a close up of an umbrella: Insurance needs change with changes in age, income, expenses, debt, lifestyle, inflation, etc.; and you need to factor in these changes and top-up your insurance purchases.

© Provided by The Financial Express
Insurance needs change with changes in age, income, expenses, debt, lifestyle, inflation, etc.; and you need to factor in these changes and top-up your insurance purchases.

Having inadequate life insurance protection could be as devastating for your dependent family members as not having a life insurance cover at all. If you don’t have any life insurance cover, you may identify your insurance requirement and get the appropriate product. But if your life insurance size is inadequate, you may not know it until you review it correctly.

Hence, it’s essential to understand why you may still be underinsured, how it may impact your family’s financial future and how much protection would you require for adequate coverage.

How to determine adequate cover size

One of the key purposes of a life insurance policy is to ensure financial support to the insured’s dependent family members after his or her death. There are various ways to ascertain the financial need from the insurance point of view; however, the thumb rule is to have life cover of at least 10 times your current annual income. Meaning, if your current annual income is Rs 10 lakh, you should have a life insurance cover worth at least Rs 1 crore. If your cover is less than Rs 1 crore, you are underinsured. Another method to ascertain your life insurance requirement is using the Human Life Value (HLV) method. Under the HLV method, you need to consider your current income, expenses, expected future responsibilities, and goals to determine the insurance need. You may take the help of any HLV calculator available online.

Why your life cover may be inadequate

There are several reasons why your insurance cover may prove to be inadequate. If you have taken your life insurance several years back


The CNET stimulus payment calculator can help you estimate how much money you could get from the IRS if a second check comes to be.

Sarah Tew/CNET

If Congress approves a second stimulus check by the end of 2020, how much money could you expect as a payment? There are a number of variables that factor in, so we built a handy calculator to help make estimating the amount as easy as possible.

The IRS is expected to follow the same guidelines as with the first stimulus check of up to $1,200 per person, but with a twist. If and when Congress signs off on a second direct payment, there could be changes to qualifications for you or your family members, which could result in more money for you. However, there are two different proposals for what that means, so things could get tricky. It’s important to read the next section below before you use the calculator tool.

Our stimulus check calculator is based on rules from the CARES Act, which governed the first stimulus check, and does not retain your personal details in any way. Keep in mind this tool supplies estimates only — the IRS may calculate a final figure based on other factors.

Read: What do your taxes have to do with stimulus checks? Everything.

Important: Before you start calculating

You will need your adjusted gross income, or AGI, from your 2019 or 2018 tax information. If you’ve filed your 2019 federal tax return, you can find that figure on line 8b of the 2019 1040 federal tax form. It’s line 7 on the 2018 1040 tax form. 

The CARES Act allowed you to claim child dependents for $500 apiece, as long as they’re 16 years old or younger (that is, under

Press release content from Accesswire. The AP news staff was not involved in its creation.

LOS ANGELES, CA / ACCESSWIRE / October 9, 2020 / Compare-autoinsurance.org ( https://compare-autoinsurance.org ) has launched a new blog post that presents several tips that can help drivers obtain cheaper car insurance.

For more info and free car insurance quotes, visit https://compare-autoinsurance.org/awesome-ways-to-get-cheaper-car-insurance

When owning a vehicle, owning car insurance is essential. However, car insurance can be expensive. In some cases, drivers can pay more for insurance than they do for the car itself. Finding a policy with the right coverage and at an affordable price can seem difficult for most drivers. However, the perfect policy can be found after applying some tips and tricks.

Drivers looking to pay less on their insurance premiums should consider following the next useful tips:

  • Shop around. By doing so, policyholders can compare different plans from various providers and they can see what insurance prices are in their areas. Shopping around can also help to discover smaller, local insurers who might offer the same services, but at lower costs than larger, big-name insurance companies. Drivers should shop around after they move to a new state, city, or even a new neighborhood. Major life events such as getting married, college graduation, and other events can have an impact on insurance premiums and drivers should check the insurance market.
  • Look for discounts. A good insurance agent will know the policies they offer inside and out, and they might be able to find obscure discounts or other deals that their customers can take advantage of. Discounts such as the ones offered for good grades students, clean driving record, or good credit score can help to get a lower insurance premium.
  • Bundle different policies together. This is another great method

I don’t know about you, but my love of podcasts has intensified under lockdown.

The perfect antidote to hours spent glued to a screen while “living at work”, I would much rather pick up a pair of headphones than the TV remote — and judging by the soaring popularity of podcasts, I am not alone.

I’m often asked about my favourite financial shows. At the start of the pandemic, one of the most effective investment management tools I found was The Boring Talks, a BBC podcast. With episodes devoted to the wonders of coal holes, jigsaws, oboe reeds and teletext, it has nothing to do with money. Yet listening to this took my mind off soaring infection rates and plunging stock markets as I resolved to stick to my long-term investment strategy.

I’ve presented the FT Money Show podcast for five years, but under lockdown, our shiny new studio in the basement of Bracken House was off limits. We used our time off air to rethink the format — and the result is the new Money Clinic podcast which launched this week.

Each week, I will be talking through a real-life money issue with a listener who is willing to unburden themselves down the line. Upcoming episodes feature a graduate nervously navigating the jobs market, a City worker with significant credit card debts and a buyer weighing the pros and cons of shared ownership properties. Problem shared, we then consult the best financial experts about next steps people in a similar position could take.

FT podcast: How can I get started as an investor?

Claer Barrett talks to listener Naureen about how to start investing in the stock market. Download here

Part of the inspiration for this format was my unofficial role as the FT’s financial agony aunt. My desk

Traveling now carries with it more uncertainty than ever before. If you plan on traveling anytime soon, one thing you can do to protect yourself is get a trip insurance policy that includes coronavirus coverage. Previously, many insurers excluded COVID-related claims due to the virus’ status as a foreseen event/pandemic. But now, some insurers are changing their tune. Here’s what you need to know about how to find travel insurance providers that offer coronavirus-related coverage, as well as what is and isn’t covered.

What is covered

Coronavirus coverage falls into several categories:

  • Trip cancellation: You need to cancel a trip prior to departure because you, a covered travel companion or possibly someone you need to care for contracted COVID-19.
  • Trip delay: Your trip is delayed due to changing COVID-related guidelines.
  • Travel medical coverage: You (or a covered travel companion) become ill with COVID-19 while traveling abroad and incur health care expenses or require an evacuation.

Of providers that are offering COVID policies, most are covering these expenses.

What is not covered

  • Countries with Level 4 travel advisories: Some insurers disclose that if a Level 4 Do Not Travel advisory is issued by the U.S. Department of State for a specific country, you will not receive coronavirus-related coverage. With cases surging in various countries unexpectedly, the list of Level 4 countries is constantly changing. Before booking a trip and purchasing a policy, make sure to check that the country does not have a Level 4 advisory.
  • Fear of getting sick while traveling: Canceling a trip because you’re afraid you’ll get sick does not qualify for coverage under your travel insurance policy. Travel insurance providers have a list of standard reasons that qualify for cancellation, including: car accident, jury duty, terrorist act, military duty and other extenuating circumstances. If you want