Life Insurance MythsSome consumers avoid thinking about their family’s need for life insurance because it requires them to consider their own mortality, and unfortunately, that prevents them from educating themselves on the topic. There are certain life insurance myths that lead many to misunderstand its purpose, cost and availability.

There is also a healthy amount of distrust regarding the insurance industry as a whole. This may be because, in exchange for your hard-earned cash (premiums), consumers simply get a promise. Insurance is not tangible – it is a financial instrument with an “if-then” statement. If something bad happens, then you get a payout. If nothing bad happens, then you got peace of mind and not much else.

This “trust” issue isn’t helped by the fact that everyone knows someone who has dealt with a sleazy insurance salesman or agent/broker.

The following will help dispel a few prevalent life insurance myths.

The life insurance you get through work is enough.

Most employers provide 1 or 2 times your annual salary in life insurance coverage, and that is simply not enough, unless you are single with no dependents. When calculating the amount of life insurance you need, a simple multiple of your income is not the precise financial analysis needed to determine the death benefit you should buy, but it can simplify the calculation and give you a ballpark.

For this reason, some financial experts may suggest that you buy up to 8, 12 or 15 times your annual salary for your family to maintain some semblance of their current lifestyle. To be more accurate, use this financial calculator.

Either way, the coverage you get through your benefits package at work is not enough, especially if you have mortgage payments, student debt, car loans, credit card debt, childcare costs, etc.

You should also consider the following: what if you change jobs and your next employer provides less protection, or even worse, doesn’t offer it at all? It might be possible to convert your policy into a private one purchased directly through the carrier, but as you get older, premiums will increase. Because age plays a critical role in a company’s actuarial tables, your new term policy in the future will inevitably be more expensive than it would be today.

Save yourself the trouble down the road – if you are young, healthy and definitely need life insurance, buy a private individual policy soon. [click to continue…]


use a shredder to prevent identity theftIdentity theft is a big issue for people. It seems like everyday more and more businesses are becoming the victim of hackers. And, criminals are stealing customers’ personal information from companies. This is a trend that is sure to continue in our ever-interconnected world online and at brick and mortar stores.

Is having your identity stolen inevitable? Some experts say it is. So, then how do you recover from being a victim of identity theft?

Protect Yourself With Identity Theft Prevention Companies

There are many companies that can help you monitor your credit report and also help monitor your accounts for suspicious activities. These companies have a proactive approach to identity theft prevention. They also can help you clean up the mess after you have been a victim of identity theft. Two popular identity theft protection companies currently are LifeLock and Identity Guard. Sign up for LifeLock today and save 10% off your final purchase through October 31st

Both companies provide several services that can monitor your credit reports with the three credit bureaus. They look for changes in your report that you may or may not have made. They offer service packages where they will email you when something has changed in your credit report or if someone has tried to open an account in your name.
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