Life Insurance quite generally is a policy whereby you pay a company a premium so that if you die while covered your descendents receive financial benefits. Within the larger Life Insurance window there exist two broad categories of policies, Term and Whole life (Whole Life is also known by the equivalent term Universal Life Insurance). Term Life is exactly what its name implies, valid only for a certain period of time, whereas Whole life lasts the duration of one's life.
Price Differences
Because Term Life has a structured beginning and end, typically from 1 to 30 years, it is normally quite a bit cheaper than Whole Life. That is because under Whole Life it is assured that the insurer will eventually pay out (as we all eventually die). Under Term Life, however, there is a very good chance that you will live through the period of the policy and thus the insurance company can simply take your premiums without ever having to pay out anything.
Benefits Differences
Another important distinction between Term and Whole Life is the fact that at the end of the Term Policy, the policyholder is left with nothing but his own health. On the other hand, with a Whole Life Policy the insurer often takes a portion of the premium and places it into a savings account for the policyholder. In case of emergency later in life, the Whole Life Policy Holder can access that money to meet some needs while still living. As you can imagine, the Insurance Company raises the price they charge for access to all of this.
Deciding Between the Two
So, how does one decide between Term and Whole Life Insurance? To best answer that question it is important to ask why you need the insurance in the first place. Is it because you have young children and a spouse who does not have the earning potential to get your children through college? Or is it because you work in a dangerous industry and will regularly face the prospect of death over the next few years? These are both excellent candidates for Term Life Insurance. In the first case, it is important that the provider ensure enough financial support for approximately 10 years and then the need drops off, while the second example may require a shorter 3 - 5 year Term Life Policy.
On the other hand, let's imagine that you have a mentally handicapped person you will support indefinitely, or a spouse that has never worked at all. These may be better candidates for Whole Life as the financial need they feel responsible for extends not only to some definite period in the future, but as long as the other person is alive. Under these circumstances, paying the premium for Whole Life might be worthwhile.
Term and Whole Life Insurance fill an important void in many lives by providing some assurance that in case of an accident, loved ones will not be left stranded. It is important to remember, however, that the policies are not panaceas. The savings rate on Whole Life Policies is usually dismal compared to open market rates, and with Term, you are making payments on a product you may never use. Ultimately, the decision to purchase either of these products should involve weighing your personal risk and health, your current and expected financial situation, and alternative uses for funds you have earmarked for a policy.
Burnout ? whether it be from job, work or by being a caregiver to someone, or being a work and home mom- is common among most of us. In fact, more common than we think it is. The definition of burnout according to the Merriam Webster's Collegiate Dictionary is "exhaustion of physical or emotional strength or motivation usually as a result of prolonged stress or frustration. " Burnout can creep upon insidiously. One day you may wake up and find yourself not feeling like going to work anymore.
Signs of burnout are common and here are some signs that may indicate that you may be suffering from job, career or carer burnout. You may find yourself identifying with one or more of the following symptoms of burnout. Feelings of frustration, of anger and criticism. Feeling that one is overwhelmed or that there is no reward commensurate with the amount of effort put in. Feelings of depression, sense of helplessness and ability to see a way out of problems. A sense of being overwhelmed- feeling angry with yourself and criticize yourself. Feeling physically run down, tired, and feeling like there is a a lack of energy.
To overcome burnout you must realize the causes of burnout. It can often arise from the following:
1. Working at a job that does not resonate wholly with your personal values.
2. Boredom. There are no new challenges or excitement.
3.Having unrealistic goals for yourself or high expectations of your work.
4.Having too much to do that you have no time to do the things you really want.
5. Not having enough work life balance.
6 .Working under conditions that do not allow personal freedom
7. Feeling trapped from the need to do this job due to lack of choice.
8. Not being appreciated for the work you do after all the effort.
Here are some steps you can take think of how to overcome burnout. Take time to think of how you can overcome this problem.
1. Take a break from your routine.
2.Reassess your goals. It may have changed from when you last thought hard about your life
3. Be assured of your ability in yourself to change. For the better.
4. Face your fears; don't avoid your fears, or mask them in an addiction
5. Think about what you really want.
6. Clarify your values. Who you really are deep down inside and who you want to be. What is important to you?
7. Reclaim your dreams.What do you dream about that you want to do in your lifetime? What are the things you want to do, places you want to visit? What does the good life look like to you?
8. Think about your relationships. Are you spending enough time with the people you want to spend time with and are important to you?
9. Think about how you want to plan your financial future. Have a broad picture. The details will come sooner.
10. Reclaim healthy habits. Are you eating healthily, sleeping adequately? Exercising? Rest and relaxation?
11. Have fun. Are you able to have fun?
To overcome burnout you must know what you really want to achieve. Then go for it .
Both Dan Johnson & May Chew are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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