Expert Interview Series: Santanu Debnath of MyDailyLifeTips.com on Insurance Life Hacks

Santanu Debnath is a passionate blogger who loves to write about personal finance and insurance @ MoneyGyaan.com and every day life hacks @ MyDailyLifeTips.com.

You wrote a blog post recently on mydailylifetips.com about term life insurance and why it’s a good choice. What is term life insurance? Who might benefit from this kind of life insurance?

Term life insurance is a very clean product where a lump-sum benefit will be provided to the insurer’s family in case of unfortunate death. Frankly speaking, everyone must have a term insurance plan to secure & meet financial goals without any hassle. Life is uncertain; no one knows when sudden death may come & ruin your family’s dreams and future. So, one must realize the importance of term insurance and buy adequate life coverage. If you don’t know how much insurance is enough, get a life insurance quote online easily.

In that same article, you talk about different lengths of term life insurance. How might someone determine how long a term they might need? How can these different terms be used to get the best possible deal on life insurance?

Basically, term insurance is there to cover your life till the time you reach your financial goals. The basic way to decide how long of a term you need is to calculate how much time you need to complete your financial targets in life, e.g. your kid’s education expenses, buying a home, retirement planning, travel plans, etc. Let’s say you think you have to work for the next 20 years in your current job or business to finish all of these targets, then it is better to take term plan for 20-25 years duration, so that during that period if you die the term plan can fund all of your planned goals.

Lifehack.org posted an article about “Things To Remember When Shopping For Car Insurance,” where they warn against force-placed insurance. What is force-placed insurance, and why should people watch out for it?

Force-placed insurance or lender-placed insurance is nothing but providing insurance coverage of the consumer’s home or car from the lender side when the owners’ own insurance is cancelled, has lapsed or is deemed insufficient. In that case your lender may not look for the best deal and your insurance expense will be very high.

Learn about the insurance discounts and how to better secure your home, car or other liabilities with adequate insurance before it’s too late. Get an auto insurance quote and get a homeowners insurance quote online to get the best deals.

You also advocate for price-checking different insurance policies, using price comparison software or websites. What are some useful insurance comparison resources?

It is always advised to check various insurance policy premiums online so that one can get the best deal and save money. Of course, the cost should not compromise the quality of insurance. It means you should compare insurance plans for similar features before choosing the best deals.

Can you recommend a few clues to look for, in finding good deals on insurance using social media?

Social media is the best platform these days to stay updated with what is going around. I think it is always better to subscribe to the top insurance companies’ social profiles so that you can immediately see their advertising campaigns, if they have any.

What are some ways people can find out about insurance deals?

I think word-of-mouth plays a vital role when buying an insurance plan. Let’s say you have a good friend and you mostly trust him/her for financial advice. In that case, positive feedback towards any insurance product will definitely force you to think and maybe invest in that product.

How much money can someone save in a month, on standard insurance policies like auto, home, medical, dental, etc.?

I don’t think I can point out any figures here, but surely one can save a good amount of money after comparing offers online. Also, keep away from forced-placed insurance plans and buy insurance on time. Health insurance can’t be avoided as you may get sick anytime and the expenditure could be horrible in case you don’t have enough medical insurance coverage. It’s better to get a health insurance quote immediately if you don’t have one.

Do you have any recommendations on investing the savings from insurance instead of spending it? 

Regarding investment, I think it is always good to invest the money you have saved from insurance according to your own comfort level. Otherwise, there is no savings if you spend it somewhere else.

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The information in this article was obtained from various sources. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

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