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Been Denied Life Insurance? What to Do Now

No matter what situation you’re currently facing, the potential of rejection is something no one wants to foresee, especially when it comes to attaining life insurance. Rejection and denial are always disappointing but can even be scary when you’ve applied for life insurance only to learn that the company has declined your coverage. You figured coverage would be a guaranteed “yes.” If you’ve been denied life insurance from a provider, you could find yourself in the “impaired risk market.” That means there was a risk factor found in your background exam that stood out to the underwriter. Those can include: A pre-existing health concern like cancer or a chronic illness Lab tests showing a new disease or potential problems such as obesity or diabetes Lifestyle choices that can impact your future health, e.g. smoking Financial justification Notes of previous life insurance denials Past criminal record including items such as a…

How Often Should I Compare Life Insurance Rates?

If you’ve purchased life insurance, whether recently or some time ago, you might be unaware that procuring a life insurance policy is not a finite process. After all, your mortality isn’t a fun topic to consider. And once you’re done with the “hassle” of getting a policy, you’re probably ready to move on. Many who own life insurance policies likely aren’t comparing rates on a regular basis—especially given that almost 40 percent of Americans don’t have life insurance, Still, there are viable reasons to look into changing your policy, finding lower rates sitting atop the list. Staying up to date on rates for life insurance policies is a beneficial habit because insurance companies usually change their rates every year. With these fluctuating rates, you may be overpaying if you fail to regularly compare your rates with those of other insurers. So, staying current on rates could save you a considerable…

What You Need to Know About Buying Life Insurance for Grandkids

Becoming a grandparent is an experience like no other. Grandparents are often eager to shower the newest apple of their eye with gifts. More than toys and clothes, grandparents can choose to gift whole life insurance to their grandchildren. It is the gift offering peace of mind and financial benefits throughout the child’s life. What Is Whole Life Insurance? Whole life insurance is a type of permanent life insurance that protects the individual for his or her entire life. As long as the premiums are paid, coverage continues. While the coverage amounts and premiums for whole life insurance can vary based on the insurer, all whole life insurance policies allow a savings amount to accumulate over time. The Rules for Grandparents As extended caregivers, grandparents are eligible to purchase whole life insurance for their grandchildren. The insurance can be purchased in the child’s name, which means when the child reaches…

Debit Card or Credit Card: Which is Right for You?

Paying with plastic is par for the course these days, even for small purchases. The question is, which kind of plastic is best? People tend to have strong opinions about debit versus credit cards. Debit card diehards are the modern-day version of cash-only consumers. They won’t spend what they don’t have and using a debit card eliminates any temptation to overspend. However, there are plenty of people who could pay with debit but opt for credit cards instead. Often, it’s because they are earning cash back or racking up points. We all know at least one frequent-flyer fanatic who takes great vacations using credit card miles. The debit-only approach sounds smart. But those credit card perks sound smart, too – why not get a little payback on money you’ll be spending anyway? It really can be difficult to know which is best. Let’s take a closer look at arguments from…

College and Insurance: Insurance Entrance Exam for Kids on College Campuses

If you have a child living away at college, you’ve probably been through an extensive checklist in getting him or her prepared and moved to campus for the fall semester. Amid the flurry of planning and packing, have you thought about college and insurance? Although still your dependent, your child living away from home may have additional insurance needs to protect their belongings and their well-being. Consider these areas: Auto Insurance Fewer than half of college students have cars on campus, so if your child doesn’t have wheels, let your carrier know. Your student may be eligible for a “distant driver” discount, especially if the college is more than 100 miles from home. The discount may be as high as 20 percent. Keep your child on your auto insurance policy so coverage continues during school breaks and visits home. If your child does have a car on campus, report this…

Paper or Digital – Organizing Your Finances in a Way That Works

Paper or Digital? Everything is going digital. Tapes, CDs, disks and paper are being replaced with bits and bytes of data often stored in a virtual cloud. Depending on your background, the digital world may be a mysterious and uncomfortable place. Let’s take an objective look at the pros and cons of going digital versus using paper to organize your personal finances. Paper Statements: Tried and True or Time to Go? Paper is the default method for managing and organizing your finances. Online banking in the United States started in the 1980s, but electronic statements and digital financial management did not become mainstream until more than a decade later when home internet use became commonplace. Thanks to its long history, paper statements still remain popular with many banking customers today. According to a poll from CreditCards.com, 54 percent of adults still get paper bank or credit card statements by mail.…

It’s a Wonderful Life … Be Sure It’s Insured

September Is Life Insurance Awareness Month Welcome to Life Insurance Awareness Month (#LIAM17). Every year the non-profit organization Life Happens raises awareness of the importance of life insurance as part of a sound financial plan. Life Insurance Awareness Month is an opportunity to encourage our readers to take stock of their financial needs by protecting loved ones by planning for the future with life insurance. This year, Danica Patrick is back as spokesperson for Life Insurance Awareness Month. Her message encourages people to include financial fitness in their lives. “As a race car driver and athlete, being fit is important to me. But fitness extends to all parts of your life, including your finances. And when it comes to being financially fit, getting life insurance is key.” SelectQuote is a supporter of the Life Happens mission to educate people about being financially fit and making smart decisions about life insurance.…

Personal Finance Quiz: 9 Questions to Ask Yourself

How well do you know your money? Odds are you are more familiar with your finances than anyone else in the world. If that isn’t the case, it’s time to make a change. Find out if you know enough about your money with this quick personal finance quiz. Are You Saving Enough for Retirement? How much do you need save for retirement? Are you on track to reach that target? Many Americans never calculate how much they need for retirement. The average baby boomer is destined to see a dramatic lifestyle change after paychecks stop in retirement. Even with social security and the increasingly rare pension, most Americans are far from saving what they need for retirement. SmartAsset suggests the average retiree should have between nine and 11 times their annual salary saved for retirement. It doesn’t matter if you are five years from retirement or 50, make sure you are…

Family CFO Monthly Money Management To-Do List

Managing your family’s finances is a bigger job than many people realize. A family’s finances work similar to a small business. You have cash flowing in and out, savings and investments, credit cards and debt, bills to pay, and people relying on you for their basics needs. Whether you run your finances like a Fortune 500 company or a mom and pop system, follow these steps to ensure you are fulfilling your family Chief Financial Officer duties each month. Review Your Family Income Statement In personal finance, there is a simple saying to help you manage your income and expenses each month: spend less than you earn. At the end of each month, do you know where you stand? Thanks to modern apps, you can get this important information automatically. Connect your bank and other financial accounts to money management apps such as Mint, Personal Capital or Penny and the…

6 Health Tips That Can Also Grow Your Wealth

The relationship between our health and wealth is strong. Those in poor health suffer from a variety of illnesses and incur the high cost of medical care. And when someone is struggling financially, looming debt and the daily struggle to pay bills can negatively impact their health. This can become a vicious cycle of increasing financial hardship and declining wellness. There are moves you can make to help break this cycle or even try to prevent it in the first place. Staying healthy can make a big difference in improving your financial situation. Your level of fitness has both short and long-term effects. And many of them are related to money. Here are some important tips that will make a difference to your health and your wallet. Few would argue that not smoking is incredibly important to both our physical and financial fitness. With the average cost of a pack…

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