Is Your Insurance an Asset?

TOP DOLLAR: YOUR BALANCE SHEET: IS LIFE INSURANCE AN ASSET?

There are 2 primary types of life insurance: term and whole life. In some instances, whole life insurance can be considered an asset, but term insurance is never considered an asset.

Term life insurance is usually offered for a specific length of time that is stated in the policy. The insurance lasts for the length of the term, unless converted or extended, and does not build up cash value. The policy only pays out if the insured person dies during the term of the insurance. If that does not happen, there is no benefit or payout on the policy. Because term life insurance does not have a cash value, it is not recognized as an asset.

Whole life insurance, also known as permanent life insurance, combines the insurance coverage with a cash value. Often this policy will allow you to get part of this cash value back by cashing in the policy or by borrowing against the cash value that has built up. The policy continues as long as the insured person lives and continues to keep the premiums and other requirements current.

The cash value in a whole life insurance policy is attributable to the owner of the policy, not the beneficiary. If you own the policy, it could be counted as an asset to the extent of the available cash value.

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Solo Traveler Tips

 

Solo Travel

Use home exchange sites. Staying in someone’s home is usually cheaper than staying in a hotel. An added bonus is that you can cook meals in instead of eating out. Wi-Fi is another plus; many hotels charge hefty daily fees for Wi-Fi. If staying in someone else’s home doesn’t appeal to you, consider independent hotels. Some independent hotels offer smaller rooms specifically targeted to solo travelers at discounted rates.

Avoid the single supplement fee. Many travel companies (cruises, packaged tours, etc.) tack on a single supplement fee for traveling alone to make up for the space not being taken by a travel companion in a double occupancy room. Many cruise lines and tour groups offer supplement fee waivers during certain sale times throughout the year. Some supplement fees can be as high as half of the ticket price, so the waiver is worth it. Another, less popular, option for waiving the supplement fee is to allow the company to pair you with another solo traveler. If staying with a stranger isn’t an issue, this option allows more flexibility in your travel, without having to wait for a waiver sale.

Eat like the locals. Shop for easy meals at the local grocery or farmers market. Have a picnic in a nearby park or on a sidewalk bench. You’ll enjoy your surroundings and catch more of the local sights.

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