In the ever evolving business world there are many choices for a consumer to choose from when it comes time to consider future plans. When it comes to life insurance a customer has an abundance of plans one can select that best suits their needs and families needs. Has one grows older the choices out there seem to diminish as does the time to for decision making. It is important to address these situation early and life and have a plan for the future, whether it before saving for retirement or taking a plan out for an untimely death, it is vital to know ones options and be as best prepared as one can be.
With the ever growing expense to bury someone nowadays it is important to be prepared to lessen the burden on family members that have to not only morn ones death, but in some cases pay and arm and a leg to get one six feet under. Selling life insurance to someone today and can be very hard to decide what type a policies can fit ones needs and wants. In making a educated decision on buying a policy it is important to consider ones status in life and obligations that one might have.
When I started to research on life insurance policies I noticed that I am at a premium for companies and they are more than willing to work with me setting up a policy. I first looked into types of insurance that I would need and noticed I had an over whelming number to choose from. I looked into three different types term, whole life, and group insurance.
I first looked at term insurance, which basically put covers one for a certain period of time. I had many choices when it came to term insurance. I could get one with a renewable that gave me an option after the term came up. I had one that could give me the same premium for a certain amount of years that appealed to me. Also, I found a policy called a conversion policies that would allow me to convert to whole life insurance with a higher premium, it would be good since I can’t afford the higher premium at this point in my life.
At looking at whole life insurance I noticed that I couldn’t really find a policy that could fit my current situation. I had many to choose from, but since I don’t really know what kind of situation I will be in 5 years it was not to my benefit to take a plan until my future was a little more stable. I did notice it is important to start early if I wanted to take out a whole life policy, since the payments would be lower and I could receive a better premium.
The third type of life insurance I looked into was group life insurance, which can be best put as an insurance that one can get through a company they work for. The problem with this insurance is sometime the one can get a better premium with an outside agency and these plans are not as flexible as other term or whole life plans. These plans are best for certain person who is limited in what they can do and or are not able to financially make a decision at the time.
Ad it came time to decide on a plan that best suited me I brought into consideration my needs. Since, I am a full time student that still lives at home, with two working parents that both have insurance policies that still cover me till I am 25. I also, have no dependents of my own, I think it was best for me to not take a plan out at this time. But upon graduation in 2 years it would be to my greatest benefit to begin my own insurance policy and at that time I would begin an adjustable whole life plan that can increase or decrease my coverage as my life and outcome changes.
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Sunday, January 25, 2009
Inflation and Unemployment
In the following paper, we are going to assess inflation and unemployment with the Internet article, People Prefer Inflation to Prospect of Job Loss. Justin Wolfers, an assistant professor of political economy at the Stanford Graduate School of Business, is the author of this article. In this analysis of the article, we are going to provide definitions of inflation and unemployment. Then, we are going to consider the economic impact of the main points in the article on the economy and society’s feelings toward unemployment.
In order to provide a clear understanding of our article, we are going to define the terms inflation and unemployment. According to David Colander, inflation is “a continual rise in the price level” (Macroeconomics, p. 148). This reflects how much the prices in an economy have risen over time. The increase of prices of goods over time is the price index; therefore, the price index is a measurement of time compared to the yearly measurement of inflation. To calculate inflation, we are using the price index for a year’s time. Currently, economists are using the year of 1984 as a base, and inflation represents this increment over a period. The next term we are defining is unemployment. According to the William King on-line dictionary, unemployment refers to the condition of being with out a job or to the proportion of people who can and will work but are unemployed (William King, 2003).
With the definitions of inflation and unemployment, we are now going to assess the economic impact of the main points in the article on the economy and society’s feelings toward unemployment. The economic impact of unemployment is the possibility of recession. According to Justin Wolfers, “Recessions really hurt, and the governments and their central banks need to be aware of the importance of avoiding them” (pg. 1, 2003). When unemployment rates are at its highest rate since August 1994, the results are alarming to the economy. In the U.S. economy, there is a total work force of 145,801,000, and there are 136,783,000 people currently employed. This means that there is an unemployment rate of 6.2% (Labor Force Data, 2003). This unemployment rate affects not only the unemployed people, but also employed people. The employed people start to feel as though they can loose their job at anytime. With this job uncertainty people feel, people would rather save money than spend money, which creates financial insecurity that has a negative effect on the economy.
Now that we have determined the effects on the economy, we need to consider the effects on people’s sense of satisfaction. Justin Wolfers has done research on how the effects of inflation and unemployment affect people’s satisfaction. Justin Wolfers gathered data on life satisfaction compared to the rates of inflation and unemployment from different European countries and the Unites States from 1973 through 1998. This research shows us that people feel more stress when they cannot find a job than when prices are rising. From the information contained in the survey, the research shows that rising joblessness is roughly five times more troubling to people than rising prices. High unemployment rate in a region, according to Wolfers, “lowers average feelings of usefulness, confidence, and happiness and raises depression and feelings of worthlessness”(pg. 1, 2003). People also feel a loss of faith in the government, corporate sectors, and banking sectors, which can lead to a recession (Wolfers, 2003).
In conclusion, we have assessed inflation and unemployment with the Internet article, People Prefer Inflation to Prospect of Job Loss by Justin Wolfers. We provided definitions of inflation and unemployment to help explain the content of the article. Inflation is a continual rise in the price level, which took the price index’s measurement of time over a year to calculate inflation. Finally, we considered the economic impact of the main points in the article on the economy and society’s feeling toward unemployment. The financial insecurity has had a negative effect on the economy because of job uncertainties. Since people were saving their money, the prices did not increase keeping inflation from increasing. The research showed that people felt more stressed when they could not find a job than when prices were rising. People felt a felt less useful, confidence, and happiness and there was a raise in depression and feelings of worthlessness.
You can order a high-quality custom essay, term paper, research paper, thesis, dissertation, speech, book report or book review from our professional custom writing service. We have employed more than 500 highly qualified Ph.D. and Master's academic writers to provide students with professional academic writing help. Feel free to contact our company right now!
In order to provide a clear understanding of our article, we are going to define the terms inflation and unemployment. According to David Colander, inflation is “a continual rise in the price level” (Macroeconomics, p. 148). This reflects how much the prices in an economy have risen over time. The increase of prices of goods over time is the price index; therefore, the price index is a measurement of time compared to the yearly measurement of inflation. To calculate inflation, we are using the price index for a year’s time. Currently, economists are using the year of 1984 as a base, and inflation represents this increment over a period. The next term we are defining is unemployment. According to the William King on-line dictionary, unemployment refers to the condition of being with out a job or to the proportion of people who can and will work but are unemployed (William King, 2003).
With the definitions of inflation and unemployment, we are now going to assess the economic impact of the main points in the article on the economy and society’s feelings toward unemployment. The economic impact of unemployment is the possibility of recession. According to Justin Wolfers, “Recessions really hurt, and the governments and their central banks need to be aware of the importance of avoiding them” (pg. 1, 2003). When unemployment rates are at its highest rate since August 1994, the results are alarming to the economy. In the U.S. economy, there is a total work force of 145,801,000, and there are 136,783,000 people currently employed. This means that there is an unemployment rate of 6.2% (Labor Force Data, 2003). This unemployment rate affects not only the unemployed people, but also employed people. The employed people start to feel as though they can loose their job at anytime. With this job uncertainty people feel, people would rather save money than spend money, which creates financial insecurity that has a negative effect on the economy.
Now that we have determined the effects on the economy, we need to consider the effects on people’s sense of satisfaction. Justin Wolfers has done research on how the effects of inflation and unemployment affect people’s satisfaction. Justin Wolfers gathered data on life satisfaction compared to the rates of inflation and unemployment from different European countries and the Unites States from 1973 through 1998. This research shows us that people feel more stress when they cannot find a job than when prices are rising. From the information contained in the survey, the research shows that rising joblessness is roughly five times more troubling to people than rising prices. High unemployment rate in a region, according to Wolfers, “lowers average feelings of usefulness, confidence, and happiness and raises depression and feelings of worthlessness”(pg. 1, 2003). People also feel a loss of faith in the government, corporate sectors, and banking sectors, which can lead to a recession (Wolfers, 2003).
In conclusion, we have assessed inflation and unemployment with the Internet article, People Prefer Inflation to Prospect of Job Loss by Justin Wolfers. We provided definitions of inflation and unemployment to help explain the content of the article. Inflation is a continual rise in the price level, which took the price index’s measurement of time over a year to calculate inflation. Finally, we considered the economic impact of the main points in the article on the economy and society’s feeling toward unemployment. The financial insecurity has had a negative effect on the economy because of job uncertainties. Since people were saving their money, the prices did not increase keeping inflation from increasing. The research showed that people felt more stressed when they could not find a job than when prices were rising. People felt a felt less useful, confidence, and happiness and there was a raise in depression and feelings of worthlessness.
You can order a high-quality custom essay, term paper, research paper, thesis, dissertation, speech, book report or book review from our professional custom writing service. We have employed more than 500 highly qualified Ph.D. and Master's academic writers to provide students with professional academic writing help. Feel free to contact our company right now!
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