15 Financial New Year’s Resolutions To Make In 2021

by Posted in Credit Cards, Debt, Insurance, Money Tips, Personal Finance, Taxes Tagged , , , , , , , , , ,

2020 is ending (finally) and it is time to start setting resolutions for 2021. Why not try to improve your financial health by following ones, or more, of these financial New Year’s resolutions?2020 is ending (finally) and it is time to start setting resolutions for 2021. Why not try to improve your financial health by following ones, or more, of these financial New Year’s resolutions?

The post 15 Financial New Year’s Resolutions To Make In 2021 appeared first on Money Under 30.

Source: moneyunder30.com

How to Maximize Credit Card Rewards and Earn Cash and Perks

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If you’re looking for ways to put some extra cash in your pocket, make sure to take advantage of credit card rewards programs.

Credit card companies and banks make some of their money from the merchant interchange fees that are charged when you use your card.

As an incentive for you to use their cards, many credit card issuers pass some of those funds on to the consumer in the form of credit card rewards.

If you have good credit and the ability and discipline to pay off your credit cards in full each month, you should try to maximize your credit card rewards. Otherwise you may be leaving a lot of money on the table.

But it can be challenging to navigate the world of credit card rewards. Hundreds, if not thousands, of different credit cards exist, and the type and amount of rewards vary with each card.

There are three main kinds of rewards card offers available:

  • Bank and credit card points: Chase Ultimate Rewards, American Express Membership Rewards, etc.
  • Airline miles and hotel points: Delta SkyMiles, Hilton Honors points, etc.
  • Cash back: Straight cash that can be redeemed either as statement credits or checks mailed to you.

How to Maximize Your Credit Card Rewards

You have three different ways to maximize any credit card rewards program:

  • The sign-up bonus or welcome offer: Many cards offer a large number of miles or points as a welcome bonus for signing up and using the card to make purchases totaling a specific amount within a specified time period.
  • Rewards for spending: Most rewards credit cards offer between one and five points for every dollar you spend on the card. Some cards offer the same rewards on every purchase, while others offer a greater reward for buying certain products.
  • Perks: Simply having certain credit cards can get you perks like free checked bags on certain airlines, hotel elite status or membership with airline lounge clubs and other retail partners.

Usually, the rewards for signing up are much higher than the rewards you get from ongoing spending, so you may want to pursue sign-up bonuses on multiple credit cards as a way of racking up rewards.

Consider a card like the Chase Sapphire Preferred, where you can get 60,000 Ultimate Rewards points for spending $4,000 in the first three months of having the card. That means that while you’re meeting that minimum spending requirement, you’re earning 15 Ultimate Rewards points per dollar. Compare that to the one or two points you’ll earn with each dollar of spending after meeting the minimum spending. You can see the difference.

Other than getting the welcome bonus offers for signing up for new credit cards, another great way to maximize your rewards is by paying attention to bonus categories on your cards. Some cards offer a flat 1 or 2 points for every dollar you spend.

How Applying for Credit Cards Affects Your Credit Score

It’s important to be aware of how applying for new credit cards affects your credit score.

Your credit score consists of five factors, and one of the largest factors is your credit utilization.

Credit utilization is the percentage of your total available credit that you’re currently using. If you have one credit card with a $10,000 credit limit and you charge $2,000 to that card, then your utilization percentage is 20%. But if you have 10 different cards, each with $10,000 credit limits, then that your credit utilization percentage is only 2%.

Since a lower credit utilization is better, having multiple credit cards can actually help this part of your credit score.

New credit — how recently you’ve applied for new credit cards — accounts for about 10% of your credit score. When you apply for a new credit card, your credit score usually will dip 3-5 points. However, if you’re conscientious with your credit card usage, your score will come back up in a few months.

What to Watch Out for When Using Credit Card Rewards

While it’s true that careful use of credit cards can be a boon, you should watch out for pitfalls.

The first thing is to make sure that you have the financial ability, discipline and organization to manage all of your credit cards. Missing payments and paying credit card interest and fees will quickly sap up any rewards you might earn.

Another thing to be aware of is the psychology of credit card rewards. It can be easy to justify additional spending because you’re getting rewards or cash back, but remember that buying something that you don’t need in order to get 2% cash back is a waste of 98% of your money.

Pro Tip

Credit card rewards are alluring, but what do they really cost? Here’s what you should know about the dark side of credit card rewards.

The Best Credit Cards to Get Started

Before signing up for a new credit card, it’s best to pay off your existing cards first — otherwise the fees and interest will quickly outweigh any rewards you earn.

If you’re ready to start shopping rewards offers, here are five credit cards to consider. Note that these introductory offers are subject to change:

  • Chase Sapphire Preferred – The Sapphire Preferred card earns valuable Chase Ultimate Rewards and currently offers 60,000 Ultimate Rewards if you spend $4,000 in the first three months. It comes with a $95 annual fee.
  • Capital One Venture Rewards – The Capital One Venture Rewards is offering 100,000 Venture miles, which can be used on any airline or at any hotel. It also comes with a $95 annual fee.
  • Barclays American AAdvantage Aviator Red – With the AAdvantage Aviator Red card, you’ll get 50,000 American Airlines miles after paying the $99 annual fee and making only one purchase.
  • American Express Hilton Honors – If you’re looking for a hotel card, consider the no-fee Hilton Honors card, which comes with a signup bonus of 80,000 Hilton Honors points after spending $1,000 in three months. There is no annual fee.
  • Bank of America Premium Rewards – The Bank of America Premium Rewards card comes with a bonus of 50,000 Preferred Rewards points (worth $500) after spending $3,000 in the first three months. The card has a $95 annual fee.
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The Bottom Line

The best credit card is the one that gets you the rewards that help you do what is most important to you.

If you’re looking to maximize travel credit, then pick an upcoming trip and figure out what airline miles and hotel chain points you’ll need. Then pick the credit cards that give those miles and points. If you want to maximize your cash back, look for a card with a good signup bonus that either offers cash back or bank points that can be converted into cash.

Dan Miller is a contributor to The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

What Causes of Death are not Covered by Life Insurance?

by Posted in Car Rentals, Life Insurance Tagged , , , , , , , , , , , , , , ,

The death of a loved one is hard to take and while a life insurance payout can ease the burden and allow you to continue leaving comfortably, it won’t take the grief or the heartbreak away. What’s more, if that life insurance policy refuses to payout, it can make the situation even worse, adding more stress, anxiety, anger, and frustration to an already emotional period.

But why would a life insurance claim be refused; what are the causes of death that may cause your life insurance coverage to become null and void? If you or a loved one has a life policy, this article could provide some essential information as we look at the reasons a death claim may be refused.

What Causes of Death are Not Covered?

The extent of your life insurance coverage will depend on your specific policy and this is something you should check when filing your life insurance application. Speak with your insurance agent, ask questions, and always do your due diligence so that you know what you’re buying into and what sort of deaths it will provide cover for.

Life insurance policies have something known as a contestability period, which typically lasts for 1 to 2 years and begins as soon as the policy starts. If the policyholder dies during this time, they will investigate and contest the death. 

This is generally true whether her you die of a heart attack, cancer or suicide. However, if this period has passed, they may only contest the death if it results from one of the following.

Suicide

Suicide is a contentious issue where life insurance is concerned. On the one hand, it’s a very serious issue and one that’s often the result of mental health problems, so there are those who believe it is deserving of the same respect as any other illness. 

On the other hand, the life insurance companies are concerned that allowing such coverage will encourage desperate people to kill themselves so their loved ones will be financially secure.

It’s a touchy subject, and that’s why many companies refuse to go anywhere near it. Some will outright refuse to pay out for suicide, but the majority have a suicide clause, whereby they only payout if the death occurs after a specific period of time.

If it occurs before this time, they may return the premiums or pay nothing at all. And if they have reason to believe that the policyholder took their own life just for financial gain, they will almost certainly investigate and may refuse to pay.

Dangerous Hobbies and Driving

If you die in a car accident and it is deemed that you were driving drunk, your policy may not payout. Car accident deaths are common, and this is a cause of death that policies do generally cover, but only when you weren’t doing something illegal or driving recklessly.

Deaths from extreme activities like bungee jumping or skydiving may be questioned, especially if these hobbies were not reported during the application. 

Illegal Acts

Your claim can be denied if you are committing an illegal act at the time of your death. This can include everything from being chased by the police to trespassing. A benefit may also be refused if you die for an intentional drug overdose using non-prescription drugs. 

Smoking or Pre-existing Health Issue

Honesty is key, and if you lie during the application or “forget” to tell them about your smoking status or pre-existing medical conditions, they may refuse to payout. It doesn’t matter if they performed a medical exam or not; the onus is not on them to spot your lie, it’s on you not to tell it in the first place.

This is one of the most common reasons for an insurance contract to be declared void, as applicants go in search of the cheapest premiums they can get and do everything they can to bring those costs down. They may also believe they will get away with their lies, either because they will give up smoking in a few months or years or because they will die from something other than their preexisting condition.

But lying in this manner is risky. You have to ask yourself whether it’s worth paying $100 a month for a valid policy that will payout without issue or $50 for a policy that will likely be refused and will cause endless stress for your beneficiaries.

War

Life insurance benefits generally don’t extend to the battlefield. If you’re a solider on the front line, your risk of death increases significantly, and many insurance policies won’t cover you for this. This is true even if you’re not in active duty at the time you take out the policy. More importantly, it also applies to correspondents and journalists.

You don’t invalidate your policy by going to a war-torn country and reporting, but if you die resulting from that trip, your policy will not payout.

Dismemberment

Your life insurance policy likely won’t pay for dismemberment or critical illness, but there are additional policies and add-ons that will provide cover. You can get these alongside permanent life insurance and term life insurance to provide you with more cover and peace of mind. 

They will come at a significant extra cost, but unlike traditional life insurance, they will payout when you are still alive and may make life easier after experiencing a tragic accident or serious illness.

We recommend focusing on getting life insurance first, securing the amount of coverage you need from a permanent or term life policy, and only then seeing if there is room in your budget for these additional options.

How Often Do Life Insurance Policies Payout?

We have recommended life insurance many times at PocketYourDollars and will continue to do so. We often state that it is essential if you have dependents and want to ensure they’re cared for when you die. But as much as we recommend it and as simple as the process of applying often is, there is one simple fact that we often overlook:

Life insurance companies rarely payout.

It’s a stat you may have seen elsewhere and it’s 100% true. However, contrary to what you might have heard or assumed; this is not the result of a refusal to pay the death benefit when the policyholder passes away. Sure, this accounts for some of those non-payments, but for the most part, it’s down to one of the following:

The Policyholder Survives the Term

The majority of life insurance policies are set to fixed terms, such as 10, 20 or 30 years. If anything happens during this period of time, your loved ones collect your death benefit, but if you survive, the policy ends, no money is paid out, and if you want another policy you will need to pay a larger sum.

The Policyholder Accepts the Cash Value

Whole life insurance policies are like investments crossed with life insurance. Your loved ones get a death benefit if you die, but it also accrues interest and can be cashed out. When this happens, the insurer collects, you get a sum of money, and it feels like a win-win, but in reality, the insurer has just dodged a bullet.

The Policyholder Stops Making Payments

As soon as you stop making your premium payments, you lose cover and you run the risk of your policy being canceled. This is true for pretty much any type of policy and it happens regardless of the policy term. 

Unlike a credit card company, which may chase you for payments, a life insurance company will place the burden of responsibility on you. After all, a creditor loses money when you don’t pay, whereas a life insurance company comes out on top.

This often happens when individuals take out substantial life insurance policies at a young age, only to suffer drastically changing circumstances. Imagine, for instance, that you’re 20-years-old and you buy a house with your spouse-to-be, with a view to settling down and starting a family. You assume that you’ll need it for a long time, so you take out a 30-year-term.

But 10 years down the line, your spouse leaves you, the family you wanted didn’t happen, and you’re all alone with no dependents, and with growing debts, bills, and obligations. At that point, life insurance becomes a burden, so you may stop making payments, thus allowing the insurance company to profit from 10 years of insurance premiums.

Summary: It’s Not That Cut-Throat

You don’t have to look far to find consumers who feel they have been wronged by life insurance companies, consumers who will expend a great deal of time and effort into calling out these companies for their perceived wrongdoings. But they often exaggerate the situation due to their extreme anger and this creates unrealistic anxieties and expectations.

The truth is, while there are people who have been genuinely wronged, they are in the extreme minority. The vast majority of family members who were refused a death benefit were let down by the policyholder and by the lies they told on their policy.

Policyholders lie about their weight, smoking status, and medical conditions, and when caught up in this lie, they often claim they made an honest mistake. But the truth is, most life insurance companies will overlook simple mistakes and only really care when it’s obvious that the policyholder lied. 

And let’s be honest, it doesn’t matter how forgetful you are, you’re not going to forget that you’re a chain smoker, alcoholic, drug user, extreme sports fan or that you recently had a medical crisis!

If the policy was filed honestly, you shouldn’t have an issue when you collect, even if it’s still in the contestability period. As discussed above, life insurance companies stack the dice in their favor. They use statistics and probability to carefully set the premiums and benefits, and they rely on policyholders forgetting to pay and outliving the term. They don’t need to “rob” you in order to make a profit. So, be honest when applying and you won’t have anything to fear.

What Causes of Death are not Covered by Life Insurance? is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

Life Insurance Over 50

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For individuals who are young and in good health, shopping for life insurance is often easy and stress-free. Most of the time, young people only need to decide how much coverage they want and apply for a free quote online. Some companies that market term life insurance coverage even let qualified applicants start their policies without a medical exam.

Once you have reached the age of 50, however, your options for life insurance may not be quite so robust. You may have to buy a lower amount of coverage in order to secure a monthly premium you can afford, and it’s more likely you’ll need to undergo a medical exam and face increased scrutiny over your life insurance application.

Fortunately, you can get life insurance in your 50’s and even in your 60’s. You’ll just need to adjust your expectations, and you should be willing to shop around to ensure you’re getting the most coverage for a price you can afford.

Unique Challenges for Individuals Over 50 Buying Life Insurance

As you start shopping for a life insurance policy, you’ll probably notice a few factors that are working against you. These factors aren’t your fault, but they still affect your ability to qualify for life insurance coverage or affordable monthly premiums.

  • Your Age: Where life insurance can be downright cheap when you’re young and healthy, policies only get more expensive as you age. Once you’ve surpassed the age of 50, the price you’ll pay for a meaningful amount of coverage can easily balloon. This is why it’s more important than ever to spend time shopping around and comparing life insurance quotes.
  • Your Health: The older you are, the more likely you will have acquired a chronic health condition that can make getting life insurance coverage a challenge. You’ll need to answer health questions when you apply for a life insurance policy, and the answers you provide could set off alarm bells with the life insurance provider or bar you from purchasing a policy at all.
  • Policy Length: Another issue when you’re older is the term of coverage you can qualify for and purchase. A 30-year term policy will likely be fairly expensive if you’re already 55, for example, whereas a 10-year term policy that only provides a decade of coverage will likely be more affordable. Many older individuals opt to buy permanent coverage that lasts a lifetime, yet permanent coverage like whole life or universal life can also be incredibly expensive.

How and Where to Find a Life Insurance Policy if You’re Over the Age of 50

Regardless of the challenges you’ll face while buying life insurance over the age of 50, you can still purchase this important coverage. With that being said, you’ll never know which insurance company is best unless you compare the best life insurance companies, such as Banner Life Rates.

When working with only one insurer, you are locked into just that insurance company’s underwriting requirements — as well as that insurer’s prices. And, while it may sound strange, not all life insurance coverage is underwritten or priced identically.

For example, an applicant who applies to one insurance company may be accepted as a “standard” policyholder and charged an average premium rate, while he or she may be accepted only as a “substandard” policyholder at another carrier and charged a higher rate of premium — even though they submitted the same answers to the questions on the application for coverage.

This is why it is essential to work with an expert in the insurance field that can submit your information to numerous insurance carriers. Just like when shopping for any other important item, it’s always best to compare prior to making your final determination.

This is where we come in. When shopping for insurance, we can help you compare dozens of plans and companies in a matter of minutes. This way, you can compare pricing and coverage amounts without having to apply with each individual insurer.

Regardless of your age or health, it’s important that you get the insurance coverage that your family will need. You can start comparing quotes from the best life insurance companies by clicking your state below.

No matter where exactly you are in your 50’s, we can definitely get a policy that meets your needs. We know that planning for your death is not a fun task, but it’s one of the most important things that you can do. You don’t want to leave your family struggling to cover your final expenses at a time when they should be grieving and celebrating your life.

Do People Over the Age of 50 Still Need Life Insurance?

You may be wondering if people still need life insurance coverage once they’re in their 50’s. After all, life insurance coverage is geared to people who need income replacement during their working years, as well as those with children and other dependents at home. By the age of 50, you should be winding down your working years, and it’s possible your kids have moved out to begin their adult lives. Why would you need life insurance at this point?

The thing is, consumers can easily need life insurance at any age, and this includes those who are over 50. Although your children may be grown and are no longer depending on your income for their living expenses and needs, there are numerous other reasons for having — or for keeping — this essential financial protection.

Some of the most important reasons can include:

  • Burial Insurance: Regardless of your age, you’ll eventually need burial insurance to cover your final expenses. Today, the average cost of a funeral can easily exceed $10,000 when factoring in items such as the funeral service, burial plot, headstone, transportation, flowers, and a casket or urn. If there are final medical and hospice costs incurred, this could add significantly to the total.
  • Estate Taxes: Estate taxes are another potential area of concern for those who are over age 50. For those who are faced with having to pay estate tax upon death, this liability can erode up to 50% or more of a decedent’s assets. If there is no plan in place, such as life insurance proceeds, for paying these taxes, survivors could end up selling off other assets such as retirement investments or even precious family heirlooms in order to come up with the money. And unfortunately, when such assets are sold in this manner, they are often done so at far below market value.
  • Pension or Retirement Income Replacement: When a retiree dies, their pension may not continue on for their spouse. Buying a life insurance policy can ensure your spouse has some income to keep up with living expenses and enjoy life once you’re gone.
  • Business Succession: Life insurance can help business owners who are over age 50 to use as a business succession tool. Proceeds from a life insurance policy could be used to keep a company running while a replacement owner or partner is located, or while a suitable buyer for the business is found.

These are just a few of the reasons individuals over the age of 50 may want to purchase life insurance, but there are plenty of others. Just keep in mind that, no matter what age you are, it’s only natural to want to leave something behind. A life insurance policy can help you do exactly that, which is why consumers in nearly every age group purchase this important protection each year.

Which Type of Life Insurance is Best if You’re Over the Age of 50?

When shopping for a life insurance policy at any age, it’s easy to become overwhelmed by all the options you’ll find online. Before you commit to shopping for life insurance policies, you should know and understand how each type of coverage works.

Term Life Insurance

Term life insurance is sold for a certain length of time or a “term,” which means that the policy will cover you for only a certain period before it expires. Most term policies are sold for 10 years, 15 years, 20 years, or 30 years. With a term life insurance policy, you are purchasing basic “no frills” coverage. This means that you are obtaining pure death benefit coverage without any cash value or savings component.

Even though the coverage on a cheap term life insurance policy runs out after a given period, these policies can be beneficial in certain situations. For example, term policies are often considered for “temporary” needs such as providing protection during the length of a 15- or a 30-year mortgage balance. In other words, if an individual wanted to make sure that the balance of their home mortgage was paid off for his or her survivors in the event of death, they could purchase a term life policy for the same length of time in which they will have a remaining mortgage balance.

If a term life insurance policyholder wishes to continue their coverage upon the policy’s expiration, they will need to reapply at their current age and health condition. This will typically mean that the premium amount for the new coverage will be higher, and that’s true even if the face amount of the policy remains the same. For many people, this is no problem because the premiums on term policies are much lower than the alternative options.

Related: How Much Does a Million Dollar Term Life Insurance Policy Cost?

Permanent Life Insurance

If you don’t like the idea of your life insurance expiring, then go with a whole life insurance plan. Permanent life insurance plans never expire, but they are more expensive.

The money that accrues in a permanent life insurance policy’s cash value component can typically be borrowed or withdrawn by the policyholder for any need that he or she sees fit. This can provide the policyholder with additional funds for the down payment on a home, the purchase of a car, debt repayment, or even for supplemental retirement income in the future.

Although the premiums for permanent life insurance can be more expensive than premiums for a term policy, the amount of the premium on a permanent policy will typically be locked in for life. This means that the policyholder will not need to worry about his or her premiums increasing in the future — even if they get sick or wind up with a chronic health condition.

In addition to all of the other uses of life insurance for those who are over age 50, a permanent life insurance policy can also be used for the simple purpose of supplementing one’s savings.

For example, a whole life insurance policy can help you to build up cash on a tax-deferred basis that can be drawn upon in the future in a number of different ways. Unlike money that is invested in the unpredictable stock market, funds that are inside of the cash value of a whole life insurance are provided with a guaranteed rate of growth. In addition, because of their tax-deferred nature, funds are allowed to compound over time with no tax due on the gain until the time they are withdrawn in the future.

This can provide not just safety, but also peace of mind in knowing that the principal is protected regardless of what is happening in the market, as well as in the economy overall. In addition, the death benefit on these life insurance plans is also tax-free to the named beneficiary (or beneficiaries). This means the money can be used by survivors for their financial needs, and all without having to hand over a portion of it to Uncle Sam.

While whole life is the most popular type of permanent life insurance coverage, you can also look into universal life insurance, variable life insurance, or even variable universal life. These niche policies tend to work better for consumers who have a specific financial goal, but they could work well for your needs depending on your situation.

Life Insurance with No Medical Exam

Many who have severe health issues may have to look into the option of no medical exam life insurance. This is often the only option for those who have been declined for life insurance in the past.

Each time an individual applies for life insurance coverage, the underlying insurer is essentially taking a risk on whether or not it will be required to pay out a claim. If the insurance carrier feels that the risk is too great, it will either charge the insured a higher rate of premium or it will deny the applicant for coverage altogether.

The good news is that people over 50 in the market for life insurance still have plenty of options — you just need to know where to look. You may assume that you won’t be able to get affordable coverage, but that’s why we suggest that you look into a no medical exam plan from Haven Life to get your life insurance protection.

A healthy man who is 50-years-old can pay as little as less than $15 a month for $100,000 in term life insurance coverage, whereas a healthy 59-year-old can pay as little as $27 a month for the same policy. Even at the age of 59, a $400,000 policy can cost less than $100 a month. Note that these are non-smoker rates for a 10-year term policy.

If you have health conditions like cancer, heart disease, or diabetes while looking for life insurance, you can expect increased rates. Smoking will also increase the rates for life insurance for individuals who are ages 50 to 59.

The Bottom Line

At the end of the day, you’ll never know how much you might need to pay for life insurance unless you shop around. And really, that’s the main piece of advice I hope to impart on individuals ages 50 and older.

Purchasing life insurance coverage can be more challenging when you’re over the age

The post Life Insurance Over 50 appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

Everything You Need To Know About Final Expense Insurance

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Final expense insurance is typically a small whole life insurance policy where the proceeds are earmarked specially for funeral and other end of life expenses. Ultimately, the net result will be a tax-free cash payment to a beneficiary(s). Most insurance companies aim to pay claims within a few days since they know the funds are likely to be used for a funeral. Technically, the money can be used for anything. If for example, all the money is not used for funeral costs, the remaining amount is owned by the beneficiary(s) to use as they see fit.

Most life insurance companies make these plans available to seniors from the ages 50 to 85 and offer between $5,000 and $25,000 in coverage. The health requirements to qualify are very lenient too. Even if you have serious health issues, you can still get a policy. Some plans actually guarantee approval no matter what health issues you have. It is important to note that if you buy a plan that has guaranteed approval where there are no health questions, there will be a two to three year waiting period before benefits become active. To get a plan that covers you right away with no waiting period, you must at minimum answer health questions and be approved by the insurance company.

How much does it cost?

Final expense insurance premiums are typically low since the benefits are on the smaller side. Overall, the average cost of a final expense policy is between $50-$100 per month. Rates will vary depending on your age, gender, health, tobacco usage, coverage amount and the insurance company you purchase your policy from.

For example, a non-smoking 65-year-old woman in generally good health will pay roughly $40-$45 per month for a $10,000 policy. However, a man with the same profile would pay $56-$60 per month.

How do you buy a policy?

There are few different ways to purchase a policy. There are dozens of insurance companies that offer this type of plan, and they all have different application processes.

Ultimately, you must choose which method suits you best. Working with an agent gives you the advantage of having a professional who can answer your questions and make recommendations. However, if you value your privacy and prefer simplicity, then buy a plan online or through the mail. 

No matter how you apply, you can find an affordable life insurance policy for final expenses since there are so many companies to choose from.

Who are the best companies to consider?

The market for final expense insurance is vast. You will find a ton of insurance companies to choose from. Below are some highly rated companies to consider. This information is as of 9/23/20, visit the company websites for current policy information.

1) Mutual of Omaha

Mutual of Omaha is one of the oldest life insurance companies in the USA. They offer two different final expense plans to anyone between the ages of 45 and 85. The first plan is called “Living Promise” and is only sold through agents. You can purchase up to $40,000 in coverage on this plan. It does have underwriting, so your qualification depends on your health. If you are approved, this plan has no waiting period. The second plan they offer is guaranteed issue, so you cannot be denied. With their guaranteed acceptance plan, you can buy up to $25,000 in coverage. Since this plan has no health questions, you will be subject to a two-year waiting period before you are covered. 

2) AIG

AIG is another very old and stable life insurance company. They only offer one type plan to seniors between 50 and 80, which is a guaranteed acceptance policy. Because it has no health questions, there will be a two-year waiting period before your coverage begins. The premiums are affordable and applying can be done online or through an agent.

3) Aetna

Most people associate Aetna with health insurance, since that is the most common insurance they sell. However, they do offer final expense insurance too. What is most unique about Aetna is they will insure applicants as old as 89. Very few life insurance companies will go beyond 80 or 85. The amount of coverage you can buy from Aetna varies based on your age. It is important to note their plans have underwriting, so you must qualify for their coverage. That is the main downside with Aetna. They have no guaranteed acceptance option. Depending on your health, you may or may not qualify. 

Should you buy final expense coverage?

For some people, a final expense policy makes all the sense in the world, and for others it does not.

A final expense plan is typically suitable for any individual who presently has no means to pay for their funeral costs. For example, you have no savings or real property that can be sold to pay for burial costs. If you are in that situation and don’t want to leave a financial burden to your family, then a final expense policy is fantastic option you should pursue.

At the same time, if you currently have cash, a retirement account, or some other assets that can be quickly liquated to pay for your funeral, you probably do not need a policy. You may prefer one, but you do not necessarily need it. 

If you have the cash, it would probably be better to put it into a funeral trust, so it’s securely locked away for when that day comes.  

At the end of the day, preplanning is an act of love. No matter how you financially prepare for your funeral, your family will appreciate it more than words can express. 

What you do now ensures they aren’t forced to make tough decisions while riding an emotional rollercoaster.

The post Everything You Need To Know About Final Expense Insurance appeared first on Credit.com.

Source: credit.com

What Is Gap Insurance, and What Does It Cover?

by Posted in Auto Insurance, Car Insurance, Family RV Deals, Insurance Tagged , , , , , , , , , , , , , , , , , , , ,

Woman about to drive off in a carWhen purchasing or leasing a new car, you have several insurance coverage options. When selecting coverage, you will likely know if you want to have collision coverage or not, but will you know what gap insurance and whether to select that option? If you are driving your owned vehicle or a leased one, and it is totaled, your collision coverage insurance will cover your vehicle’s cash value. The coverage will help you to purchase a another car. However, what if you owe more on your car than it’s worth? That is where gap insurance comes in. Here’s what you need to know about this type of coverage.

What is Gap Insurance?

Gap insurance protects you from not having enough money to pay off your car loan or lease if its value has depreciated, and you owe more on your car than it is worth. It is optional insurance coverage and is used in addition to collision or comprehensive coverage. It helps you pay off an auto loan if a car has been totaled or stolen, and you owe more than its worth. Gap insurance might also be known as loan or lease gap coverage, and it is only available if you are the first owner or leaseholder on a new vehicle.

Some lenders require individuals to have gap insurance. In addition to collision and comprehensive coverage, gap insurance helps prevent owners and leasers from owing money on a car that no longer exists and protects lenders from not getting paid by a person in financial distress.

How Gap Insurance Works

Car crushed by a fallen tree

If you buy or lease a new car, you may owe more on the vehicle than it is worth because of depreciation. For example, let’s say you purchase a new car for $35,000. However, a year later, the car has depreciated and is only worth $25,000, and you owe $30,000 on it. Then, you total the car. Comprehensive insurance coverage would give you $25,000, but you would still owe $5,000 on the vehicle. Gap insurance would cover the $5,000 still owed.

Without gap insurance, you would have had to pay $5,000 out-of-pocket to settle the auto loan. With gap insurance, you did not have to pay anything out of pocket and were likely to purchase a new car with financing.

What Gap Insurance Covers

Gap insurance covers several things and is meant to complement collision or comprehensive insurance. Gap insurance covers:

  • Theft. If a car is stolen and unrecovered, gap insurance may cover theft.
  • Negative equity. If there is a gap between a car’s value and the amount a person owes, gap insurance will cover the difference if a car is totaled.

Gap insurance also covers leased cars. When you drive a new, leased car off the lot, it depreciates. Therefore, the amount you owe on the lease is always more than the car is worth. If you total a leased car, you’re responsible for the fair market value of the vehicle. If you lease, you can purchase gap coverage part way through your lease term, although many dealerships require both comprehensive and collision coverage and strongly recommend gap coverage.

What Gap Insurance Doesn’t Cover

Gap insurance is designed to be complementary, which means that it does not cover everything. Gap insurance does not cover:

  • Repairs. If a car needs repairs, gap insurance will not cover them.
  • Carry-over balance. If a person had a balance on a previous car loan rolled into a new car loan, gap insurance would not cover the rolled-over portion.
  • Rental cars. If a totaled car is in the shop, gap insurance will not cover a rental car’s cost.
  • Extended warranties. If a person chose to add an extended warranty to an auto loan, gap insurance would not cover any extended warranty payments.
  • Deductibles. If someone leases a car, their insurance deductibles are not usually covered by gap insurance. Some policies have a deductible option, so it is wise to check with a provider before signing a gap insurance policy.

Reasons to Consider Gap Insurance

There are several situations you should consider gap insurance. The first is if you made less than a 20% down payment on a vehicle. If you make less than a 20% down payment, it is likely that you do not have cash reserves to cover them in case of an emergency and that they will be “upside down” on the car payments.

Additionally, if an auto loan term is 60 months or longer, a person should consider gap insurance to ensure that he or she is not stuck with car payments if the vehicle is totaled.

Finally, if you’re leasing a car, you should consider gap insurance. Although many contracts require it, the vehicle costs more than it’s worth in almost every situation when you lease.

Is a Gap Insurance Worth It?

Gap insurance keeps the amount that a person owes after buying a car from increasing in case of an emergency. Therefore, if someone does not have debt on his car, there’s no need for gap insurance. Additionally, if a person owes less on his car than it is worth, there’s also no need for gap insurance. Finally, if a person does owe more on a vehicle than it is worth, he may still choose to put the money that would be spent on gap insurance every month toward the principal of his auto loan.

If a person owes more on his car than it is worth and would be financially debilitated by having to pay the remainder of his car payments if his vehicle was totaled or stolen, then gap insurance might be a saving grace.

If the extra cost of gap insurance strains your budget then consider ways to keep your vehicle insurance costs down without skipping gap insurance.

The Takeaway

"ARE YOU COVERED" written on a highway

Gap insurance covers the amount that a person would still owe on a vehicle after it is stolen or totaled, and after comprehensive insurance pays out. It prevents people from continuing to owe on a car that no longer exists. While it doesn’t make sense for everyone to purchase gap insurance, it is often smart for people who have expensive vehicles that are worth far more than a person owes. It is also something to consider when you are leasing a vehicle.

Tips for Reducing Insurance Costs

  • If you need a little additional help weighing your insurance options, you might want to consider working with an expert. Finding the right financial advisor that fits your needs can be simple. SmartAsset’s free tool will match you with financial advisors in your area in five minutes. If you’re ready to learn about local advisors to help you achieve your financial goals, get started now.
  • You may want to consider all the insurance options available that are suitable for your unique situation. By doing so, you save money. A free comprehensive budget calculator can help you understand which option is best.

Photo credit: ©iStock.com/ljubaphoto, ©iStock.com/Kileman, ©iStock.com/gustavofrazao

The post What Is Gap Insurance, and What Does It Cover? appeared first on SmartAsset Blog.

Source: smartasset.com

Questions to Ask When Shopping for Health Insurance

by Posted in Health Insurance, Sell or Trade Car Tagged , , , , , , , , , , , , ,

Whether you are acquiring it through your employer or on your own, shopping for health insurance coverage is a task that many adults will be faced with at some point. Health coverage is not a one-size-fits all amenity, and it comes in many forms such as Point of Service (POS), Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs) and more. 

Buying health insurance is a big commitment, so do the research and look over all your options before making any hasty decisions. Technical information about different health insurance policies can be overwhelming, which is why seeking the help of a licensed insurance agent or a health insurance broker might be your best bet. In the following sections we will discuss ways you can prepare to meet with a health insurance agent as well as what questions to ask. 

How to prepare to meet with a health insurance agent 

Health insurance exists to protect us financially when we get sick or injured, which is why it’s so important for you to look at plans that fit the unique needs of you and your family. Whether you are an employer shopping for insurance plans for your employees, or just an individual browsing your options, choosing a caring agent who takes their job seriously is key to finding the right plan. To start, you will want to work with an insurance agent who is experienced, knowledgeable and trustworthy.

Finding the right agent to work with isn’t the only important piece of the puzzle, you’ll also want to do your part as well. Coming prepared to the appointment will help things run more smoothly and will ensure that you to ask the right questions. 

Before meeting with the insurance agent, make sure that you:

  • Know how much you are willing to pay: Before your appointment with an insurance agency, you should consider how much risk you want to assume for yourself versus how much risk you want the insurance company to assume for you. In other words, would you rather make higher monthly insurance payments and have a lower deductible or would you rather pay a lower monthly insurance payment and have a higher deductible? If you’re okay with paying a hefty deductible during a medical crisis, then you might consider choosing a plan with a lower monthly payment. On the other hand, someone who needs more consistent medical care might opt for a plan with a lower deductible. 
  • Research the insurance agency that you will be doing business with: Ask friends and loved ones for feedback on the agencies they’ve worked with and find out how their experience was. If you are an employer, do some research to see what agencies other companies do business with. The important thing is that you choose an agency that you trust. 
  • Know what to bring with you: In order for the agent to help you the best they can, they will need to know as much information as possible about yours and your family’s medical history. The agent will want to know about any of yours or your family’s medical conditions and personal habits such as drinking, smoking, diet, etc. Call in advance and find out exactly what you need to bring. Be truthful and thorough so that your agent can find the best health insurance policy for you. 
  • Make a list of the questions that you will want to ask: It’s easy to get overwhelmed during these appointments. Writing down your questions will not only help you to be more organized, but it will also lower your chances of forgetting to bring up important topics.  

Questions to ask your health insurance agents

Before meeting with a licensed insurance agent, you should write down a list of questions that you want to have answered during your appointment. Here are some questions you should be asking your agent about your insurance before buying:

    • How much will it cost? This is probably the most dreaded part of the conversation, but it has to be discussed! The overall cost of your health insurance policy will depend on your premium, deductible and out-of-pocket-max. When browsing through plans, you’ll want to take notes on how much these three items will cost up front, because each plan varies in rates.
      • Premium: Health insurance premiums are rates that you will pay every month in order to secure your coverage. The initial payment you receive will be a premium, and will continue monthly. 
      • Deductible: If your plan has a deductible of $2,000, then that means you will be responsible for paying the first $2,000 of health care before your plan begins covering certain costs. Once you pay your deductible, you’ll pay significantly less for your health care. 
  • Out-of-pocket max: This is basically the maximum amount of money that you will ever have to be responsible for paying while covered—as long as you stay in-network, that is. Let’s say your out-of-pocket max is $5,000, but you end up needing surgery that costs $30,000. You would only have to worry about paying $5,000. Additionally, if you’ve already reached your $2,000 deductible, then you would only have to pay $3,000. The purpose of an out-of-pocket max is to protect you from having to pay extremely expensive bills, but remember—the surgery would need to happen at a medical facility that is in-network.  
  • Is my current doctor covered? If you’re already receiving health care, you’ll want to know if your current doctor is a part of any prospective insurance company’s network of health providers. This information should be fairly simple to find out but could be an important factor in your decision. If you are currently taking any medications, you’ll also want to ask your agent to check the formulary to see if your prescriptions are covered.
  • Who do I contact when I have questions? It’s important to find out if your prospective health insurance company has a customer service team you can call or message when you need to inquire about bills, claims, copays or anything else insurance-related. Does the company have a separate phone number to call when you want help finding a health care provider? Is this customer service line automated or will you be speaking to an actual insurance representative? These questions are important to determine what kind of support is available long after you’ve signed a contract. 

What happens during an emergency? When going to see a doctor for a normal visit, you have time to plan and make sure that the doctor is in-network. However, during an emergency, we may not have the same luxury. It’s possible that in a case where you need dire medical attention, the closest health care provider may not be in-network. You should ask about your prospective company’s policy on emergencies and what the standard routine consists of.

Questions to Ask When Shopping for Health Insurance is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

Can You Be Evicted If You Pay Partial Rent

by Posted in Find An Apartment, Health Insurance Tagged , , , , , , ,

Times are tough. When you find yourself struggling to scrape together enough money to pay rent, what are your options? Will you face eviction if you can’t pay all of your rent on time? While rules vary from state to state, learn what commonly happens and what landlords can and can’t do when you can […]

The post Can You Be Evicted If You Pay Partial Rent appeared first on Apartment Life.

Source: blog.apartmentsearch.com

The Top Financial Resolutions for 2021

by Posted in Bank Accounts, Best Car Cleaner Ideas, Budgeting, Insurance, Investing Tagged , , , , , , , , , , ,
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Having an emergency fund is important; you know that. But it’s easy to deprioritize it when things are going fine. And as 2020 showed us, you can lose your job at the drop of a hat, meaning a full emergency fund can be what keeps your lights on.

1. Make A Realistic Budget And Stick To It

You can make up to an hour, according to data from Intuit, the creator of QuickBooks, and you have no commute. It’s a great opportunity for parents who want a part-time job, recent college grads or anyone who wants to bring in real money working from home.
Robinson shares what it takes to be a virtual bookkeeper, plus tips for making this career work for you in his free class at Bookkeepers.com. If you stick with the classes, you could be running your own business in just a few months.
We recommend the 50/30/20 method. It’s simple, yet effective, and has a bit of a cult following, too! Here’s how it shakes out:
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2. Look For A Better Job: Make up to $69/Hour

But what if you could create that higher-paying and more rewarding job? There’s an idea…
Did your credit score take a dive this year? Or is still stuck at a “fair” grade? Then monitoring any changes on your credit reporting and working to improve your score should be one of your financial resolutions for this year, too.
When it comes to your credit score, it’s important to stay organized and keep tabs on it. After all, it’ll play an essential role in any big purchase you want to make — whether that’s a home or a car.
It means you can avoid late fees on your utilities, which can really add up and destroy your budget. You can pay off your credit card debt without mounting interest charges. And you can prevent any hiccups that would dock your credit score a few points.
Rates start at just a month. The peace of mind knowing your family is taken care of is priceless.
Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any score improvement is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning and developing better credit habits.
You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to million with a company called Bestow.
Those are the perks of working as a bookkeeper, says Ben Robinson, a CPA and business owner who teaches others to become virtual bookkeepers through online courses called Bookkeepers.com.

3. Pay Off Credit Card Debt: Wipe Out All Your Debt by Tomorrow

It’s easy to get swept up in the joy that is payday and immediately start buying things you don’t need. But as the final financial resolution on this list, paying your bills right away can help keep the rest of your goals on track.
Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for “this is totally safe.”
You don’t have to be an accountant or even really good at math to be successful in this business. In fact, all you need are decent computer skills and a passion for helping business owners tackle real-world problems. The ability to stay moderately organized is helpful, too.
It’s easy to slip away from our good financial habits as the year goes on, so it’s particularly important to find a budgeting system that works for your lifestyle and won’t be hard to maintain.
This one sounds familiar, right? Oft-regarded as Old Faithful when it comes to New Years’ resolutions, it holds that title for good reason. Having a budget you can actually stick to will set you up for financial success, no matter what your goals are.
Can you open an excel spreadsheet? Does earning an hour sound appealing? How about the freedom to work remotely while helping others succeed?

4. Monitor Your Credit Report

But there’s still work to be done, which is why paying off credit card debt is one of the top financial resolutions this year.  Because if you still have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
The most surefire way to achieve your financial resolutions and stay within that budget you made is to earn more money.
Whatever your financial goals are this year, we know you can achieve them! Here’s to making 2021 your best financial year yet.
If you owe your credit card companies ,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
2020 made that really hard for most people. Which is why finding a better job, that you actually enjoy — and will pay you more — is a top resolution for 2021.
Want to check for yourself? It’s free and only takes about 90 seconds to sign up.

5. Get Insured In Case Of A Catastrophe. You Could Give Your Family up to $1 Million

2020 was actually a good year for paying down credit card debt — Americans did more of it this year than they ever have.
***Like Cooper, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10-point increase, and 20% see at least a 50-point increase after 180 days.
Source: thepennyhoarder.com
Within two minutes, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one).
Not too shabby!

6. Add A Month To Your Emergency Fund

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.
50% of your take-home income every month covers your fixed expenses — rent, utilities, groceries, minimum debt payments, etc. 30% goes towards the things you can live without, but don’t want to (like food delivery, a Netflix subscription and travel). Finally, the last 20% of your monthly income is dedicated to your financial goals.
Kari Faber is a staff writer at The Penny Hoarder.
So prioritize your emergency fund this year. If you don’t have one yet, start by opening an account that will help you grow your money.

7. Pay Bills Right After Payday

Talk about a scary year. If a global pandemic didn’t have you thinking about your own mortality, what else could? With that thought in mind, people are adding “buy life insurance” to their list of 2021 to-dos.
AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.
One way to do that is with a company called Aspiration. It lets you earn up to 16 times the average interest on the money in your account.
James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.*** “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.
Have you made your resolutions yet? It can feel a little daunting trying to figure out what you need to focus on, so we made it easy: These are the resolutions everyone else is taking on in 2021, according to a survey by Wallethub, and you should, too. Plus — how to accomplish them.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
Have you thought about how your family would manage without your income if something happened to you? How they’ll pay the bills? Send the kids through school? Now’s a good time to start planning for the future by looking into a term life insurance policy.
So if you’re looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.

What Items Should You Put in a Fire Safe Box

by Posted in Flood Insurance Tagged ,

If a fire happens, will your important documents stay safe?

Apartment dwellers need to be proactive about protecting critical information in case of a fire. Plenty of us have gone digital when it comes to storage of personal information, but certain items still need to come in hard copies. And some things, other than papers, also need a tangible safe place.

The safety deposit box at the local bank is still an option. However, bank hours aren’t always aligned with yours. If you want to go the digital route, look for companies that specialize in the storage of critical data. You can access your info directly from your phone, tablet or Amazon’s Alexa device. But if you prefer to go more old school — you need to think about protecting your valuables that are difficult to replace.

What will you need easy access to when you’re in an emergency fire crisis? Your list will probably look like this: an original birth certificate, social security card, insurance papers and car titles and other original docs. You could also include spare keys, passports and irreplaceable items like heirloom jewelry. A fireproof safe box will give you peace of mind. And, it will act as a security measure should a fire occur.

Are all fire safe boxes the same?

Did you know that not all fire safe boxes are alike? For example, standard fireproof safes protect your valuables against intense heat and smoke damage for periods of up to 120 minutes, according to Western Safe, while others can withstand the heat for longer. So, what’s the best type of fireproof box? Experts say it all depends on what you intend to store.

You should look for a fire safe box that has emergency override keys so you can open it up even if you forget the passcode. The keys are also good if the batteries run out on the keypad.

To help you know what things to keep in a fire safe box in your apartment, we’ve organized a list. These items make good sense to safeguard against fire:

  • Critical documents: Store your checking and savings account bank books, birth certificates, social security cards, wills and passports in a fire safe box. If you need to get out at a moment’s notice, these important documents will be safe and accessible.
  • Digital media: Your digital must-haves include USB sticks, memory cards and CDs. These items are your physical back-up. And this is especially true if you don’t want your most private data to live on remote servers.
  • Insurance policies: Talk to your insurance company about your renters insurance following the fire. Having access right away to your policy will help you to take action post-fire.
  • Cash: Life today is debit and credit card-driven. But it’s also smart to keep a stash of small bills on hand. If an emergency calls for quick cash, you’ll be glad you thought ahead and put some aside.
  • Other valuables: Remember to organize a file with essential information. Include emergency numbers of family members. Have your prescriptions, who your family doctor is and contact info for your pet’s vet, too.

apartment fire

Do your homework

Before purchasing a fire safe box, be sure to research what’s on the market. You’ll be surprised to find a range of choices. You can even select from fireproof safes that you can bolt to the ground or wall. Is the fire safe box waterproof? If not, be sure to protect all contents by storing them in plastic.

An official fire rating from the Underwriters Laboratory comes with all safes, according to Haven Life. The rating lets you know what temperature the fire safe box will stay inside during a fire. It will also let you know how long it will stay at that temperature.

Look for fire safe boxes that are either 125 degrees Fahrenheit or 325-degrees safe. They typically come with up to three hours’ worth of protection. Spruce reports that some fire safe boxes can withstand fires with temperatures up to 1,550 degrees Fahrenheit for 30 minutes.

Does size matter?

Fire safe boxes are compact to mid-size and come in a range to meet your needs. You can find options with a capacity of 0.17 cubic feet and weighing in at just 14 pounds. Or, one that weighs a little less than 28 pounds and can store flat 8-1/2-by-11-inch, letter-sized documents.

Extra-large capacity fire boxes can hold much more. They can weigh more than 100 pounds and measure more than 1-1/2-feet on each side. But the size is worth it because it gives your stuff a greater chance of surviving a disaster, according to Wirecutter. The site recommends a fire safe box the size of a mini-fridge that weighs in at 56 pounds.

Choose a fire safe box that has all the protective features and benefits to keep your important documents safe. In the long run, the investment could prove to be a wise one.

The post What Items Should You Put in a Fire Safe Box appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com