined your goals and products, and after you have determined your goals and products, after you have determined your products and services. Giving a first taste of the product to a small number of close friends may be a wonderful experience, especially if it allows you to judge how the product will be accepted by a larger audience.

    Using social media sites to reach out to customers (make sure you use the business account!) is a great way to build your brand and build relationships with your customers. When a consumer sees a basic list of accessible products and services selections, as well as when they get automatic responses during their initial contacts with the organization, customer acquisition is made easier.

    Implement, test, and re-implement your solution as many times as necessary

    Understanding what works and what doesn’t work during the first few months of operation can assist the organization in identifying areas where it may make changes to its current operating procedures. In order to determine the most lucrative road to profitability, you must first get input from customers. They will tell you whether or not your product works, what alternative items they would want you to manufacture, and what their most urgent requirements are. Following the receipt of this information, you will be better prepared to do more study and eventually choose the product or service that has the greatest likelihood of success in the marketplace. As a consequence, the creation of approaches and actions for providing items to customers as quickly and effectively as feasible would be required.

    The fifth step is to design plans for the company’s future growth and development

    Soon after your company has shown that it is capable of standing on its own two feet, you will realise that you have more time on your hands to think about long-term aims and strategies, and you will be able to put those plans into action. It is anticipated that the organisation will benefit from clarifying roles and responsibilities, as well as the elimination of day-to-day operations, which will free up resources to develop innovative ideas to attract new clients, launch more ambitious initiatives, and investigate additional job opportunities. Based on the fact that your firm is now successful, you may be in the position to allocate a portion of this revenue toward expansion initiatives, which will enable you to expand your product or service offerings into new market segments. Moreover, it is possible that you will attract the attention of an investor who is eager to assist financially to the development of your firm.

  • What are mutual funds, and how to invest in them?

    What are mutual funds, and how to invest in them?

    There are numerous ways of investing one’s capital, but none as famous as mutual fund investments in India. A mutual fund is a pooled investment instrument that collects money from various investors and invests it in securities such as equities, bonds, money market instruments, etc.

    Every person who invests in a mutual fund owns units of the fund. A mutual fund’s NAV (Net Asset Value) is the fund’s per-share market value. The NAV is the price at which a mutual fund’s shares are bought and sold. The NAV of a fund is derived by dividing the market value of securities of a scheme by the total number of units of the scheme on any particular dateIt is declared at the end of every trading day after the closure of markets.

    Types of mutual funds in India

    Mutual fund companies divide mutual funds based on structure and asset class. Here are the various kinds of mutual funds based on their structure.

    • Open-ended mutual funds: Open-ended mutual funds have no limits onwhenan investor can invest in the fund.
    • Close-ended mutual funds: Close-ended mutual funds allow investors to purchase units only during the New FundOffer (NFO) period. These units can be redeemed at a fixed date of maturity.
    • Interval funds: Interval funds get opened for the purchase/redemptionofunits at different intervals during the fund’s tenure. Hence, they have the features of both open-ended and close-ended funds.

    Based on their asset class, mutual funds can be divided into four types.

    • Equity funds: Equity mutual funds invest in stocks. These funds are risky but can provide high returns.
    • Debt funds: Debt mutual funds invest in debentures, fixed income assets, and government bonds. They are low-risk investments that may provide better returns than a savings account or fixed deposit.
    • Hybrid funds: Hybrid mutual funds invest  in a mix of asset classes. Hybrid funds balance risk and returns by maintaining a proportion of equity and debt investments.

    How to invest in mutual funds? 

    Follow these steps to invest in a mutual fund scheme:

    • Risk profiling: Assess your risk-taking ability. This involves identifying the kind of investment vehicle you wish to invest in, including its risks.
    • Asset allocation: As the next step, you must look to divide your capital into various asset classes. Asset allocation must be a mix of equity and debt instruments to balance the risks.
    • Identification of funds: After dividing your capital into assets, you must identify the funds belonging to each asset class in which you wish to invest your capital.
    • Consider  a mutual fund SIPcalculator: A mutual fund SIP(Systematic Investment Plan) calculator can help you estimate the size of the corpus that you can have via regular mutual fund investments.
    • Invest online or offline: Once you have gone through these steps, you can invest in the mutual fund scheme of your choice, either online or offline.

    To sum up

    A mutual fund scheme is a pooled investment strategy that helps you invest in various assets, including equity, debt, or a combination of both. The price of a unit of a mutual fund scheme, called its NAV, is decided at the end of a trading day. Before investing in a mutual fund scheme, you must assess your overall risk-taking ability, identify the fund you wish to invest in, and consult a mutual fund SIP calculator.

  • How Working From Home Can Save You Thousands of Dollars a Year

    How Working From Home Can Save You Thousands of Dollars a Year

    Since the beginning of the pandemic, people are not only working from home in record numbers but they’re also saving tons of money on expenses they’d otherwise need to pay.

    Working from home can save you money in pay-per-mile car insurance discounts, lunches you would normally eat with coworkers, wardrobe updates, office expenditures, public transportation, and more, leaving you with more cash to save or use for other things.

    Here are a few ways you can save thousands of dollars each year by working from home.
    #1 – Lunches and Coffees with Coworkers
    When people work at their offices, it’s only natural to buy a coffee before work or to eat lunch with coworkers. However, these quick bites add up.

    When you work from home, you’re more likely to make both your lunch and coffee at home, which is cheaper than dining out. Doing so can potentially save you hundreds of dollars per year that you can use toward buying new furniture, decorating your home office, or saving up for a larger purchase.

    #2 – Work Clothes and Upkeep Costs
    A professional wardrobe for the office can be costly. To look presentable in person, office workers are generally required to follow a dress code, though the code itself may vary from business to business. Spending cash on good-quality clothes can add up throughout the year.

    However, when you work from home, you don’t always need to have an extravagant wardrobe. More and more Americans are wearing athleisure while working from home, which can be bought almost anywhere and is significantly cheaper than suits and other work-appropriate attire.

    Keeping quality work wear in tip-top shape also costs money, from going to the dry cleaners and tailor to getting expensive shoes resoled.

    When you’re not required to put on a suit and tie for work, you save money in the long run.
    #3 – Gas or Public Transportation
    The average price for a gallon of gas in the United States has skyrocketed in recent months due to inflation, supply chain bottlenecks, and COVID-19 mitigation measures. Taking public transportation such as a train or bus adds up over time, too. By working from home, you can avoid these hefty prices and save hundreds per year.

    #4 – Tax Breaks
    People who are self-employed are entitled to various tax deductions when they work from home.

    If you have a home office, you can deduct the percentage of space (compared to your entire home) that you work in from your taxes. For example, if your home office takes up 10% of your home, you can deduct that amount in insurance costs or utility bills. Some of your rent can be written off, too.

    There are even COVID-19–related tax breaks for 2021. If you dealt with issues related to COVID-19 during the first nine months of 2021 and were unable to work, you can claim sick and family leave credits.

    #5 – Health Improvements
    Morning commutes can be stressful. From spending hours in the car dealing with traffic to running after the train so you don’t miss it, the stress of commuting takes a toll on the best of us.

    This can potentially lead to your spending more money on medications and therapy. People who work from home can cut that stress out of their lives and feel less anxious as they take the 10-second commute to their home office and put away that gas money toward other things, like retirement.

    You’ll also have more time to hit the gym and cook healthier foods since you won’t be spending hours in the car or on the train. This will also lead to less time at the doctor’s office to receive treatment for conditions related to poor diet and exercise, therefore saving you money.

    Sleep health is extremely important. Lack of proper sleep hygiene can lead to all sorts of dangerous health woes, including depression, obesity, and heart disease. Working from home gives you more time to get enough sleep since you won’t be waking up as early to commute to work.

    #6 – Low-Mileage Car Discounts
    Some drivers can get discounts on car insurance if they cover low mileage. Since insurance rates are based on risk and time spent on the road, this means that low-mileage drivers are considered less risky drivers. This is why it may be possible to receive a discount if the miles you cover fall within discount criteria.

    Every insurance company defines “low mileage” differently. However, this number can usually be anywhere from 7,500 to 15,000 miles per year. Since remote workers are driving less than they used to, they may be eligible for low-mileage car discounts.

    Talk to your insurance provider about low-mileage policies.

    Luke Williams writes and researches for the auto insurance comparison site, BuyAutoInsurance.com. His passions include writing about insurance, business, finance, and other ways everyday people can spend better.

  • Which Mutual Fund Is Best For Beginners?

    Which Mutual Fund Is Best For Beginners?

    The COVID-19 pandemic forced young professionals to look at investment avenues for earning extra income. That’s because when stay-at-home orders became the norm in 2020, people learned the hard truth that the income from full-time employment is not enough. That’s when people started looking at investment options such as FDs or investment schemes that are known to allocate funds to the market. While schemes such as FDs are known for being a safe investment option. Market investments are known for coming with risks. But they are also known for fetching high returns for their investors. This is the reason people prefer signing up for investment plans that are known to direct their investments toward the market.

    One of the schemes that are known for investing in the market is mutual fund plans. Mutual fund plans can be defined as an investment tool that is known for pooling money from a group of investors to purchase different securities. Once enough money is collected into the fund, it is invested in various financial securities like money market instruments, stocks, and gold. When you opt to buy a unit in a mutual fund, you end up owning a small stake in all the investments that are considered a part of the fund. As these schemes are known for coming with numerous benefits, mutual funds are considered a prudent investment choice.

    How are mutual fund schemes known to work?

    To opt for a mutual fund scheme, you firstly need to select an AMC i.e., an asset management company. There, you will need to select the right variant of mutual fund scheme that caters to your distinct investment needs. After selecting the scheme after learning the fund’s objective, the money from the pooled fund is invested into various securities such as gold, bonds, stocks,and other money market instruments. A professional called a fund manager is responsible for the upkeep of each fund. The fund manager aims to earn optimum returns on the fund’s investments. Afterwards, the revenue generated by the fund is divided and distributed among the investors proportionately.

    Are there any actions that need to be taken to select the right mutual fund schemes?

    Considering the fact different types of mutual funds are available as an investment options, it is understandable that a new investor might be confused. But there are certain actions that you can take. Listed below are some of the actions that you can take. They are:

    • First, determine the investment objective:

    This is an action that you need to take before you sign up for a mutual fund scheme. You need to ascertain the main reason behind your choice for investing in a mutual fund scheme. For example, you want to increase your savings in the future, and, to do so, you may opt to invest in mutual fund plans for ten or more years so.

    • Research the market condition thoroughly:

    Consider this hypothetical scenario. You are considering opting for an equity fund. But you just can’t blindly sign up for the said variant of mutual fund scheme because the equity market is extremely volatile. So, it is prudent on your part to thoroughly study the market conditions regularly.

    • Look up the performance of a mutual fund scheme:

    It is better to choose a mutual fund scheme that offers the best returns to the investors regularly. So, it is very important to check the consistency offered by the scheme. It can be done by looking up on the internet and apart from looking up past performance, it is also important to check the ranking of the scheme.

    What are the different types of mutual funds that are available as investment options?

    Here are some of the variants of mutual funds that are available as investment options:

    • Equity funds:

    Equity funds are a variant of mutual funds that are known for allocating funds mostly to the stocks of various companies. As the name suggests, these funds are known for investing primarily in equities to generate capital appreciation. However, it is important to make note of one important fact. It is, you need to steel yourself against investment risks.

    • Debt funds:

    Also referred to asfixed-income funds, debt funds are known forgenerally investing in assets such as government securities and corporate bonds. The main objective of debt mutual funds is to offer reasonable revenue to investors. These mutual funds can be considered an ideal investment optionif your financial goalis to acquire a steady income over time.

    • Hybrid funds:

    Hybrid funds are a type of mutual funds that are known for coming with both debt and equity components in a specific ratio. These schemes are known for helping you to diversify your investments by allocating your funds to different asset classes such as equity and debt.

    What types of mutual fund schemes are suitable for beginners?

    If you are new to the world of investment, you should have an open mind about opting for any type of mutual fund scheme. That’s because to get the best results, you need to select mutual funds based on things like your investment objective and time horizon.