Archive for September, 2009
The Mortgage That Pays You
Sep 21, 2009 - A reverse mortgage is a mortgage that pays you, instead of the other way around.
Way to Save #64: Keep Health Insurers Honest
Sep 21, 2009 - If you’re like most people, you pay no attention to your health coverage. So when your insurer messes up, which they frequently do, you don’t know it. For example, many policies have a deductible of $200 per person, $400 per family. But are you keeping track of when you reach those magic numbers? Don’t assume [...]
Way to Save #63: Don't Buy Specialty Insurance
Sep 20, 2009 - Don’t buy specialty insurance, like cancer coverage. Put your money into a good general health insurance policy instead.
Way to Save #62: Minimal Travel Insurance
Sep 19, 2009 - If you’re going to buy travel insurance, make sure you only get coverages you need, like trip cancellation coverage. Policies insuring your luggage are normally so riddled with exceptions that they’re virtually useless.
Way to Save #61: Get Rid Of PMI
Sep 18, 2009 - Private Mortgage Insurance (PMI) is normally required if you have less than 20% equity in your home. And it can easily cost $50 a month! As soon as you’re sure you’ve got the magic 20%, whether it’s by appreciation or paying off mortgage principal, call your lender and tell them you want out of PMI. [...]
Way to Save #60: Keep Insurance Active
Sep 17, 2009 - If you’re changing policies, make sure your new one is in effect before you drop your old one. This applies to every kind of coverage: health, life, homeowners and automotive.
Way to Save #59: Get What's Coming To You
Sep 16, 2009 - Keep the following list of possible discounts available and ask for them all when you get car insurance quotes (many might be applicable to homeowners as well.) Accident-free, multiple cars, short mileage (usually less than 7,500 miles per year) good student, absent student (if your kid is away at school without their car, they might [...]
Way to Save #58: Flaunt Your Good Driving Record
Sep 15, 2009 - If you’ve had no accidents or tickets during the last three years, make sure your rates reflect that. Most insurance companies don’t automatically lower your premiums when old citations fall away. You have to call and make them reduce your bill.
Prepaid Credit Cards Costly
Sep 14, 2009 - Prepaid credit cards are convenient, but high fees make them a costly choice.
Way to Save #57: Cancel Your Car Coverage
Sep 14, 2009 - This may seem like a strange idea, but if the cost of your annual comprehensive/collision coverage is more than 10% of the value of your car, you could consider dropping it. (Obviously you should never under any circumstances drive without liability!) For example, if you’re paying $500 in comp/collision premiums to cover a car that’s [...]
Way to Save #56: Shop Your Insurance Coverage
Sep 13, 2009 - Whatever type of insurance you have, you should shop it every six months. This is a competitive business, and getting more so all the time. So pull out those policies and make sure you’re getting the best deal!
Way to Save #55: Avoid Children’s Life Insurance
Sep 12, 2009 - The purpose of life insurance is to replace the earnings of a key breadwinner in the event of untimely death. While the death of a child is certainly a tragedy, it’s rarely a financial calamity. There are better investments you can make for a child.
Way to Save #54: Don't Buy Whole Life Insurance
Sep 11, 2009 - Whole life, or permanent life insurance, combines a life insurance policy with an investment account. Unless you’re rich and need a permanent policy to help pay estate taxes, it’s generally a better idea to buy cheaper term coverage and do your own investing separately.
Way to Save #53: Don't Buy Credit Life Insurance
Sep 10, 2009 - These are gimmick policies that are basically life insurance that’s tied to specific debts, like a credit card or mortgage. Regular term life insurance is a much less expensive alternative.
