Insurance

Buying Life Insurance in Your 20s and 30s

If you’re part of the Millennial Generation, buying life insurance may be the furthest thing from your mind. You may feel you don’t need it because you’re young, healthy and have other financial priorities. But this is the best time of your life to think about life insurance. Here’s the bottom line: If someone depends on your income or would be stuck paying for your debts if you die, you need a life insurance policy. If you’re single and don’t have financial dependents or debt, you may not need life insurance right now. Prime reasons to buy life insurance are…

How to Inventory the Contents of Your Home

Should the unfortunate happen and you need to make a claim against your homeowners policy, it’s smart planning to take inventory of the items inside your home. If you have this information readily available, you will be able to share it with an insurance adjuster when you make the insurance claim. Here’s how to get started with your own home inventory today. Plan Ahead Before you begin the process of recording all of the items in your home, spend some time coming up with a plan. Gather equipment. Decide what equipment you will use for the inventory. The camera on…

Are Extended Warranties Worth the Extra Money?

The late comedian, John Pinette, had a routine about buying a $2,000 TV and being asked if he’d also like an extended warranty. The exchange went like this: “What do I need an extended warranty for?” “Well, in case the TV breaks.” “If the TV’s gonna break, I’m not buying it!” According to Pinette, the salesman’s eyes went dead: “Nobody had ever said that to him before. Nobody ever questions them! We just sign on the dotted line, and it’s wrong! And I was gonna stick up for all of us!” The routine comes with an important message: Don’t sign…

Understanding Healthcare Costs in Retirement

What to expect to spend on health care in retirement is the big question for future retirees. The reality is there is no simple answer. By understanding estimates of Medicare premiums and other related expenses, as well as some of the ways costs can be reduced, you can start to put some of the pieces of the health care puzzle together. Unpacking Average Healthcare Cost Estimates Several different estimates related to what people can expect to spend on healthcare costs in retirement are out there. One of the most commonly quoted figures is $280,000 from a Fidelity study. Equally staggering…

Questions to Ask When Financing a New Car

If you’re like most Americans, you don’t have $36,270 (the average new car price) saved up and burning a hole in your pocket. However much or little you have saved toward the purchase price, you’ll need to finance the rest. Once you reach a deal, it’s time to talk financing. Knowing what to ask will determine how much or how little will be added to that purchase price. Where Will You Get Your Financing: Bank or Dealer? There are pros and cons to either option, and lots of exceptions. You can’t beat dealer financing for convenience. But sometimes a bank…

How to Deal With an Uninsured Motorist After an Accident

You’re driving to the grocery store and stopped at a red light. Just as the light turns green, you put your foot on the gas pedal and — WHAM! — you get rear-ended by another automobile. You’re startled, but not obviously injured. Time to quickly survey the scene. Groceries will have to wait. Uh-oh. The other driver doesn’t seem to be carrying auto insurance. Things just got more complicated. What do you do now? Here are a few key tips to help you deal with an accident where the other driver is uninsured. Call the Police Most states require a…

Insurance Protection for College Students

Term life insurance likely isn’t on the radar for college students. They are focused on hanging out with friends, finding an internship and keeping up with social media. After all, they’re young and healthy and any vague thought about an untimely death is scary business and best avoided. Financial experts, on the other hand, advise that term life insurance for college students is extremely important to at least these categories: Students whose parents have co-signed a student loan. Students with a family or financial obligations like a mortgage or other debt. Students with dependent families. The High Cost of Education Consider,…

Insurance in the Sharing Economy

Sharing may be caring, but now it is also a booming economy. The sharing economy—otherwise known as collaborative consumption or the peer economy—is disrupting everything from transportation and lodging to errands and the exchange of goods. One of the latest areas to feel this disruption is the insurance industry with the peer-to-peer (P2P) insurance. What Is Peer-to-Peer Insurance? Insurtech, a fusion of new insurance models and technology, is the broader umbrella peer-to-peer insurance is sheltered under. Based on the success of fintech, insurtech looks to disrupt the conventional insurance industry in a host of ways. A handful of startup companies…

3 Reasons Why Location Influences Home Insurance Rates

Location. Location. Location. We’ve all heard this common phrase in real estate and understand it can affect the market price of homes. What many don’t know is location also impacts home insurance rates. When determining your homeowners’ insurance rate, insurance companies take many factors into consideration. Each insurer has its own underwriting criteria and factors that influence rates. While some criteria are standard, some vary from one company to the next. For example, one insurer may prefer new construction. Another may choose not to insure homes built using certain materials, such as log homes. The insurer is assessing risk. Each…

3 Steps to Handling a Fender Bender

What do you after getting into a fender bender? Assuming nobody is seriously hurt and you don’t have to call immediately for help, you have some work ahead of you—dealing with the other motorist, informing the authorities and working with your insurance company. Document the Crash While you’re still at the scene, safety is top priority. If possible, motion for the other driver to pull over, so both of you are out of harm’s way. If your vehicle is not drivable, it might be best to stay in it until help arrives. In that case, call 911 for police help.…

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