How To Get Cheaper Car Insurance For Teen Drivers - Yahoo Finance

How To Get Cheaper Car Insurance For Teen Drivers - Yahoo Finance
Why my mother and I bought life insurance to protect each other - Business Insider
4 Financial Conversations You Must Have With Your Teen Before College - Forbes
I'm glad I got life insurance before taking 50 trips in 2020 - Business Insider

Posted: 28 Dec 2019 10:10 AM PST

LOS ANGELES, CA / ACCESSWIRE / December 28, 2019 / Cheapquotesautoinsurance.com has launched a new blog post that presents several tips that can help teen drivers pay lower car insurance rates.

For more info and free car insurance quotes online, visit https://cheapquotesautoinsurance.com/how-to-get-cheaper-car-insurance-for-teens/.

Anyone knows that teen drivers have to pay some of the most expensive car insurance premiums. Car insurance companies justify these high prices by providing statistics that show teen drivers are more likely to cause car accidents.

Teen drivers that want to save money on car insurance should follow the next tips:

Acquire a good driving experience. The first six months of driving are very important for teens that want to pay less on their insurance. Insurance companies will lower the insurance rates of teen drivers that manage to keep their driving records clean in the first six months of driving.
Get a good student discount. Insurance companies are rewarding students that have good grades at school with good student discounts. Statistics show that good students are less likely to be involved in a car accident and generally they are more responsible when they are behind the wheel. To qualify for this discount, teen drivers need to have a 3.0-grade point average and show their proof to their insurers.
Buy the right vehicle. To save money on their insurance policy, teen drivers can choose to get the right vehicle. Teen drivers should avoid insuring expensive vehicles like muscle cars, limousines, or exotic cars. Instead, teen drivers should look to insure slightly used sedans that come equipped with several safety features.
Use online car insurance quotes. Scanning the insurance market can help teen drivers get better insurance rates. Comparing multiple quotes from various providers while sitting in the comfort of their homes, can help teen drivers save time.

For additional info, money-saving tips and free car insurance quotes, visit https://cheapquotesautoinsurance.com/.

Cheapquotesautoinsurance.com is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

"For many teen drivers, car insurance is too expensive. Luckily, there are many methods that can help teen drivers find better insurance deals," said Russell Rabichev, Marketing Director of Internet Marketing Company.

CONTACT:

Company Name: Internet Marketing Company
Person for contact Name: Gurgu C
Phone Number: (818) 359-3898
Email: cgurgu@internetmarketingcompany.biz
Website: https://cheapquotesautoinsurance.com/

SOURCE: Internet Marketing Company

View source version on accesswire.com:
https://www.accesswire.com/571541/How-To-Get-Cheaper-Car-Insurance-For-Teen-Drivers

Why my mother and I bought life insurance to protect each other - Business Insider

Posted: 28 Dec 2019 08:26 AM PST

"I don't want you spending your money on me," my mother said, shaking her head as she poured us both coffee. We were sitting at her kitchen table talking about money, the same place where many financial discussions had taken place over the years.

We hugged, and I reminded her that I was only returning her love and concern. She had kept her life insurance policy after her divorce and renamed me as the beneficiary.

Life insurance is one of those uncomfortable topics for family discussion. Yet in life, death and taxes are certain.

And so, as I entered a new stage in life — turning 50 and transitioning from many years of hospice nursing to a career as a freelance writer — I gave myself a Thanksgiving deadline to purchase a new life insurance policy. It was time — whether my mother agreed or not.

A reminder of the value of life insurance

I had term life insurance for many years when my son was young and dependent on me. I also held mortgage insurance on my condo for him. Those policies have since run their course. My son is now grown and married with a condo of his own. For many years I have had no life insurance coverage because there was no need.

Recently, though, I've found myself thinking about it — certainly not because I missed paying the premiums. Perhaps it was because I witnessed two of my friends left nearly homeless after their husbands died suddenly. Neither of their husbands had life insurance, and one of them had a teenage daughter.

This prompted me to take a closer look at life insurance, even though I was single. It was hitting too close to home.

My friends had discussed life insurance with their husbands many times. Although they realized the importance, it had become one of those things they intended to get around to "someday."

After the death of her husband, I helped one friend sort through papers in his office. She had found a life insurance policy issued by his employer that needed only his signature. We were both stunned. She just stared at it in shock. "He always thought there would be another tomorrow. He never wanted to talk about dying."

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Because their husbands were the primary breadwinners of their families, my friends were left with mortgages and all the household expenses

It was heartbreaking to watch them overwhelmed by grief and struggling to manage daily life and the avalanche of unpaid bills.

Despite having some savings, one friend had to launch a crowdfunding campaign to help with her husband's funeral and the utility bills. My other friend was forced to sell her home to avoid foreclosure. They both eventually got back on their feet with the help of their communities, but they endured so much undue stress that a life insurance policy could have alleviated.

Assessing my own policy needs

This got me thinking about my 83-year-old mother. As a German immigrant who survived WW2, she has always lived frugally. Although she doesn't depend on me financially and is in excellent health, I don't want her burdened with any expenses related to my premature death. Since we are both single, we decided to protect each other with life insurance.

Even though my mother had her policy in place for me, she initially resisted my reciprocation. She's one of those parents who made every sacrifice for us kids and has always been fiercely independent. My siblings and I joke that it's the stubborn German in her.

However, when I shared my concerns with her that Social Security may eventually run out, it helped convince her to let me name her as the beneficiary of my policy.

After some comparison shopping, I purchased a five-year term policy with a value of $50,000. My payments are $40 monthly, or approximately eight lattes in coffee currency. Definitely affordable and well worth it.

Deciding when, how much, and for whom is a personal decision

Financial experts offer mixed advice about life insurance. Sure, if you're a young, married couple with a newborn baby, a policy is crucial. The primary function of life insurance is to replace the income for those who are financially dependent upon it. It can also help offset funeral expenses and settle any outstanding debts the insured may have.

But life insurance serves another purpose — peace of mind. That's why I choose to have it. I sleep better knowing my mother would be protected should anything happen to me.

So, if you find yourself in a unique situation wondering if you actually need life insurance, ultimately it's your life and your choice whether to insure it or not.

I would recommend having one of those uncomfortable conversations with your family and assessing your life insurance needs, just as you would health or car insurance. Your life insurance needs are as unique as you are and there are affordable policies available at every life stage.

There's not much that has been left unsaid between my mother and me. She knows how much I appreciate and love her. So, there were only a few words needed in the sealed note I enclosed with her copy of my policy: "Ich liebe dich." Which means "I love you" in German.

Looking for life insurance to protect your loves ones? Policygenius can help you secure the right policy »

4 Financial Conversations You Must Have With Your Teen Before College - Forbes

Posted: 28 Dec 2019 08:37 AM PST

Father and daughter going over finances — null
Getty

Once your child hits the teenager years, they are in training to become an adult. Adulthood hits fast and hard. When they turn 18, they can sign a lease, be legally responsible for signing a contract, open a bank account, and get a credit card. For even the most responsible 18-year-old...well, this is a lot of responsibility. Specifically, these are responsibilities and decisions that come with real life financial consequences that can have long-term impacts.

At 18 years old, kids are thrust out into a world where every step they take from graduation to retirement will be directly impacted by their financial knowledge and money management skills. Career decisions, buying your first house, getting married, having children—finances all play a massive role in each of these life events. Will your teen be ready to make these kinds of decisions?

Beyond the financial basics of saving and budgeting, there are a few important concepts your teen needs to understand before they become an adult.

College Loans

There are many factors that go into the college decision, and costs versus benefits needs to be one of them. If your teen is going to have to take out loans, it is the parent's responsibility to explain to them the long-term impact and financial burden. College debt has become an epidemic and teens need to know what they are signing up for, and how much they must pay back. Use an online calculator to show them what their monthly payments will be after graduation, versus what their net income will be. Give them the tools to make an informed decision. If your teen is on the younger side, this may be the time to come up with a plan for them to start saving some for college, so their loan amount is less.

Whether you are planning to fully fund their school of choice, or are going to need financial aid – discuss the costs with your teen so they understand that college is a massive investment in their future.

Debt:

Speaking of loans…your teen must understand the dangers of debt before they leave the home. If they have income or just turned 21, your child will become a credit card company's newest and favorite target. The offers will roll in through email, in flight, at the store and snail mail…and they will sound so good. Explain to them that using a credit card is a loan, and if they are using credit cards it means they are in debt. They not only have to pay back this debt, but they have to pay the interest fees on top of that - which can be high, especially for young adults. Being in debt is not the way you want your teen to begin their adult life – it's hard to get out of and the consequences last years. Using an online calculator can show them exactly what they will have to pay back when they borrow on credit cards.

Credit Scores:

Much like the quote "You're only as good as your word"…well to lenders, you're only as good as your credit score. This is a pretty foreign concept to teens, but they need to be aware of it's importance so they don't accidentally hurt it. Explain to them that their credit score tells lenders how trustworthy they are based on their financial history. If affects not only their ability to get a loan for a home or car, but also could affect their employment or ability to rent. There are three major factors when building credit: your payment history, credit utilization rate and length of credit history.

Teenagers are limited to how they can build their credit, but one option is to become an authorized user on someone else's credit card.

Protection:

Things happen. At this point in your teen's life, they've experienced something unexpected and negative. This could be serious like a medical emergency, or an annoying flat bike tire. It is so important for them to know there are ways to protect themselves as adults. Without proper protection, something like a health problem or a car accident can be catastrophic. Below are the major forms of insurance they should be aware of:

Emergency fund: Not classic insurance, but an emergency fund is a stash of money saved just in case something goes wrong.
Auto and home insurance: This will protect them if there is an accident, damage to their home or car, or if someone is hurt and needs treatment.
Health insurance: Usually provided through employers, this is critical for everyone to have. Not only does it provide some protection and coverage for major health issues, but even a quick trip to the hospital can lead to a shocking bill without insurance.
Life insurance: This isn't a pleasant conversation, but it's so important. Talk to them about the importance of parents buying life insurance, because it will provide protection for their kids if a parent dies early. If you have it, tell them why you bought it and the peace of mind it provides you.

None of these conversations are necessarily enjoyable, but they are necessary. It's our job as parents to prepare our teens now so they don't make costly (and avoidable) mistakes as an adult.

I'm glad I got life insurance before taking 50 trips in 2020 - Business Insider

Posted: 27 Dec 2019 11:17 AM PST

Life insurance just never seemed important. I had a million excuses disguised as reasons why I never took the time to get it: I was too busy. I was too young. My husband would take care of it.

The next thing I knew, I was almost 50. My daughter was a teenager, and my husband was no longer my husband. For the first time in my life, I felt the incredible burden of leading my family financially.

Maybe being a single mom should have been enough to move life insurance to the top of my to-do list, but it wasn't. Life insurance didn't seem to fit into my tight budget.

It wasn't until I was just months away from embarking on an ambitious plan to visit 50 places I've never been the year I turn 50 that it felt necessary.

How traveling changed my mind about life insurance

I've never been comfortable with anything related to finances or numbers, but it was obvious even to me that the sheer number of trips I would be taking increased the chance that something could go wrong. The financial responsibility to provide for my daughter carried extra weight when I considered what would happen if I wasn't there for her.

That thought came in the middle of the night, when my brain has a habit of shifting into overdrive. This 2 AM epiphany left me with a sense of urgency about getting life insurance.

The next morning, I googled it. Sure enough, experts say I should have taken care of this about 15 years ago. I called a friend who happens to be a financial adviser and asked his opinion. Evidently, he agreed with the other experts. He couldn't believe that at the age of 49 I didn't already have life insurance.

As he started tossing around words like whole, term, payout, and death benefit, my heart started beating a little faster. I struggled not to make up some excuse to get off the phone. I don't like being in unfamiliar territory. Deep breaths. If my divorce has taught me anything, it's that I can figure things out.

Choosing a policy

The first thing I had to decide was what kind of life insurance was going to work best for my situation. Here's the essence of what I learned: Term life insurance only covers a certain period of time. It's considered temporary.

Whole and universal life are considered permanent options. Both cover your entire lifetime and premiums are typically higher than term life. Each of the options offers specific features to consider.

Next, I had to determine how much insurance I needed. If you aren't good with financial discussions either, brace yourself. This is the part where the numbers start to sound big. Experts generally recommend six to 10 times your salary, but there is no one-size-fits-all formula.

I was advised to take into account all debt, including mortgage, credit card, and car loans. There are online calculators that can help you figure out the optimum amount.

Not sure how much life insurance you need? Policygenius can help. Get a quote today »

Two factors primarily impact your premium. One is the length of your term. The other is your health, which is another reason you shouldn't wait until you are my age. I had to undergo a series of tests before they approved my policy.

In some cases, what you want for coverage and what you can actually afford to pay toward the premium don't match up, so you'll have to do some adjusting.

I wasn't concerned about leaving my daughter a life of luxury, but I did want to cover my liabilities so she wasn't stuck with them. I also wanted to help cover the cost of her education and, dare I say it, my funeral.

Ultimately, I settled on a 15-year term policy for $200,000. The annual premium is $565.

I'm glad I finally checked life insurance off my list

Getting life insurance started out as a daunting task. By the time it was over, however, I felt empowered, like I won adulting for the day.

The process gave me a sense of control that I desperately needed. It also gave me the confidence to know that I could handle the kind of stuff my husband "took care of" in the past. Now I know that no matter what happens in the near future, I have done what I can to provide for my daughter. There is nothing more important to me.

I fully intend to return safely from my trips next year visiting 50 places I've never been to as part of my year-long 50th birthday celebration, but I've learned life doesn't always go as planned. Come to think of it, with less than a month to go before the first trip, there are a few more things I should probably take care of on my "better late than never" list.

Next up, (deep breath) getting a will.

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