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If Cars Drive Themselves, What Does That Mean for Car Insurance?

Imagine it’s 2025. You’re phoning through the morning headlines while your autonomous vehicle navigates your 10-mile commute. Another self-driving vehicle owner is Snapchatting away in an oncoming lane, oblivious as you are. Wham. The two cars collide on an icy intersection. Who’s at fault? Most industry analysts say it’s the vehicle manufacturer, or possibly one of the technology companies that developed the various automated driving or safety features built into the car. In fact, in 2015, Google, Mercedes-Benz and Volvo all agreed to accept liability for accidents that occur when one of their vehicles is in autonomous mode. Taking Control of the Wheel If self-driving vehicles proliferate as predicted (analysts say they’ll be the norm in 2050), what will be the need for car insurance? After all, if your hands aren’t on the wheel and your foot isn’t on the gas or brake pedal, you’re no longer a driver, but…

Financial Freedom: 4 Strategies to Be Debt Free in 2017

Will this be the year you experience debt freedom?  If you have debt, you probably made a New Year’s Resolution this year to work hard to get your debt under control. Think how wonderful it will be.  No more calls from creditors. Debt comes in many shapes and sizes so whether your debt is from credit cards, student loans, or anything else, these 4 strategies will help you tackle your debt and get it controlled once and for all. The Debt Avalanche The best way to get out of debt, according to math, is a strategy known as the “debt avalanche.” With a debt avalanche, you prioritize your debt by an interest rate. Each month, pay the minimum payment of every debt, but the one with the highest interest rate gets more. Put every extra dollar you have into that debt until it is paid off, then move on to…

Life Insurance: Living on the Edge Can Cost You

When it comes to your life insurance, living on the edge can cost you. In 2004, “Along Came Polly” starring Ben Stiller, was in theaters. Ben played  Reuben, a high-strung, by-the-book risk management analyst? One of Rueben’s  biggest clients constantly participated in high-risk hobbies.  Because Reuben assessed risk for a living, these hobbies made him sweat bullets. He understood, the higher the risk, the less likely there was going to be a policy that would protect his client. High-Risk Hobbies What you may deem as regular recreational activities or bucket list agendas may signal a red flag to life insurance companies and people like Reuben. What might be some red flags? For example, if you’re partaking in activities like rock climbing, skydiving or kayaking, you’re a riskier case than someone whose idea of a “rocking” weekend night is a game or two of Mexican Train at home. Also, because you’re riskier…

Should You Transfer Life Insurance to Your Children?

Financial protection translates to security for many parents and knowing their children will be taken care of financially can help provide peace of mind. From the minute your child enters the world, they become your first priority and concern above all else. This won’t change as you consider how to best provide for them, should the unthinkable happen. Did you know you can transfer your life insurance policy to your children?  While this option is not for everyone, you may be in one of the unique situations where this can better help you and your children. For example, if your estate is worth more than $5.59 million, you may consider transferring ownership of your life insurance policy as a means of lowering estate taxes.  You can avoid federal taxation on the life insurance proceeds by transferring ownership to your adult children, or another, trusted beneficiary. Other reasons people transfer ownership of…

6 Big Tax Insights Independent Contractors Need to Know

There are countless benefits for those who freelance or operate as an independent contractor. You control your own time, can be your own boss and have the ability to say yes or no to work based on your overall interest and availability. In addition, the Internet age makes being an independent contractor easier and in more demand than ever. What are we getting at? Many independent contractors fear tax time as it can be complicated. It doesn’t have to be though. Here are six tips for making tax season as painless and stress-free as possible when you’re an independent contractor. Know What to Expect If you’re paid $600 or more by an individual client, you should receive a 1099-MISC from that client. Typically, you include Schedule C with your tax return to report any self-employed income – along with any deductions for business expenses. If your net earnings from self-employment…

3 Tips for Building the Perfect Term Life Insurance Policy

If you have no idea how much life insurance you need, you’re not alone.  Most people have no clue how much life insurance or what type of life insurance they need. Term life insurance is designed to protect your family and loved ones in the event of your untimely passing. To get the right life insurance policy to protect your family, it is important to understand how term life insurance works and how your other financial resources can work together with life insurance to create a safety net and protect the ones you love most. How Term Life Insurance Works Life insurance comes in two primary types: term life insurance and permanent life insurance, such as Whole Life or Universal Life. Permanent life insurance is comparatively much more expensive, so today we will focus on term life insurance. Term life insurance is life insurance that covers the insured individual for a…

6 Smart Ways to Save Money in 2017

It’s natural to view the dawning of a new year as an opportunity to improve personal finances. Most of us resolve to accomplish this by boosting our savings. But saving money – much like trying to lose weight – is easier said than done. Without goals and practical steps to follow, many will become discouraged and quickly fall off the wagon. Saving money successfully requires changing old habits and rethinking and doing things differently. Here are six smart ways to save some cash in the year to come – some of which may surprise you: Become a Single-Car Family Along with housing and food, transportation costs are what we spend the majority of our money on. Owning a car can be expensive. Aside from the sticker price of the car itself, you have to pay for gas, auto insurance, maintenance, repairs and, depending on where you live, parking and tolls. AAA reported…

How Life Insurance Companies Choose Your Term Life Insurance Rate

Life insurance is a cornerstone of any solid personal financial plan, but to most people, there are many mysteries behind the scenes of life insurance. One of those mysteries is how insurance rates are determined. Understanding life insurance rates can help you navigate the many life insurance options and find a company that works with you to get the best rate possible. Understanding the different life insurance rates can help you quickly and easily navigate the many life insurance options available to you and to find a company that works closely with you to get the best rate possible. Insurance Policy Size When signing up for term life insurance, insurers offer a range of policy sizes. This is an important decision, but also has a direct impact on what you pay each month. As logic would have it, you pay more for a bigger policy than a smaller one. However,…

Does Driver Assistance Mean You Don't Need Auto Insurance?

While the technology exists for cars to drive around on their own, self-driving cars are a long way from hitting the mainstream. However, some features from self-driving cars are available today in the form of driver assistance. Today’s cars can change lanes, avoid accidents, and stay in a lane without much input from the driver, but does a car that can drive on its own mean you don’t need auto insurance? Let’s take a look at the legality of self-driving and driver assisted cars as it pertains to car insurance. Do Cars Really Drive on Their Own? Recently in Texas, someone was driving along in his Tesla with driver assist features turned on. However, driver assist is not the same as a completely autonomous self-driving car. If you put too much trust in these features, you could end up just like the driver in Texas, with a busted Tesla. This…

Ask an Agent: What Types of Life Insurance Does SelectQuote Sell?

SelectQuote agent Bethany Bentley tells us a little bit about herself and addresses the frequently asked question of what types of life insurance SelectQuote sell. Bethany, How Long Have You Been a SelectQuote Agent? I’ve been with SelectQuote for three years now. What’s Your Favorite Thing About Being a SelectQuote Agent? I really enjoy helping clients who ate new to term life insurance, because I can walk them through the process from A to Z. Together, we can determine the right level of coverage and term length to fit their needs and goals. From there, I can use my expertise to figure out which carrier will have the best rate based on the client’s health and lifestyle profiles. But the ultimate satisfaction comes from hearing that a term life client was able to save money on their auto and home policies because I referred them to a SelectQuote Auto & Home…

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