This Week’s Money Map:

• ✈️ Solid travel insurance without overpaying

• ☎️ Slash your bills with one phone call (pro negotiating tips)

• ❤️‍🩹 Pre-existing health condition? Here's how you can still get life insurance

• 💡 How hiring your kid can slice your 2025 tax bill

✈️ Get solid travel insurance without overpaying

Your next trip could cost you more than you think. Flights get canceled. Bags get lost. One delay or emergency can derail your plans and drain your wallet. Getting cheap travel insurance may not sound urgent, but it's one of the smartest money moves you can make.

Last week we talked about what travel insurance really covers (ICYMI: trip cancellation/interruption, emergency medical care, baggage loss or delay, etc.), but this week we’re focusing on how to stay protected without spending a fortune.

How to keep your premiums low

• Compare quotes before you buy — Rates change every few months. Use a free travel insurance comparison website to view side-by-side limits, exclusions, and destination requirements. This simple step often saves travelers hundreds per year.

• Choose an annual plan if you travel often — If you take five or more trips a year, a yearly multi-trip policy can cut costs by up to 50% compared to individual plans. Higher upfront cost, but much cheaper over time.

• Customize what you actually need — Skip extras you won't use like adventure sports coverage or cruise add-ons.

• Check for hidden discounts — Premium credit cards like Chase Sapphire, AmEx Platinum, and Capital One Venture include built-in travel protections or offer discounted add-on insurance. Check what your card already covers before buying duplicate protection.

• Bundle multiple trips in one purchase window — If you're traveling twice within 90 days, some insurers let you add the second trip to your existing policy at a steep discount — sometimes 30–40% off. This works even if destinations differ. Ask your provider before booking trip two.

• Time your purchase strategically — The 10 to 21 day window after your first deposit isn't just for pre-existing conditions. Insurers often waive the financial default exclusion during this period. That means you're covered if your airline, hotel, or tour operator goes bankrupt. 

When it makes sense to spend a little more
Most travelers buy the cheapest plan and hope for the best. But upgrading to comprehensive coverage often costs just $15 to $25 more and adds higher medical limits, coverage for more cancellation reasons, and the option to cancel for any reason. That small upgrade can save thousands if something goes wrong.

One more way to offset costs
Some credit card travel protections include price rewind features that refund the difference if your trip costs drop after booking. Combined with smart insurance timing, this creates a hedge against both cancellation and price changes.

Travel insurance isn't glamorous, but neither is eating a $2,000 loss on a canceled trip. For the price of a decent lunch, you can travel with one less thing to worry about.

☎️ Pro negotiation tips to slash your bills with one phone call

Think your monthly bills are set in stone? They’re not. From internet and phone plans to insurance and streaming, a quick call can save real money. The average American now spends over $350 a month on these services, and most can cut that by 15–25% with one conversation. Here’s how to do it right.

• Know what others are paying
  Before calling, spend five minutes checking competitor rates. Sites like WhistleOut show the lowest phone and internet prices by ZIP code, and MoneyGeek compares insurance costs by state.
  Sometimes even mentioning another offer (“I saw a similar plan for $20 cheaper”) can trigger an instant discount.

• Call the right department
  Ask for “customer retention” or “loyalty,” not regular customer service. These agents can approve lower rates or better plans.
  Stay polite but direct: “I’d like to stay with your company, but my bill went up and I’ve seen lower offers. What can you do to help me stay?”

• Time it right
  Call near the end of your billing cycle, or 30–45 days before renewal. That’s when companies are most flexible. Shopping and negotiating early can save you before rates reset.

• Track prices with apps
  Inflation hasn’t slowed in 2025. Many companies raise prices every few months. Use tools like Chase Spending Planner via the Chase mobile app, or the Monarch Money app, to alert you when your expenses jump by 10% or more.

• Bundle or switch smart
  Bundling home and auto insurance or phone and internet can save 10–25%. But don’t stay loyal blindly — if you find a better offer, say so calmly. Companies spend five times more to get a new customer than to keep one. They’ll likely match or beat your quote.

• Ask about hidden discounts
  Many companies offer unadvertised perks like autopay, paperless billing, or veteran and teacher discounts. Always ask, “Are there any loyalty or autopay discounts I qualify for?”

• Get it in writing
  Always confirm changes by email or check your next bill. About 1 in 5 promised discounts vanish without proof, according to Consumer Reports.

• Make it a routine
  Review your bills every 6 to 12 months. Prices creep up after promotions expire. Two short calls a year can save $500–1,000 without cutting a single service.

A few polite, confident calls can shrink your monthly spending fast. Companies invest millions to attract new customers. Give them every reason to keep you, just at a better price.

❤️‍🩹 Pre-existing health condition? Here's how you can still get life insurance

Thinking you can't get life insurance because of a health issue? You usually can. There are trade-offs, but you can still land decent coverage without overpaying if you know how insurers evaluate risk.

How pre-existing conditions affect your rates
A "pre-existing condition" is any medical issue you have before applying. It could be diabetes, heart disease, high blood pressure, asthma, cancer, or mental health conditions. These raise your premiums, trigger stricter underwriting, and limit your policy options.

But it's not just about your diagnosis, it's about how well you manage it. Underwriters examine your medical records, medication compliance, recent lab results, and how long you've been stable. The time since your last "episode" matters enormously. A heart attack five years ago with clean follow-ups gets far better rates than one from 18 months ago. Similarly, well-controlled Type 2 diabetes might get you standard rates. Poorly controlled diabetes with complications? Expect rates 200–300% higher or outright denial.

How to lower your costs

• Improve your health first. Stabilize your blood pressure, maintain healthy A1C levels, lose weight, or stop smoking. Have your doctor document it. Then wait 6–12 months before applying to show consistent control. One applicant with newly diagnosed diabetes applied immediately and was quoted $95/month. She waited nine months, showed three good A1C tests, and reapplied. Her rate dropped to $52/month.

• Time your application strategically. Don't apply right after diagnosis or treatment. Wait for stability. Cancer survivors often qualify for standard rates after 5+ years in remission. Heart attack survivors need 2–3 years of clean follow-ups. Mental health conditions need 12+ months of treatment stability.

• Work with an independent agent. Not all insurers evaluate conditions the same way. Prudential may be strict on diabetes but lenient on anxiety. Mutual of Omaha might offer better rates for hypertension. An experienced agent knows which companies favor your specific condition. Compare life insurance providers and get a quote anonymously before you officially apply.

• Consider alternative policies. Simplified issue life insurance requires no medical exam, just a health questionnaire. Rates run 25–40% higher but approval is fast. Guaranteed issue accepts everyone regardless of health, but coverage limits are low ($25,000–50,000) and premiums are steep. These aren't ideal, but they beat having nothing.

• Leverage group life insurance. Workplace policies typically require no medical questions. Coverage is usually 1–2 times your salary. Use it as your baseline, then supplement with an individual policy if you qualify at reasonable rates.

• One more insider tip. Apply for more coverage than you think you need. If insurers counter-offer at reduced amounts, you'll still get closer to your actual target.

Pre-existing conditions make life insurance more expensive, but they don't eliminate your options. The key is understanding you're not shopping for the "best" insurer, you're shopping for the best insurer for your health profile. That distinction makes all the difference.

💡 How hiring your kid can slice your 2025 tax bill

It's 2025. Federal tax brackets haven't budged much, but inflation keeps pushing families into higher brackets. Every dollar you earn gets taxed harder while buying less.

But there's one move that legally shrinks your tax bill while teaching your child the value of work: putting them on your payroll. The IRS actually encourages this when done right. Before you write another big check to the Treasury, understand how hiring your child can shift thousands of taxable dollars out of your pocket and into your family's future.

The numbers that make it work
Here's the breakdown. Your child can earn up to $15,000 through the standard deduction and pay zero federal income tax on earned income. You deduct that amount as a business expense, lowering your taxable income.

Here's a real example: You own a small business and pay your 16-year-old $12,000 for legitimate work. You write off the $12,000. Your child pays nothing in federal income tax. The money stays in your family instead of going to the IRS.

If your business is a sole proprietorship or partnership with your spouse, you skip Social Security and Medicare taxes on their pay until they turn 18. That's an additional 15.3% saved — real money that stays in the family.

For corporations, you'll still owe payroll taxes, but you keep the deduction. Either way, this strategy shifts income from your high tax rate to your child's zero rate.

What your child can actually do
The work must be real and reasonable. The IRS watches for "paper CEO" arrangements where toddlers supposedly manage operations. Think legitimate tasks like social media management, photography, data entry, filing, packaging, cleaning, or assisting with marketing and inventory.

Keep time sheets, store job descriptions, and pay them from your business account. Document everything. If it's legitimate work at fair market rates, the IRS has no issue.

Why this strategy is a win-win for you and your child
This payroll strategy helps you earn more and keep more — you reduce your tax burden while giving your child hands-on experience with money, taxes, and responsibility.

That earned income also qualifies them to open a Roth IRA. A few thousand dollars invested at 14 could grow into over $500,000 by retirement. It's a long-term wealth move that starts with a short-term tax win.

What to do before year-end
Pay wages on or before December 31, 2025. No backdating allowed. Keep records of hours worked, pay stubs, and detailed job descriptions. File a W-2 if required. Make sure compensation is reasonable for their age and role.

Do this right, and you'll cut your tax bill while building financial literacy in your family. Smart families plan ahead — the best ones act before the IRS does.

Smart Cents gives you actionable tips and mindset shifts to help you reach your financial happy place. Thanks for being a part of our community.

The MoneyGeek Team

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