TIPS FOR YOU GOING TO HARVARD…OR ANY OTHER ELITE UNIVERSITY

For some students it’s not just about studying at a university in another country, it’s about studying at the university in another country. 
But how can you make sure your application wins you a place at one of the top universities in the world?

Do you dream of getting into Harvard or another top-ranked university?

There are some obvious things you need to do first. Check out the websites of the universities that you’re really interested in thoroughly.  Read through all the documentation, make sure you know exactly what the qualification requirements are and what the application process is.
In general the elite universities want the very best students and they want those students irrespective of nationality.
Usually you will need to follow the application process of the host country and that is likely differ somewhat from the one in your home country. Often some of the detail can get lost in translation (or just in the amount of information you have to work your way through). Start early, give yourself time to get it right and, with these top tips below, you could soon be on track for a place at one of the top universities in the world….

Be passionate
Lisa from the admissions team at Oxford University in the UK says the best way to be competitive is to really show a passion for your subject.
She says: “Many students tend to think they should select courses that are vocationally useful rather than what they are really passionate about – but it’s your passion for a subject that is what is going to count and is going to come out in an interview.”

Interviews at Oxford – one of the world’s top five universities – are held by the academics who teach the courses.  They love their subjects and want to see a similar hunger for study from the people they interview. So if you’re thinking of applying to study medicine but can’t keep away from the poetry books in your spare time it may be worth reconsidering your chosen subject.

Students sit a mock exam at Oxford University

Be inspirational
Harvard University, ranked fourth globally, asks: “Will you inspire those around you during your college years and beyond.  Who do you find inspirational?”
Colin Manning, a spokesman for the US university, is quick to confirm that candidates need to have a certain spark, beyond checking the formal boxes.
He says: “There is no formula for gaining admission to Harvard. We give serious consideration to all of the ways in which the candidate might contribute to our educational environment and community.”

Think about who inspires you now and who you inspire. Colin says Harvard relies on information shared about you from your teachers, counsellors, headmasters and fellow students. Be sure to sparkle when you’re around those people even before you put your application in as their opinion of you could make all the difference.

Be bold
It can be really intimidating applying to elite institutions, especially if you’re applying from another country. But often you can be your own worst enemy. It’s too easy to create a long list of reasons why it’s not possible.
Write your concerns down but carry on working through the process.  You’ll be surprised that if you don’t give in to the negative voices at the time they stop having such power over you.
Even practical concerns that can seem insurmountable at the time can be overcome. For example, you might assume that studying at an elite university is going to be too expensive for you and your family but check the university websites first to understanding what funding they can offer. Universities like Harvard operate on the basis of merit and can provide a significant chunk of funding in order to support the students they want at their university.

Be bold! Someone has to get into MIT!

Try something different
The Indian Institute of Management (IIM) has developed a reputation for being one of the toughest top management schools to get into in recent years. IIM prides itself on a rigorous application process that takes students with Graduate Management Admission Test (GMAT) scores higher than the likes of Harvard or Stanford.
Until recently only Indian nationals could apply from overseas. However, the admissions team have confirmed they are working out a separate admission procedure to enable the admission of international students.
The process should be finalised by October so if you’re looking ahead to your Doctoral and post-graduate studies keep an eye out for new and different opportunities.

Get the grades and open doors

Get the grades
Sorry, this is an obvious one, but it’s also necessary. You need to get the grades.  Whilst all these universities are looking for someone extra special, ultimately they need to know you can perform at the highest academic level too.
Oxford University admissions team member Lisa says prospective students need to think about the style of teaching they will receive during their degree as well.
“Because we operate a tutorial-based system it’s quite personal,” she says. “Our students get a lot of time with academics in small group situations. Tutorials are places for discussion and debate and people need to be comfortable with that.”

So, in summary, be passionate, inspirational and bold, try different options and keep your eye on getting the grades and you’ll be in with the best chance possible. Easy, right?

Photography:
Students sit mock exam at Oxford University, by Piers Nye; Get the grades and open doors, by Andreas Metz.

NICE TIPS ON HOW TO GET A PLACE AT OXBRIDGE

For many parents the fulfillment of their educational dream for their child is to secure a place at one of the top universities in the UK or the US. The competition for these places is beyond fierce so how should parents and students assess whether this is the right route for them and if so how should they prepare?

WhichSchoolAdvisor caught up with Gill Shepherd, who is the Schools liaison officer for the Oxford and Cambridge Alumni Association in the UAE to unlock some of the answers.

Can you tell us about the Oxford and Cambridge Alumni Association and what you actually do?

We are an alumni society so we have all been students at Oxford and Cambridge. We organise events for our members to meet one another and, of course, we offer our help to schools who have students applying to study at Oxford and Cambridge.

We also have experience of studying at the two Universities. However, things change: when I applied there were entrance exams but you didn’t have to write a personal statement for instance, as you now do for all UK Universities. Recently Oxford and Cambridge have introduced a lot of subject specific aptitude tests. The one thing that has not changed is the final part of the admissions process: the interview.

This is where we can offer the most support to applicants.

We are all volunteers so we give our time freely. We draw upon our time at the Universities to provide insight and guidance. This usually starts with alumni speaking at talks organized by the schools, to dispel myths and encourage students to apply, and finishes with conducting mock interviews for final year students who have applied, so that they are better prepared if they are selected for interview.

There are obviously a relatively small number of schools which have a track record of applying to Oxbridge. Do you only work with these schools?

The Universities want the best students, no matter where they went to school, so we are very keen to help all top students, whatever school they’re at and whatever curriculum they’re studying. We’re particularly keen to work with schools which don’t have a record of anyone getting in or even applying.

Last year we had a couple of schools that had their first acceptances for Oxford and Cambridge and that was really satisfying for us, but even more so for the schools as their younger students are seeing this is now a possibility for them.

What are the most frequent issues that arise in your discussions with schools?

One of the main questions I’m asked when I’m visiting schools is what’s the difference between the Ivy League in the US and Oxbridge – ‘Aren’t they all the same?’ is a regular comment. The answer though is that they are different in many important respects, as I have come to learn from my fellow alumni and schools liaison work.

One of the key differences is that with most of the US universities you will receive a more general liberal arts education, whereas in the UK, at all universities, not just Oxford and Cambridge, courses are much more subject specific e.g. just History or just Chemistry.

Compared to the focus of the UK system, the American undergraduate system offers more flexibility. Generally, provided you satisfy certain core requirements, you can explore various subjects before settling on your major. However if you already know what your passion is, or are not set on postgraduate studies (which is far less common for UK graduates, Oxbridge included) you may find a UK education suits you better as you can focus on what you enjoy studying. No Arts core requirements for Science students and vice versa.

Is cost a factor when deciding between the UK and the US? What about scholarships?

Yes, cost and funding is one of the other big differences. If you are eligible for UK home or European home status then going to university in the UK will be a lot more affordable for you. If you’re classed as an international student then the costs will vary from course to course but will be more similar to going to university in America. Having said that, in the US the cost can be reduced because there is far more financial support on offer: scholarships, which are merit based, as well as needs based funding.

There are few undergraduate entry level scholarships available from Oxford and Cambridge for students from the UAE but there are some external scholarships (e.g. based on your nationality), and there is more University funding for graduate programmes. There’s a special UAE Rhodes Scholarship to Oxford, for instance, which has just been set up.

We have some very bright students from the UAE who may get an offer from Oxford or Cambridge and an offer from a US university. If you’re looking at paying international fees for the UK or taking up a scholarship to attend Harvard the difference in cost may be a significant factor in deciding between the two.

How does the application process work?

You apply early in your final year of school (before 15 October) for either Oxford or Cambridge as 1 of 5 UK Universities in one common, combined UCAS application form. You can’t apply to both whereas you can apply to all of the Ivy League universities, but each one is a separate application, which of course is time consuming.

Can you explain what ‘open application’ means?

Oxford and Cambridge are collegiate universities and historically students had to apply to 1 of roughly 30 colleges. An ‘Open application’, whereby you apply generally to the University, rather than a specific college, is a relatively new option. Once applications close on 16th October a computer allocates each open applicant to a particular college to even out the distribution of applicants across the colleges.

There is a lot of discussion online about the importance of choosing a specific college when applying to Oxford or Cambridge. What’s your view on this?

I really wouldn’t obsess about choosing a particular college. You will study a University-wide course and sit the same exams regardless. Each year 20-30% of applicants receive an offer from a college they didn’t apply to as some ‘pooling’ of applicants takes place to ensure that the very best secure places. The main consideration is choosing the right course and most courses are offered by most of the colleges at both Universities, with some exceptions. For example if you want to do Politics, Philosophy and Economics you’ll have to choose Oxford; for Veterinary Science you’ll have to apply to Cambridge.

[ At Cambridge you can pretty much do any subject at any college but at Oxford there are certain subjects that are only done at some of the colleges. So, if you want to do Fine Art or Earth Sciences you need to find out which college does that. If you’re doing one of the mainstream subjects such as English then pretty much every college does it.]

I would however recommend visiting Oxford and Cambridge if you can as many applicants find this really helpful in choosing which University to apply to and which college.

What other factors need to be considered when deciding whether to apply for the Ivy League universities or Oxbridge? How important is the interview process at Oxbridge should you be fortunate to be invited to attend?

Another important difference between Ivy League and Oxbridge is the style of teaching. This factor is often overlooked by students. If you’re the type of student who prefers to sit in the back of the auditorium, take detailed notes, and study alone then you might be better off in the US as a lot of the teaching is done in lectures with 200 or 300 students.

You may not like the Oxford and Cambridge tutorial method of teaching which is one on one or one to two. It is a much more intensive and interactive experience. Often you will only have one or two tutorials a week but there will be a lot of reading and self-studyto prepare beforehand and in that tutorial room there is nowhere to hide.

For that reason, the interview part of the application for Oxford and Cambridge is a critical part of the selection process. No matter how bright you are, they need to find out if the tutorial system will suit you so your interview is, in effect, a mini tutorial.

They want to see that you are passionate about the subject; if you can work with new information, how you deal with it. They don’t want to be teaching someone who just sits there and takes notes. They want to teach pupils who engage with, and are happy to explore, the subject.

There may be issues beyond the purely academic which could affect your choice of Oxbridge or Ivy League. Is that right?

Absolutely. If, for instance, you have family in the UK or the US, cultural connections with either country, or visa considerations, you may prefer one over the other. Or if you’re looking to apply to work after university for an American company or a UK company it may be advantageous to have studied in that same country. If you say ‘Yale’ Americans think Ivy League but some British people may think of a company that makes locks and keys. In the UK everyone knows Cambridge as a world class University but in the US they may think of it as simply the suburb of Boston where Harvard is located.

What are the differences between the offers granted by Oxbridge colleges and Ivy League universities?

For a start, the application and offer timetable is different. Oxbridge applications need to be in by 15 October, assessments are in November and interviews in early December. Offers are made in early January. Unless you’re applying through early admission for the US it’ll be a December/January application and offers will not be coming in until February through early April.

Another big difference is that if you secure an offer from Oxford or Cambridge, that offer will always be conditional on you achieving certain grades in your end of school exams (unless you’re applying after you finished school). The US offers, however, are generally unconditional. All that you have to do is graduate school once an offer has been made to you.

One reason that Oxbridge and all UK Universities make their offers conditional is that academic ability and passion for your subject are of key importance, because the course is subject specific. You need to show you have a certain level of knowledge, understanding and interest to do the course on offer. That’s another key difference between the US and Oxbridge.

To get into one of the top universities in the US, whilst you’ve obviously got to be strong academically, I’m told they also look for a well rounded person with a full cv – leadership roles, sporting achievements, musical ability – all of these things are going to help your application by showing how you will contribute to University life in general. At Oxford and Cambridge the key consideration is always going to be your academics.

I’ve heard admissions staff at Oxford openly say that when writing your personal statement (which is the same for all 5 UK Universities) you should dedicate about 15%, at the bottom, for your extra-curricular activities ‘for the other universities’. That’s what they openly say! However if your extra-curricular activities are relevant in demonstrating your passion for your subject that’s different. So let’s say you’ve helped set up a charity for sick children and you’re applying for medicine that would be of interest.

Are there any other differences that students and parents need to consider?

Another difference is that at Oxford and Cambridge it is far more about academic performance in end of year exams whereas I am told the US system is more about ongoing assessment throughout the course, so if your strength is not exams you may want to consider America. And of course, there are the SATs for entry to just about any US University, whereas the Oxbridge aptitude tests are often only for those universities.

People do apply to both the US and UK but it’s really time-consuming and at a very important time in your schooling. My advice would be if you can choose one country over the other I would do so, and focus all your energy on that. You can always study as a postgraduate if you really want the benefit of both an Oxbridge and Ivy League education.

What do you think schools can offer to children who are thinking of applying to Oxbridge?

If the school has a track record of applying to Oxbridge the teachers and careers counsellors can offer excellent advice. Parents should listen to the school. If the school doesn’t believe the student is strong enough to apply then it’s very unlikely their application will be successful. If they are not predicted to achieve the minimum grades for the particular course it’s simple – they are not going to get an interview and they are wasting 1 of their 5 UK University applications.

Teachers have a further important role as they can suggest other activities, reading, competitions, etc to help students go above and beyond the curriculum which is vital if students are going to be able to show a passion for their chosen subject by the time they apply. Of course, this needs to start long before the final year of school when the applications are being made.

If you don’t receive an offer for Oxbridge is it worth re-applying?

You can re-apply after completing your schooling (IB, A levels, whatever) and success rates are a little higher, so if you nail those grades in the summer then it may be worth thinking of having another go the following year. However if you do so, the Universities say it is best to apply to a different college, and make the most of that gap year.

Any final piece of advice for parents and children considering Oxbridge?

My principal piece of advice for applying to Oxford or Cambridge, and life in general, is simple – follow your passion. If you’re passionate about something you’ll give it your best, work hard and you have a greater chance of being not just successful but happy in your life, because you enjoy what you do. And really, if we parents had to choose one thing for our children, wouldn’t it be happiness?

KNOW HOW MUCH DOES AN OXBRIDGE UNDERGRADUATE REALLY COST

The leaders of our oldest universities tell sorry tales about the losses they incur when teaching undergraduates. Andy Hamilton, the vice-chancellor of Oxford, puts the annual cost of each one at around £16,000.

After discounting the £9,000 tuition fees, he says that leaves “a funding shortfall of more than £7,000 a year per student”. Our most prestigious institutions are now lobbying to be allowed to charge more, while also looking closely at the Australian government’s attempt to abolish fee caps.

The full picture is complex. The Higher Education Funding Council for England (Hefce) still subsidises disciplines that are more expensive to teach. It also funds widening participation and retention work, and even provides Oxford and Cambridge with their own special funding because they provide a distinctive education. So whatever the shortfall, it is less than £7,000.

Moreover, our leading universities choose to spend a relatively high proportion of their tuition fee income on student bursaries – despite evidence to show there are more cost-effective ways of boosting applications from under-represented groups. Until institutions can prove maximum bang-for-buck on current spending, their case for more cash will lack credibility.

Frustratingly, no one ever explains how figures like £16,000 are calculated. I have been fruitlessly asking Oxford to explain its component elements for years. I have put the same question to Cambridge, on its slightly lower figure of £14,800, with the same result. Those who use such figures resemble schoolchildren answering their maths homework with a single number and no underlying workings.

We do not know if the figure is made up exclusively of things that are – and should be – part of studying at a world-class university, such as excellent teaching, a world-class library and good sports facilities. Or whether it includes costs that cannot easily be regarded as an integral part of undergraduate teaching, including well-stocked wine cellars and other college perks.

One reason why higher education institutions are reluctant to produce detailed numbers on their costs is that it would expose internal cross-subsidies. Disciplines that can be taught for less than £9,000 – such as arts, humanities and business – may be subsidising those that are not self-financing, and enabling surpluses for future building projects.

There are two competing views about such cross-subsidies among those working and studying at universities: they should not happen, or they should be concealed. Neither is right. Students typically want to study in broad-based institutions, and some cross-subsidies are reasonable in any multibillion pound charity such as a modern university. Today’s students benefit from the investments of yesterday and are in turn securing their universities for tomorrow.

If the £16,000 figure were ever to be proved right, it would need to be taken seriously. It would put a question mark over a core business of our most famous universities, which would be an issue for the whole UK education sector. Oxbridge could, in time, refuse to accept so many undergraduates, or even become postgraduate-only. That would be a tremendous loss.

One way to tackle any shortfall in funding would be to raise the tuition fee cap above £9,000, as some research-intensive universities want. But people talk as if that is an easy thing to do. In reality, it is inconceivable that the Commons that meets after the 2015 election will vote for a much higher fee cap on the thin evidence base we have. At the moment, there is more chance of a lower cap than a higher one, not least because Labour is flirting with a cut to £6,000.

MPs of all parties have spent enormous political capital on higher education funding in recent years and are disinclined to spend much more. Tony Blair’s £3,000 fees scraped through with a Commons majority of just five. The deputy prime minister, Nick Clegg, has yet to recover from undertaking the clearest breach of faith of any contemporary politician when he shifted from promising to abolish fees during an election to tripling them soon afterwards.

The next 12 months pose a threat to universities. Whatever the outcome of the 2015 general election, there are likely to be substantial cuts in the spending review that follows.

Staving off those reductions will need more than a gentlemanly phone call from a vice-chancellor or two to the cabinet secretary. It will need hard and detailed evidence on what it really costs to deliver world-class higher education. Universities’ internal finances should be exposed to sunlight, so that policymakers, students and taxpayers can properly understand them.

INSURANCE:HOW TO GET CHEAPER CAR INSURANCE AT YOUR FINGER TIPS

Saving money on your car insurance is easy and quick, but many people still fail to do it.

The mistake most drivers make is not taking the simple step of shopping around for the best premium. Instead they just accept their insurer’s renewal quote, which is likely to be much higher.

The good news is that comparing car insurance is simple and easy and you can find the best price in less than five minutes.

You can then compare the quality of the policy and have a idea of the best price to negotiate with your existing insurer, if you want to stay put.

There are a handful of ways to help reduce your car insurance costs? Whether you are male or female, old or young, follow our ten steps to lower premiums.

The quick way and easy to save on car insurance

We list our ten tips to find the best car insurance deal below – but for a quick money-saver, you can also use our carefully chosen quick comparison engine powered by MoneySupermarket with the link below.

> Compare car insurance from more than 130 insurers

Motoring costs: Use our ten-step plan to lower your car insurance costs

1. Shop around for the best car insurance

This is the number one way to save on car insurance. Savings of hundreds of pounds can be found if you shop around when you renew your cover.

Be careful though. When shopping around for car insurance, it’s important to make sure that you are comparing like-for-like cover. Some policies may seem cheaper, but you may find you don’t have the same level of cover when you have to make a claim.

Use an online comparison service to do the hard work for you. Put in your details and check the prices that come up. You can alter the excess that you are willing to pay and the mileage you will drive and get new quotes.

Try This is Money’s car insurance search powered by MoneySupermarket here – it will search more than 130 insurers for you, remember your details for next year and remind you when it is time to renew.

Also check the insurers that don’t feature in comparison sites, the big two are Direct Line and Aviva. It is also worth checking Admiral separately for its Multicar offers if you are looking to insure more than one vehicle.

Other car insurance comparison options include Confused.com, GoCompare, and ComparetheMarket

If you’ve been happy with the cover your existing provider has given until now but are unhappy with their renewal quote, let them know the best offer you have received from a rival insurer and ask them to at least match it. Comparing prices is essential to finding this information.

BLACK BOX TECHNOLOGY CUT MY PREMIUMS BY £800

Boxing clever: Laura Keely’s premium has been slashed

All drivers, especially the youngest, can also grab themselves potentially much cheaper car insurance by opting for a blackbox policy (also know as telematics policy) – these monitor your driving and reward those who are careful and don’t get behind the wheel at dangerous times.

Laura Keely, right, opted to have a black box installed in the dashboard of her Vauxhall Corsa provided by Insurethebox.

Previously, she paid £1,800 for a comprehensive policy. Twelve months on, her premiums dropped to just £1,000 — a 44 per cent fall.

2. Don’t put everyone on your policy

Ensure that only regular drivers are named on the policy. You can always add someone for a few days when they really need to drive the car. 

3. Protect that no-claims bonus

A long no-claims bonus is the single best way of cutting car insurance costs, so protect it.

This may increase the premium by a few pounds, but this fades into insignificance against the potential loss of a 90 per cent discount on a premium of several hundred pounds.

But the definition of a protected no-claims bonus can vary widely between insurers.

Though accidents caused by another driver will normally have no impact on such a bonus, those caused by the insured could. The key is to always check the policy carefully.

4. Increase your voluntary excess

Agreeing to pay more towards the cost of any accident repairs will bring down premiums. If you are not at fault in an accident, the excess can be recovered. Beware being tempted to allow it to rise too high, however, especially if you have a lower value car.

5. Secure your car

Fitting an approved alarm, immobiliser or tracking device can attract a discount of around 5 per cent. Many newer cars will come with these as standard, so make sure you check if you have them and then declare them.

EXTRA TRICKS TO CUT THE CAR INSURANCE BURDEN

Don’t forget to haggle! The car insurance market is notoriously competitive. Once you’ve been on This Is Money’s comparison and found your cheapest price (below), get on the phone and start bargaining!

Avoid paying monthly charges: Direct debit instalments generally come hand-in-hand with high interest rates.

Think outside the box: An accelerated no-claims bonus, such as the Bonus Accelerator from Admiral, could give you a year’s no claims bonus after just 10 months.

Named drivers and friends and family: If you have previously been insured as an additional driver on another policy, see if you can transfer a no claims bonus to your own insurance coverage.

Some insurers do this, including The AA and Direct Line  .Try for a discount by insuring two or more vehicles between friends or family members with the same firm.

No claims discount: It could be worth paying extra to protect yours

6. Do fewer miles

Reduced mileage equates to a greater saving.

For example, a reduction in annual mileage of 5,000 miles could save a typical 35-year-old driver about £50 a year in premiums.

A cut of 10,000 miles a year could save more than £100.

But you must be honest about your annual mileage, as inaccuracy will jeopardise any claim.

Check your use cover – if you don’t use your car to drive to work or for business – both things that increase your premium – you may be able to get a cheaper rate.

7. Think carefully about adding young drivers

Adding a young, inexperienced driver to your policy can be a false economy, especially if you have a large or higher powered vehicle.

The premium will still be affected by the youngest driver and he or she may not have a no-claims bonus. Insurers have also been cracking down on fronting, where parents insure cars in their name for children to cut costs, so make sure if you are the policyholder on a car driven by your children that you are actually its main driver, or that you declare otherwise.

8. Watch out for insurance trap cars

If you decide to change your car, check with your insurer if the model will have a significant effect on the premium.

Sporty cars can attract a high premium and often a slightly different model or smaller engine can make a big difference in your favour. It will also probably save you on petrol too!

Be aware that Insurers will try to include administration fees for changes to a policy mid-term. This fee, usually between £25 and £50, will be added if you change a vehicle or your home address.

However, you can ask for the fee to be waived if it is a minor adaptation, such as changing to a personalised registration number.

9. Remember what the garage is for

If your garage is full of junk, clear it out and use it for your car.

Insurers like cars kept in garages overnight and this can dramatically cut your premium.

Aside from the benefit of not having to scrape the ice off in winter, there is a higher risk of theft by keeping the car on the road, so keeping it in the garage will be reflected in your premium.

10. Be a better driver and sign up to a blackbox

Blackbox policies, where the insurer installs a system in your car to monitor your driving, reward those who drive carefully.

Officially called telematics, these check your speed, how aggressive you accelerate and brake and how cautiously you drive, and also whether you are on the road at perceived dangerous times – i.e. the early hours of the morning.

They can cut premiums substantially once you start proving you are a good driver. The biggest win is for those whose premiums are high, especially young drivers.

Some insurers even offer an up front discount if you take out a telematics policy.

Women and cheaper insurance

The EU ruled that finance companies can no longer consider your gender when deciding what to charge you.

This was triggered by a European Court of Justice ruling on a challenge by a Belgian consumer group. Its case was that the exemption for insurers contradicted the principle of gender equality.

The ban came into force on 21 December 2012, after fierce campaign for UK firms which argued that they were not discriminating between the sexes — but instead were basing their prices on statistics.

Their argument was that as women live longer they pay less for life insurance, and get cheaper car cover because they have fewer accidents. The move to so-called gender-neutral pricing will affect premiums for all types of insurance — including car, life, private medical and income cover.

Despite this, there is still a significant difference between the prices paid by by male and female drivers on average, which is currently almost £100.

How does longevity insurance work?

How does longevity insurance work?

Longevity insurance provides guaranteed income starting at some point in the future (typically 2-40 years from now) and continuing for life. You might see longevity insurance referred to by other names, including longevity annuities, Deferred Income Annuities (DIAs), or advanced life deferred annuities. There’s also a specific kind of longevity insurance called a Qualified Longevity Annuity Contract (QLAC). But they all serve the same basic function: protection from outliving your savings.

Typically insurance is meant to protect you from something bad happening. But in the case of longevity insurance, it’s a little different: you’re allocating your assets to something that protects you from outliving your money because you live longer than expected. In general, that’s a good thing, but you just have to make sure you’re protected financially. From the insurance company’s perspective, they are simply pooling a different type of risk: longevity risk. The extra income they send to those who live longer than expected comes from the income they didn’t have to pay to those who passed away prematurely.

Longevity insurance isn’t a new concept. In fact, there are two types of longevity insurance that you’re probably very familiar with — Social Security and pensions. Both give you steady payments every month that aren’t affected by what happens in the market and those payments continue for as long as you are alive. But, the benefit offered is not up to you.

Through Deferred Income Annuities, you can purchase longevity insurance for yourself. In exchange for a lump-sum premium paid to an insurance company, you’ll receive a pre-determined and guaranteed paycheck that continues for life. You can buy a DIA using your 401(k), IRA, or personal savings.

Here’s what it looks like:

HOW TO CLAIM MATURITY BENEFITS FROM LIFE INSURANCE POLICIES

In a life insurance policy with maturity benefits, the insured will be entitled to claim maturity benefits if he or she outlives the term of the policy. The insured is entitled to claim the maturity benefits only when the policy is in force and all premiums have been paid duly. A maturity claim is one of the simplest claim procedures with minimal paperwork involved.

Policy discharge form
Typically, the insurance company sends a Policy Discharge Form about one month before the maturity date of the insurance policy. The letter also provides instructions regarding the documents that need to accompany the form.

Details and documents
The policy discharge form must be duly filled by the policyholder. The form needs to be signed by the policyholder as well as two witnesses. Along with the form, the following documents need to be enclosed with the application:

* Original policy document
* Copy of identity proof
* Copy of address proof
* Bank mandate form with bank details
* A cancelled cheque leaf

The duly completed form with required documents must reach the insurance company at least 5-7 working days before the maturity date of the policy for a seamless maturity claim settlement.

Process
Once the documents are sent to the insurance company, upon verification, the insurance company will process the maturity claim and make the payment to the policyholder. The maturity proceeds will be credited directly to the bank account of the policyholder after the policy maturity date.

Points to note
* This procedure is applicable only to those policies that have maturity benefits such as survival benefit, bonus etc.
* In case the policyholder dies after the maturity date of the policy but before policy discharge procedures are completed, the claim is considered as maturity claim and the amount is paid out to the legal heirs of the deceased policyholder.

WHY DO WE NEED INSURANCE?

Insurance is a way of transferring a potential loss to the insurance company in exchange for a fee, also known as a premium. Insurance companies invest these funds securely so they can grow, and then pay out when there’s a claim.

Insurance can help you:

1. Own a home. Home Owner’s Insurance is especially useful if you’re applying for a mortgage as they’ll want to know your home is protected. It can also help protect you from weather related damages to the home or even theft of personal property.
2. Drive a vehicle. Vehicle accidents can be extremely expensive when you think about health care costs, legal costs and vehicle repair costs. Think of Auto Insurance as a savings account or investment for your vehicle.
3. Maintain your current standard of living. This is where life insurance or disability insurance in case of accident prepare your in case of a critical illness or accident. With this type of insurance you can be sure that your family will still be well taken care of in the case of injury, illness or death.
4. Cover health care costs. Many companies offer their employees extended health care which can cover things like prescription drugs, dental care, vision care and other health-related items.
5. Run a small business or family farm. These types of insurance help to manage the risks of ownership of a business in case something happens so that as an owner, you don’t become liable to pay off a debt or legal bill out of your own pocket.
6. Take vacations. There are a few different kinds of insurance available for travel, which include covering flight cancellations and other potential issues, and also cover any medical emergencies in other countries.

It’s always best to evaluate your own personal circumstance in each case in order to identify which type of insurance is best for you and your family. For example, there’s no point getting travel health insurance coverage if you don’t travel out of country. Knowing your needs can help to narrow your options to ensure you are getting a coverage which will offer the best value for your needs so that you’re not spending an unnecessarily high premium for something you may never use. The real benefit of insurance is to reduce financial risk and give you the support when the unexpected happens.

All this being said, many people still believe that insurance is a scam. There’s nothing wrong with having that point of view; it’s a natural way to think when you’re paying for something which you may never use. This is where it’s important to find value in the type of insurance you’re paying for. Insurance should serve a specific purpose.

You never know when someone may bump into your vehicle in a parking lot or you may get injured while at work. And there are so many different variables involved when you own a home, as your homes ages, things may start to break down. That $500 per year you pay for home insurance that you haven’t used for the past 10 years may seem all for nothing until a tree falls over on your property completely destroying your garage, then that $5000 you had invested in home insurance becomes a life saver for rebuilding your garage.

What it all boils down to is peace of mind and knowing that you and your family will be in good hands in the case of something happening. Knowing your specific needs in order to obtain the best value in your insurance coverage will safeguard you from unnecessary costs.

TOP TIPS ON BUYING LIFE INSURANCE AT AGE 46.

Life Insurance at age 46

If you’re 46 years old and you do not have life insurance or you’re thinking about getting additional coverage to protect your family, then this article is meant for you.

At TermLife2Go, we work with the best life insurance companies and no exam life insurance companies in the marketplace. Getting a million dollar life insurance policy without an exam is available.

Now for most people seeking to buy life insurance in your 40s finding inexpensive life insurance is not hard and you should still be able to find it for a very low price. However, it can also begin to get really expensive if you make some common mistakes. Below are just a couple of things that you should consider in order to get the best deal on your life insurance at age 46.

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Life Insurance for 46 year olds.

Tip #1: Consider a no exam life insurance policy

This tip is mainly for those of us who avoid going to the doctor. Basically, if you haven’t had a physical in the past year or more, and you’re not currently taking any prescription medications, why run the risk of having an insurance company diagnose you with one of the common ailments that plague many in their 40’s? We are referring to:

• high blood pressure,
• high cholesterol, or
• elevated blood sugar leading to diabetes.

Most fully underwritten life insurance policies, but not all, are going to require a medical exam which is paid for by the insurance company.  This life insurance medical exam will help the insurance company determine what type of risk that you pose. This information will be used to determine what rate you will receive and whether or not the insurance company wants to insure you at all.  This information will also be shared among the other insurance carriers so that they can protect themselves against risk.

Which is why if you’re not sure that the medical exam is going to come back perfect, don’t take one.  Go with an alternative policy that offers coverage with a no medical life insurance option first. See Exam versus No Exam.

TermLife2Go specializes in placing both medical and no medical term life insurance policies and have found that many of the non medical options are currently as competitive if not more competitive than those requiring full medical exams.

Tip #2.  Get the life insurance now!

Age is typically going to be the number one determining factor in the premium you pay.  For this reason, today really is the cheapest life insurance is going to get for you.  So don’t delay!

Now there may be a few situations where it may make sense to delay getting coverage immediately, such as when:

• You are currently trying to stop smoking and need to wait a year to get non-tobacco rates.
• You need to wait a year to clear up a DMV issue.
• You have a pre-existing medical condition that may require a waiting period before a life insurance company will underwrite you.

But for most 46 year old males and females looking for cheap life insurance, waiting only means one thing: life insurance is going to cost more when you finally decide to take the next step and apply.

For a preferred plus male age 46, a 250,000 20 year term will run $362.50 annually or $31.72 a month.

For a preferred plus female age 46, a $250,000 30 year term will run $290 a year or $25.38 a month.

#3.   Not all Insurance Carriers are the same!

Each insurance company has its own rules and guidelines that it will follow when underwriting an application.  Which is important to know because some may have companies really strict guidelines when it comes to certain conditions while others may not consider it an issue at all.

Our job at TermLife2Go is to know about the various life insurance niches. Niches such as marijuana users, overweight, diabetes, foreign residents, etc… If you truly want the best deal out in the life insurance market place then it is imperative you give us a call and let us guide you to the best company for your specific situation.

#4.  Find someone that is working for you, not the insurance company.

With so many options to choose from, it’s key for you as a consumer to work with an agency that is not bound to any one specific carrier and will really have your best interest at heart. TermLife2Go has access to dozens of top rated life insurance companies, each with their own specific niche. And as more and more carriers see the value in niche marketing, that list will continue to grow.

Ultimately, the agency that you choose should be able to shop your application to dozens of different life insurance carriers forcing them to compete for your business by not only offering the best rates but by also being the “right fit” for you when it comes to the underwriting process

Only by choosing to work with an agency that represents multiple life insurance carriers can you ensure that you are getting the best policy to protect you and your family.  After all…

Doesn’t it make sense to work with an agency whose sole focus is you?

Totally confused?…. Don’t be, this is where TermLife2Go steps in, as an independent agency our agents are committed only to you and your family.  Our main goal is to help guide you through the process of:

• First, choosing the right type of policy, whether it be Term, Whole Life, and Universal Life etc..
• Second, determining the appropriate coverage amount.
• And third, determining which carrier will give you the best rate available.

By working directly with TermLife2Go you will have an assigned agent dedicated to your application.  This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!

Lastly…

We’d like to take a moment and let you know that we here at TermLife2Go don’t live in a bubble!  And that fully understand how difficult it is for a family to simply “get by” nowadays.  And while we would all love to be able to purchase a 100 million dollar term or whole life insurance insurance policy on ourselves so that our loved ones will be forever taken care of should we pass away too soon, but who can afford such things!

This is why…

We’ve also chosen to write several articles sharing some of the knowledge that we have acquired over the years working with 1000’s of clients concerning how they make a living.

You see…

Just about every time we complete a life insurance application for one of our clients, one of the first questions that we have to ask is:

“what do you do for a living?” and “what would you estimate your annual income as?

Which means that over the years, we’ve become really familiar with a wide range of different career paths and opportunities that a person can take.

Some of which you would probably never think of on your own!

And because…

Our number one goal here at TermLife2Go is to help individuals and families secure their own financial security and independence, we wanted to share with you what we’ve learned.

And since we still have your attention…

One can assume that “most” folks who end up purchasing a term or whole life insurance policy do so, so that their loved ones would be protected “financially” in the event of their death.