The 60/40 Portfolio: Alive, Dead, or Somewhere In Between?
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The 60/40 portfolio is a staple among savvy investors. Made up of 60% stocks and 40% bonds, it tends to deliver solid returns while attenuating risk. But after the 60/40 portfolio’s dismal 2022 returns, investors can’t be blamed if they’re having second thoughts about using this classic mix.
For help building your own portfolio, consider working with a financial advisor.
60/40 Results
For the last year, the 60/40 portfolio delivered a loss of 16.07%, after posting gains between 14.04% and 22.38% during the previous three years. The model produced a three-year string of losses starting in 2000, followed by profitable stretches of five years, nine years and three years. Since 2000, the 60/40 portfolio has posted six down years and 17 years with positive results.
The relevance of the classic mix is under debate, including discussions during the recent Morningstar Investment Conference in Chicago where one investment expert called the 60/40 strategy “bloodied” but said 2022 was a unique year where both bonds and stocks turned in losses. Other brokers, however, say the time and more diverse investments make the strategy old-fashioned and argued for the addition of alternative investments, especially in the bond portion of the mix.
Generally, the 60/40 portfolio is expected to provide diversification, because when stocks have been down, bonds have generally increased in value. That didn’t happen during 2022, largely because of high inflation created in the aftermath of the global Coronavirus pandemic. The resulting interest rate hikes by central bankers sent prices for bonds falling.
Taking the positive view that the 60/40 approach is still valid, said Todd Schlanger, a senior investment strategist at Vanguard. Schlanger told The Wall Street Journalthat he expects the next 10 years will see the 60/40 portfolio continuing to work. He estimates that the annualized 10-year median return for a diversified 60/40 approach will come in at 5.4%.
Opposed to the 60/40 strategy is BlackRock, the world’s largest investment manager. According to a report from the firm’s research unit, the BlackRock Investment Institute, “A focus on any one asset allocation mix misses the point: A regime of higher volatility with sticky inflation needs a new approach to building tactical and structural portfolios.”
Why 60/40 Worked for So Long
The one trend that made the 60/40 portfolio successful for so long was the declining interest rates, according to Kernel Wealth CEO Dean Andersen, who noted that the Barclays Aggregate index has returned 7.75% annually. The result was that “[i]nvestors were able to receive 87% of the return they would have received if just investing in shares, but with 45% lower volatility,” Andersen wrote. With interest rates near 0% when inflation is subtracted, “The success of the 60/40 portfolio may have come to an end, with the basic math of the situation being unforgiving.”
So far this year, the 60/40 portfolio is up about 6% as of April, with some financial advisors saying the balanced mix still makes sense as a starting point for many investors, while other money managers point to the advent of alternative investments such as hedge funds, commodities, private equity and inflation-protected assets that can provide additional diversity beyond simply stocks and bonds.
“The old 60/40 portfolio did the things that clients wanted, but those two asset classes alone cannot provide that anymore,” Bob Rice, chief investment strategist for Tangent Capital, said at a recent Investment News conference. “It was convenient, it was easy and it’s over. We don’t trust stocks and bonds completely to do the job of providing income, growth, inflation protection and downside protection anymore.”
The Bottom Line
The 60/40 portfolio has been a strong investment strategy and benchmark going back to the 1960s but an abnormal decline in stocks and bonds during 2022 gave the strategy one of its worst results in years. Some advisers defend the long-term viability of the approach while others say it should be updated in the face of new, more flexible investment options that have emerged over the years.
Investment Tips
A financial advisor can help you build a portfolio that works for you. Finding a financial advisor doesn’t need to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Use SmartAsset’s free asset allocation calculator to see what your portfolio should look like based on your age.
Form a connection with one of these Connecticut college towns.
As a small state nestled in the heart of New England, Connecticut boasts a rich history, numerous charming towns and a strong academic tradition. With a mix of prestigious private universities and esteemed public institutions, Connecticut offers an array of options for students of all walks of life seeking higher education.
In this article, we’ll explore the best college towns in Connecticut. Get ready to discover what makes these towns exceptional places to live, learn and grow into the person you were always meant to become.
Home to the prestigious Yale University, New Haven is a city steeped in history and academic excellence. As one of the oldest cities in the United States, New Haven is known for its beautiful architecture, including the iconic Gothic-style buildings of Yale’s campus.
Downtown New Haven offers a vibrant cultural scene, with a diverse array of restaurants, bars and shops. Foodies will especially appreciate the city’s culinary offerings, which range from mouthwatering pizza at the renowned Frank Pepe Pizzeria Napoletana to upscale dining at Union League Café. The city also boasts several theaters, including the Shubert Theater and the Yale Repertory Theatre, which host a variety of performances throughout the year.
For those who enjoy spending time outdoors, New Haven’s numerous parks, like East Rock Park and Edgewood Park, provide convenient walking, jogging and picnicking opportunities. The city’s location along the Long Island Sound also means that beaches, like Lighthouse Point Park, are always just a short drive away.
As the capital city of Connecticut, Hartford is home to several colleges and universities, including Trinity College, University of Hartford and University of Saint Joseph. With its bustling downtown and rich history, Hartford offers a unique college experience in a metropolitan setting.
The city is known for its cultural attractions, like the Connecticut Science Center and the Mark Twain House and Museum. The Bushnell Center for the Performing Arts hosts a variety of performances throughout the year, including Broadway shows, concerts and comedy acts.
Hartford also offers a diverse food scene, with tons of restaurants, cafés and bars to suit every taste. The city’s nightlife is lively, with plenty of venues hosting live music, trivia nights and other events geared toward the college-age crowd.
For outdoor enthusiasts, Hartford’s parks, like Bushnell Park and Elizabeth Park, offer a welcome respite from city life. The nearby Farmington River also provides opportunities for kayaking, tubing and fishing.
Located in the picturesque countryside of eastern Connecticut, Storrs is home to the University of Connecticut. With a population of just over 16,000 full-time residents, Storrs is a quintessential college town, offering a close-knit community and a peaceful setting for students to focus on their studies.
The town’s charming downtown area features ample shops and restaurants and hosts a number of events throughout the year. The Ballard Institute and Museum of Puppetry, located on the University of Connecticut campus, is just one of the many unique cultural attractions that showcase the arts in this cool college town.
Outdoor enthusiasts will find plenty to enjoy in Storrs and the surrounding area. The Nipmuck State Forest and the Fenton River offer opportunities for hiking, biking and fishing. The nearby Horsebarn Hill provides stunning views of the campus and surrounding countryside, making it a popular spot for picnics and scenic sunsets.
Located along the Long Island Sound, Fairfield is home to Fairfield University and Sacred Heart University. With its beautiful coastline, historic downtown and strong sense of community, Fairfield offers a charming and classic New England setting for college students.
The town’s downtown area, known as Fairfield Center, is filled with shops, restaurants and cafés. The Fairfield Theatre Company, located in the heart of downtown, hosts live concerts, theater performances and film screenings, making it a cultural hub for the community on and off the college campuses.
Fairfield’s coastal location offers numerous opportunities for beachgoers and water sports enthusiasts. Jennings Beach and Lake Mohegan are popular destinations for swimming, sunbathing and kayaking. The town also boasts several parks, like the picturesque Fairfield University Campus and the tranquil Connecticut Audubon Society at Larsen Sanctuary, which offer opportunities for walking, jogging and birdwatching.
Hamden is home to Quinnipiac University. Known for its welcoming atmosphere and a strong sense of community, Hamden offers a serene setting for college students seeking a quiet, suburban college experience.
The town’s main street, Whitney Avenue, is lined with local shops, unique restaurants and cool coffee shops, providing students with a variety of dining and shopping options. Hamden also hosts several annual events, including the Hamden Summer Concert Series and the Hamden Arts and Crafts Fair, which showcase the town’s commitment to fostering a vibrant community.
Outdoor enthusiasts will appreciate Hamden’s countless parks and green spaces. Sleeping Giant State Park, named for its unique, slumbering giant-shaped ridgeline, offers miles of hiking trails and breathtaking views of the surrounding area. The Farmington Canal Heritage Trail, a multi-use trail that runs through the town, provides opportunities for walking, biking and rollerblading without having to leave town.
As an honorable mention on our list of best college towns in Connecticut, Middletown is home to Wesleyan University. Located along the Connecticut River, this vibrant college town offers a diverse array of cultural attractions, dining options and recreational opportunities.
Downtown Middletown, known for its bohemian vibe, features eclectic shops, art galleries and a wide variety of restaurants, including vegetarian and vegan options. The town is also home to several theaters, like the Buttonwood Tree Performing Arts and Cultural Center, which hosts a range of performances and events throughout the year.
Outdoor enthusiasts will find plenty to enjoy in Middletown and the surrounding area. The Connecticut River offers opportunities for boating, fishing and kayaking, while nearby Wadsworth Falls State Park provides miles of hiking trails and a picturesque waterfall.
There’s a cool Connecticut college town just for you
Connecticut is home to some of the best college towns in New England, each offering a unique blend of academic excellence, charming surroundings and vibrant cultural attractions. Whether you’re drawn to New Haven’s historic charm, Hartford’s bustling capital city atmosphere, Storrs’ picturesque countryside, Fairfield’s coastal beauty, Hamden’s welcoming community or Middletown’s bohemian vibe, there’s a college town in Connecticut that’s perfect for you.
Find your favorite college town, pick an apartment complex that’s close to campus and fill out your application today.
The 2016 Census left no doubt that Utah’s population is growing statewide. In fact, it’s growing more than any other state. But what’s really interesting is where all the growth is occurring. Hint: it’s not Salt Lake City or even Salt Lake county.
Utah County Population Growth Leads the State
Goodbye fields, hello homes! Pam Perlach, of the Kem C. Gardener Policy Institute at the University of Utah, recently released demographic research showing that Utah population grew more than 2% between July 2015 and July 2016, landing north of three million total inhabitants. And, Perlach’s team found that—for three years in a row—the highest rate of growth has been concentrated in Utah County.
Tech Boom Spurs Rapid Growth
Perlach cites the booming Silicon Slopes and breakneck retail development as major factors contributing to Utah County’s rapid expansion. Earlier this month, “Forbes” touted the Silicon Slopes as the new capital of Cloud computing. Utah County company Vivint has been recognized as leading the way in smart home tech and the success of tech startups in Utah County has been compared to the heyday of Silicon Valley.
Farmlands Make Way for Housing
While all of this is good news for residential and commercial developers, it also impacts Utah County’s agricultural traditions. Utah County has long been a thriving farming and ranching community, bringing in as much as $2.4 billion per year. Right alongside tech developments, Utah County has been home to the state’s largest number of cattle and most productive barley crops.
Now those barley fields and roaming cattle are making way for new housing. Perlach shows that Eagle Mountain basically came out of nowhere and another Utah County town, Vineyard, grew by 417% in just one year. Landowners are cashing in on the boom, watching neighborhoods pop up where alfalfa and wheat once swayed.
Homie ranks 2nd for Utah County listings
In the same innovative spirit that gave birth to the Silicon Slopes, Homie has transformed the way people buy and sell real estate in the digital age—cutting out commissions and saving homeowners thousands.
Not only do we make buying and selling easier and more cost-effective, but we’ve got the inside track when it comes to Utah County real estate. In the month of May 2017, Homie ranked second in Utah County for new listings. That means we have listings that no one else does, and best of all, our listings come with built-in savings. You don’t want to miss out on your Utah County dream house. Make sure this housing boom doesn’t pass you by, and get started with Homie today.
Save more, spend smarter, and make your money go further
Budgeting for life insurance might not be as exciting as budgeting for a new car or a fun trip, but it is much easier. Many people think about life insurance, but then decide to put it on the back burner because they think it’s expensive. Well guess what? Life insurance is actually very affordable.
Life insurance is really about protecting your loved ones from financial disaster if you should pass away. Think of it as income replacement.
Plan for what you need
Most people overestimate the cost of life insurance by 3-4 times. Life insurance is less expensive than you think. On average, you can get a $500,000 policy for $50 per month! We recommend getting coverage that is at least 5-10 times your income, but most importantly you should buy what you can comfortably afford. Having $100,000 in coverage is a million times better than having nothing at all.
Here’s what you need to cover:
Personal debt (car, student loans, credit cards)
Mortgage
Funeral expenses
Monthly income your family will need (future college tuition for children, groceries, monthly bills)
How to save money on life insurance
There is no such thing as a coupon for discounts on life insurance, but there are other ways you can save money.
Buy term. Term life insurance is the most affordable coverage you can own. Permanent insurance can cost 10 times more than term life insurance.
Pay annually. Insurance companies add fees for the extra administrative work needed to provide you that convenience of paying monthly or quarterly. Paying annually typically saves you around 5%.
Compare quotes. Life insurance pricing isn’t the same across the board with insurance companies. Different carriers evaluate your application on their specific guidelines, so you may save money by choosing a company that is more lenient toward your health situation. When you compare quotes using a tool like Quotacy, you are provided with competitive prices from all the top life insurance carriers.
Take another look. You may be overpaying especially if you purchased life insurance directly through an agent that only represents one insurance company. Chances are you may be able to get a lower rate just by comparison shopping different companies.
Unbundle your coverage. Bundling your life insurance with home and auto insurance is typically more expensive.
Put the cost of life insurance into perspective
We insure our health, cars, home, valuables, and even our phones, but most of us don’t realize that life insurance is cheaper to insure than most of these. In life we face financial challenges. We budget for daycare, student loans, phone bills, car payments and much more. Life insurance may not feel like a necessity when we are on a tight budget, but when you realize that you can get your family covered for pennies on the dollar, it’s easy to make that decision. If you feel the financial struggle now, what happens to your family if you die? Make sure your family is protected.
Fitting life insurance into a budget
Let’s look at three easy changes that you can make to fit life insurance into your budget. I’ve even made them myself!
1: Practice BYO (Bring Your Own)
Do you go through the Starbucks drive-thru or out to lunch on a daily basis? What about those happy hours and brunching on the weekend? I get it. It may take baby steps to start making your own coffee, packing your own lunch, and cutting back on eating out in general. But you’ll be surprised at how quickly the savings adds up.
My girlfriends and I alternate between throwing our own happy hours or brunches on the weekends. There’s no pressure to get all dolled up, and we make it easy by having everyone pitch in and bring their favorite drink or dish. Sure, I still go out and have fun, I just do it a little less often.
2: Conduct a subscription audit
These days with all the apps we have our fingertips and that fine line between need and want, it’s easy to let the number of subscriptions we have get out of hand. So many of these subscriptions are auto withdrawn, so when you look at your bank account it’s hard to decipher what you are even paying for anymore. Chances are you don’t need to pay for Hulu, cable, and Netflix, or Pandora, Spotify, and iTunes Radio. Give up a few and your bank account will thank you.
I’m the queen of subscriptions. But after my budget boyfriend became my budget husband, I was encouraged to give up a few subscriptions in order to save for our future. I thought $10 per month was no big deal, but when I added everything up, it became a real chunk of change. I encourage you to go through your subscriptions and decide what you really need.
3: Get creative with date nights
Going out for a date night gets expensive. Even if you just go out for dinner and a movie, that night adds up quickly. A dinner for two can quickly reach $50 or more, especially when you add in drinks. Have you been to a movie lately? Evening tickets are averaging $12-$14 each! And of course you want that delicious, buttery popcorn to go along with that show. It’s easy to spend $100 for a simple night out.
I’m a lover of date nights, but when my husband and I made it a weekly thing, it became a large monthly expense. While we enjoy a dinner and a movie, sometimes we make it a daytime activity. A lunch and a matinee can cost almost half the price of an evening out. Or, we choose a movie on Netflix and make a dinner at home.
We also decided to spice things up by finding activities we both enjoy and took up tennis lessons. Now we love taking our dates to the tennis court and loser has to make dinner at home. Fortunately my game is better than his, so I rarely have to cook. Not only do we save money by not going out, we also get a good sweat session in.
How to shop around for life insurance coverage
Admittedly, you’ll be shopping for the lowest price. Make sure the prices you see are from well-known brands with high financial strength ratings (A rated or better). These companies have been around a century or more and will be here for a long time to come.
Let’s say you’re looking for a $500,000, 20 year term policy. To stay competitive, insurance companies all have around the same price for the same policy, maybe just within a few cents of each other, so at first look they all appear to be about the same. Starting prices are based on your gender, your age, what state you live in, and whether or not you smoke cigarettes.
From there, pricing starts to change based on specific niches that insurance carriers have created for certain medical conditions and lifestyle habits. For instance, if you enjoy an occasional cigar during your monthly golf game, many carriers will consider you to be a smoker at a higher price, while a few companies see that as less of a big deal and will classify you a non-smoker at lower prices.
Here’s another example. Even if you are the epitome of health, but one of your parents wasn’t, prices can be higher because of the genetic risk they passed onto you. Let’s say your father died of cancer before we was 50. Your low rate won’t be affected with one or two carriers, but with all the rest your price will be higher.
A good place to start your shopping is at Quotacy. When you use Quotacy’s life insurance quoting tool you’ll see how easy it is to find and compare prices between the top carriers. You’ll be able to find the right price for you.
Jeanna Simonson is a writer and the Ambassador of Buzz at Quotacy. She has been researching and writing educational articles on the importance of life insurance since 2015. When not writing for Quotacy, you can find her scoping out the newest fitness and beauty trends for her own personal blog, traveling and spending time with her husband and fur babies. Connect with her on LinkedIn.
Save more, spend smarter, and make your money go further
Moving an existing debt to a credit card usually incurs a charge called a balance transfer fee. Paying it might feel like a penalty, but it could be your ticket to a faster and cheaper debt payoff.
Here’s what you need to know.
What is a balance transfer fee?
A balance transfer fee is the cost you pay to transfer a debt to a credit card. The credit card issuer assesses this fee in exchange for taking on your debt.
A balance transfer fee typically costs between 3%–5% of the transfer amount. Balance transferring a debt of $5,000 at a 5% rate would cost $250. The balance transfer fee is added to the overall balance on the card receiving the transfer. So, using the prior example, you’d owe $5,250 after the transfer was completed.
Balance transfer fees tend to increase with the age of the account, incentivizing you to make a transfer within the first few months of opening the credit card.
🤓Nerdy Tip
The best balance transfer credit cards often require at least good credit to qualify, meaning a FICO score of 670 and above. If good balance transfer cards aren’t available to you, there are still ways to make debt payoff more manageable. Read our tips.
Do all credit cards charge a balance transfer fee?
No, but those cards that waive balance transfer fees are rare. You’ll have better luck finding a no-balance-transfer-fee credit card through a credit union rather than a major card issuer like American Express or Barclays. However, to be eligible for a credit card from a credit union, you need to be a member of that credit union. Membership may be contingent upon employment status or proximity to one of the credit union’s branches, so not everyone will have access to the credit union and its financial products.
Some Capital One cards don’t charge a balance transfer fee — but only if you transfer a balance at the current transfer annual percentage rate, or APR. If you take advantage of a promotional balance transfer APR — say, 0% APR on balance transfers for 15 months — Capital One would charge a balance transfer fee. Most people will benefit far more from a lengthy interest-free period rather than a waived one-time fee.
🤓Nerdy Tip
Each major credit card issuer has its own rules about the types of debts that may be transferred to a credit card. For example, Chase only allows balance transfers of credit card debt whereas Barclays accepts transfers of any loan, including personal loans and student loans. Read about each issuer’s policies.
When is a balance transfer fee worth it?
Moving a debt to a credit card to obtain a lower interest rate can save hundreds or thousands of dollars in interest. So, you’ll likely make up the cost of the balance transfer fee, and then some, through the transfer.
Consider the previous example of transferring $5,000 at a 5% rate for a $250 fee. Let’s say you moved the $5,000 to a card with a 0% APR on balance transfers for 18 months, and you pay the entire debt off before the promotional 0% period ends. Total debt paid off: $5,250.
That same $5,000 debt on a card with a 20% APR would rack up $82.85 in interest in just one month. (This number assumes that no payments and no additional purchases are made on that credit card.) As long as any part of that $5,000 isn’t paid off, the issuer will continue to charge interest on the remaining balance.
Use our calculator to determine how much interest your debts are costing you to decide if a balance transfer to a credit card can save you money.
If you’ve been looking into cruises, chances are you’ve come across some deals that sound almost too good to be true. Maybe you’ve even been lucky enough to score a cruise offered for as little as $100 by leveraging hotel elite status matches.
But once you put down your deposit and start looking into all the extras, you’ll find that what you actually end up paying for your cruise vacation can easily be many multiples of the advertised rate that initially lured you — especially once you factor in flights and hotels.
Cruise companies, like airlines, make a lot of their money off ancillary fees. But there are ways for you to avoid some of these pesky surprises. Here’s how to save money on a cruise.
1. Cruise excursions
Potential added cost: $600-$1,200 (3 full-day excursions for 2 people at $100-$200 each, per person).
Frugal alternative: DIY at a level you’re comfortable with.
From the moment you book your cruise to the days you’re sailing, you’ll hear and see a lot of pitches for cruise excursions, which can be a tempting way to fill your hours in port while leaving every small detail to the cruise line.
But you’ll pay a huge premium for that convenience.
Assuming you’re open to some (extra) adventure, many excursions can easily be replicated for a fraction of the cost.
For example, on a recent Mexican cruise, a friend and I walked about 20 minutes from the cruise port along a well-maintained sidewalk to undertake a mountain hike for free that had been offered as an excursion for $60 per person. We figured we were already hiking anyway, so why not tack on an extra mile or so? A local bus would have done the trick, too.
Not quite so adventurous? Look into taking taxis, which are generally easy to find at any cruise port. Even that would have cut the price from $60 per person to roughly $5-$10 per person.
Here are a few other overinflated offenders you can easily replicate on your own or by booking ahead of time with well-rated local vendors:
Bike or walking tours.
Open-air bus tours.
Transport and entry to a beach club.
Boat excursions.
Cooking classes.
Pretty much anything offered in port can be put together independently. And local vendors are very much aware of ship times, so don’t worry about getting left behind. Their reputations depend on getting you back safely.
🤓Nerdy Tip
Sometimes, cruise excursions are worth the cost — for instance, accessible tours for those in wheelchairs, or things impossible to replicate yourself, such as behind-the-scenes ship tours that take you to the bridge and the engine room.
2. Wi-Fi packages
Potential added cost: $300-$600+ ($15-$30 or more per day, per person, on a 10-day cruise for 2 people).
Frugal alternative: Free Wi-Fi in port.
For those of us who are always online, some of the most difficult — and mystifying — charges to swallow are cruise Wi-Fi fees. Making matters worse is that cruise lines often require you to purchase a package for the whole cruise, so you can’t do, say, one day on and one day off.
The most obvious workaround, especially if your cruise has many more port days than sea days, is to simply spend an hour or so in port catching up on your internet needs.
A local library is your best bet, but often the port facilities themselves will offer free Wi-Fi. Bars and cafes generally offer Wi-Fi too, which allows you to take in some local flavor while you’re scrolling your Instagram feed.
🤓Nerdy Tip
Even if you’re not buying an internet package, log on to your ship’s Wi-Fi connection anyway and just see what happens. On two recent cruises, I was immediately able to use iMessage, and in one case I even had full internet access at certain times (but not at others). If it works for you, consider it a pleasant surprise.
A more complicated route would be to purchase a SIM card for your phone that works for each destination, but it’s unlikely to work while at sea.
3. Alcohol packages
Potential added cost: $1,000-$2,000 ($50-$100 per day, per person, on a 10-day cruise for 2 people).
Frugal alternative: Bring your own booze.
Many cruise lines allow you to bring a limited amount of alcohol on board. Here were the allowances for a few of the more popular cruise lines at last check:
Carnival: One 750-milliliter bottle of sealed/unopened wine or champagne per person age 21 or older in your carry-on luggage upon departure. No alcohol otherwise.
Celebrity: Two 750-milliliter bottles of wine per person of legal drinking age at departure. No alcohol otherwise.
Norwegian: Any amount of wine or champagne, as long as it isn’t boxed wine. No alcohol otherwise.
Princess: One 750-milliliter bottle of wine or champagne per adult. Extra bottles are allowed for a nominal fee per bottle. No alcohol otherwise.
Royal Caribbean: One sealed 750-milliliter bottle of wine or champagne, but no boxed wine or other alcohol.
You might have to pay a small corkage fee if you consume your own alcohol in an onboard restaurant, so be on the lookout for that.
What about nonalcoholic drink packages? They’re cheaper, as you’d expect, but again, you can generally bring some on board instead. (Coffee and tea are often available for free throughout the ship.)
Here’s the rundown of how many nonalcoholic beverages you can bring on board some popular cruise lines:
Carnival: Up to 12 sealed, unopened cans/cartons of 12 ounces each or less, per person, in your carry-on.
Celebrity: Their terms don’t explicitly mention non-alcoholic beverages. On a recent cruise, I took that to mean there was no limit; I brought two 2-liter bottles on board with no problem.
Norwegian: Not allowed, with limited exceptions.
Princess: Up to 12 sealed, unopened cans/cartons of 12 ounces each or less per person.
Royal Caribbean: Up to 12 standard cans, bottles or cartons per stateroom.
One underappreciated thing about bringing your own drinks: It’s a lot more convenient to serve yourself than it is to wait to be served at a bar.
🤓Nerdy Tip
If you’re tempted to try splitting a drink package with multiple people, don’t bother. Cruises generally only serve you one drink at a time, and they have their ways of knowing the purchaser is the one getting served (for instance, via wristband or scanning your onboard card that shows your ID).
4. Spa services
Potential added cost: $100-$200 or more per treatment at sea.
Frugal alternative: Skip the treatments or get them in port.
Lots of things are typically included on cruises — most food, entertainment, pools — but spa treatments are generally extra. (Probably a good thing: If everyone on the ship got bottomless massages, that’s about the only thing many of us would want to do the whole week.)
Although there might be no such thing as a free spa day, cruise lines will occasionally offer short “sample” treatments meant to entice you into paying for more. If you can resist a sales pitch, give it a shot, though these free offerings tend to fill up very fast.
Here’s another case where getting your fix in port can save you a bundle. While cruising in the Caribbean recently, I paid the equivalent of $30 for what turned out to be a world-class massage. It might have been just as great on board, but it would’ve cost about five times as much.
🤓Nerdy Tip
On two recent sailings I was able to access the onboard spa’s common areas for free throughout the week. So, if you want “spa-adjacent” goodies — like a sauna, heated loungers or extra-comfy chairs — just wander a bit and see what you find.
5. Paid room service
Potential added cost: $100 ($5-$10 per item, or a set delivery fee).
Frugal alternative: Pack your baggies.
More and more, cruise lines are charging for room service that used to be free. (For instance, on Carnival and Celebrity, only continental breakfast is included for most guests now.)
Room service items generally aren’t expensive, but a few cases of the midnight munchies can add up quickly. One alternative is to bring a few clear plastic bags so you can “pack” easy-to-carry items from elsewhere on the ship.
At dinner, order that extra cheese plate, bag it up and stick it in your room fridge. Or if you have a sweet tooth, grab some cookies from the buffet.
Made-to-order sandwiches can travel well, too — so well that you could bring a couple with you on your port days, as we did on a recent cruise. But don’t get too carried away. After all, you might not want to miss the local cuisine.
🤓Nerdy Tip
Generally speaking, the room service menu isn’t going to be that memorable anyway, so you’re probably not missing much by not partaking. And besides, free food is never more than a few minutes away on most cruise ships.
6. Tips and taxes
Potential added cost: Roughly $100-$300 on average for taxes; roughly $10-$25 per person per day for tips (so figure $200-$500 total for a 10-day cruise for 2).
Frugal alternative: Score an onboard credit to help lighten the blow of these mandatory extras.
As cruise ship fees go, there are only two sure things: tips and taxes. Even the least expensive cruise offers will tack on both, and generally you won’t see either fee mentioned upfront when you’re first starting to book.
Port taxes vary based on the length of your cruise and where you’re stopping, but on average you can expect to pay $100 to $300 on top of the cost of your room.
Tips are a baked-in way of saying thanks for the service you’ve received on the cruise from front-line workers such as your room steward, wait staff and guest services. Charges vary wildly but range from $10 to $25 a day in many cases.
Port taxes generally must be paid no matter what, but tips (or any other costs mentioned above) can generally be covered in full using onboard credits. Cruises often offer such credits to entice you to book. In one case, I received $100 in onboard credit on a line I hadn’t cruised before simply by calling and requesting it, citing the fact that I was a new customer. (Motto: It really never hurts to ask.)
7. Flights to the cruise port
Potential added cost: Easily hundreds of dollars, plus hotel costs as needed.
Frugal alternative: Use points and miles.
In the heat of booking that dream cruise, one of the easiest expenses to overlook — but one of the costliest — is the travel to and from the cruise port.
If you aren’t lucky enough to live within easy transit or driving range of your departure port, you’ll need to factor in costs for flights. And unless you like living dangerously, you’ll want to fly in a day in advance, which means budgeting for at least one hotel night.
Any number of travel rewards credit cards come with sign-up bonuses that, alone, could more than cover the cost of your transit in the form of hotel points or airline miles. For the best value, focus on cards that earn reward currencies in the American Express, Capital One, Chase or Citi ecosystems. These points can be transferred to a wide variety of airline or hotel programs.
🤓Nerdy Tip
For a different kind of flexibility, consider cards that offer the ability to redeem points toward “erasing” any travel purchase you make with the card, such as the Aeroplan® Credit Card from Chase or the Capital One Venture Rewards Credit Card. You could even use such cards to pay for, then erase, those pesky port fees referenced above.
The bottom line
That cruise you’re seeing marketed for just a few hundred dollars (or less) can easily balloon to many multiples of that amount if you’re not careful.
But with the right travel rewards credit card, a healthy sense of adventure and some good old-fashioned resourcefulness, you can fully enjoy the vacation you’ve earned while resting assured that you haven’t broken the bank.
(Top photo by Brad Walters)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Frank Lloyd Wright is undoubtedly one of the most influential architects of all time.
A champion of organic architecture, a philosophy he promoted throughout his career that focuses on the harmony between human living and the natural world — incorporating buildings into their surroundings — Lloyd Wright designed more than 1,000 structures in his lifetime, out of which 532 were actually built.
Credited with building some of the most innovative spaces in the United States, Frank Lloyd Wright’s most famous works include the Solomon R. Guggenheim Museum in New York, the striking Fallingwater in Mill Run, Pennsylvania, Taliesin West in Scottsdale, Arizona, Hollyhock House in Los Angeles, California, Robie House and the Illinois Unity Temple in Oak Park, Illinois, the Tokyo Imperial Hotel in Inuyama, Japan, and the famous Blade Runner-featured Ennis House.
But of the hundreds of architecturally distinct homes he built in the span of his 70-year career, Lloyd Wright’s own home in his native Wisconsin has the most interesting — and downright tragic — backstory.
While undoubtedly one of the legendary architect’s best works, Frank Lloyd Wright’s Taliesin house was the site of a gruesome attack that took the life of Wright’s girlfriend and her two children.
It also burned to the ground (more than once), growing bigger every time the architect had to rebuild it. So let’s take a look at the storied history of Taliesin.
What is the story of Taliesin, Frank Lloyd Wright’s personal home in Wisconsin?
The American architect was born and raised in the Driftless Area of Wisconsin, which left a lasting impression on his young mind and inspired many of his most iconic works.
At the age of 29, in 1896, Wright built a windmill on the Taliesin estate, on land that belonged to his mother’s family.
The project, requested by his aunt, was the first in a series of developments that over the years became part of the 600-acre Taliesin estate as we know it today.
Wright would return to his homeland of Taliesin in 1911, under more controversial circumstances.
In the early 1900s, Wright was married to Catherine Lee Tobin, had six children, and was living in Oak Park, Illinois.
He was then tasked to design a house for his friend and neighbor Edwin Cheney when he fell in love with his friend’s wife, Mamah Borthwick Cheney.
In a daring and controversial move, the two lovers ran off to Europe, where their affair flourished, and when they returned to the U.S., they wanted a place to call their own, far from the judgmental eyes of the public.
That’s when Frank Lloyd Wright decided to leave his Chicago family behind, return to his roots and build a house for himself and Mamah in the secluded hills of Taliesin.
Frank Lloyd Wright’s Taliesin I — the “love cottage” with a harrowing story
Lloyd Wright’s Taliesin I, as we now call it, was completed in 1911 near Spring Green, Wisconsin, to serve as the home of Wright and Borthwick.
The home/studio that Wright created is the quintessential representation of the architect’s Prairie School design.
Wright described the 12,000-square-foot house as ‘low, wide, and snug,’ and that’s exactly what it is.
The house, which was named after the Welsh bard Taliesin — and translates into ‘radiant brow’ — was the result of Wright’s attempt to blend man-made structures and materials with nature and the elements.
The house had an open-space design, with windows placed so that the sun could come through in every room at every point of the day.
All the materials used in the construction were locally sourced, in an effort to seamlessly integrate the house with its surroundings.
Wright was a big fan of Japanese culture and architecture, and he was inspired to bring a taste of Japan to Taliesin, as well. The architect’s home included an artificial lake stocked with fish and aquatic fowl, a water garden, as well as a ‘tea circle’ in the middle of the spacious, green courtyard.
The home that Wright built was stunning, and to this day it remains one of his most beautiful creations.
The beauty of Taliesin, however, did not do much to impress those living in nearby communities, who disapproved of Wright’s relationship with Borthwick.
At the time the couple lived in Wisconsin, Borthwick had divorced Cheney, but Wright was still married, as Catherine Tobin refused him a divorce. Due to the scandalous aspect of their relationship, locals and media dubbed Taliesin ‘the Love Cottage.’
Nonetheless, the couple lived happily at Taliesin, joined by Mamah Borthwick’s two children and a number of household workers and employees.
Among those employees were Julian Carlton, a handyman and servant, and his wife Gertrude.
In 1914, the 31-year-old worker started acting strangely, becoming more and more paranoid and staring out the windows holding an axe. Given his strange behavior, Wright and Borthwick decided to let the couple go, and they gave Carlton and his wife notice in mid-August.
The events that followed the next day, on August 15, 1914, were so shocking that Taliesin will unfortunately forever be associated with them.
That August day, while Wright was away on business, Julian Carlton attacked Mamah Borthwick and her two children, ending their lives.
He then turned against the other members of the household, after which he set the house on fire.
His killing spree ended the lives of Borthwick, her two children, as well as two other workers and their young boy.
Following the attack, Carlton hid in the basement’s fireproof furnace and swallowed hydrochloric acid in an attempt to end his own life. Somehow, he survived, and he was arrested and taken into custody.
While awaiting his trial and sentencing, he died of starvation, as the acid he swallowed had burned his esophagus to the extent that he could no longer eat.
Carlton’s wife was luckily not in the house at the time, as she was waiting for her husband to join her on a train to Chicago.
Taliesin II – Frank Lloyd Wright rebuilds his Wisconsin house
Taliesin I was, in large part, destroyed, and Frank Lloyd Wright was left heartbroken, losing the love of his life and the beloved home that they shared.
He was so devastated that he couldn’t even bring himself to hold a vigil or a formal funeral for Borthwick, instead burying her in an unmarked grave in a nearby graveyard.
However, Wright soon got back on his feet and decided to rebuild Taliesin.
By the end of 1914, he had built Taliesin II, and had found companionship in Miriam Noel, who sent him a condolence letter after that summer’s massacre.
Wright, however, only settled in at Taliesin II in 1922, after he finished work on the Imperial Hotel in Tokyo.
RELATED: Frank Lloyd Wright’s Ennis House also known as The Blade Runner House
He was finally granted a divorce by Catherine Tobin, and married Miriam Noel in 1923. The marriage, however, was doomed to not last, as Noel’s erratic behavior, later diagnosed as schizophrenia, led to a tense relationship between her and Wright.
Noel eventually left Wright and moved out of Taliesin II in 1924. One year later, in an eerie turn of events, Taliesin II burned to the ground due to faulty wiring, and Wright was back to square one.
However, like a phoenix, Taliesin would rise from the ashes once again.
Taliesin III – Wright rebuilds it once more, but the costs drive it into foreclosure
Even after two fires tried to destroy his work, Frank Lloyd Wright was not ready to give up on Taliesin, and he rebuilt it once again, as Taliesin III.
Each time the architect had to revamp Taliesin, the house grew bigger.
In its third and final form, Taliesin featured 37,000 square feet, and all the buildings on the estate combined totaled no less than 75,000 square feet on 600 acres of land.
The third reconstruction of Taliesin did, however, create a pretty big dent in Wright’s pockets, and he was severely in debt at the time work on Taliesin III was finished.
In 1927, the Bank of Wisconsin foreclosed on the property, and the architect moved to La Jolla, California, forced to leave his beloved hilltop home behind.
His fans and students, however, devised a plan to have the revered architect reunited with Taliesin.
Darwin Martin, a former client of Wright’s, formed a company dubbed Frank Lloyd Wright Inc., to issue stock on the architect’s future earnings. Various other clients and students purchased stock and ended up successfully bidding on Taliesin for $40,000, giving it back to Wright.
SEE ALSO: The Chemosphere House and 6 other striking John Lautner-designed homes
Thankfully, the innovative design and historic importance of Taliesin were recognized by Wright’s clients and admirers, and the efforts to preserve and keep the estate alive paid off.
In January 1976, Taliesin was named a National Historic Landmark District by the National Park Service. More than three decades later, Taliesin was one of the buildings included in The 20th Century Architecture of Frank Lloyd Wright, a UNESCO World Heritage Site featuring a selection of eight buildings designed by the architect across the U.S.
Today, Taliesin is a historical and architectural gem, and Frank Lloyd Wright fans can visit the estate on professional, guided tours.
If you’re an architecture fan, a student, or design aficionado and you’re ever traveling near Spring Green, Wisconsin, you don’t want to miss out on the chance to visit Taliesin.
Frequently asked questions
Where is Taliesin?
Frank Lloyd Wright’s house in Wisconsin, Taliesin, is located at 5481 County Road C, Spring Green, WI 53588, USA, about 2.5 miles south of the village of Spring Green in the Driftless Region of southwestern Wisconsin.
What does the word Taliesin mean?
Taliesin is a gender-neutral name of Welsh origin, meaning “radiant brow” made famous by a 6th Century Welsh bard who is said to have performed at the courts of three different kings. Lloyd Wright reportedly named his house in Wisconsin Taliesin to signal that was “of the hill,” not on it, building it below the hillcrest, on its brow rather than its crown.
Did Frank Lloyd Wright rebuild Taliesin?
The legendary architect had to rebuild his Taliesin house in Wisconsin twice. The first time was in 2014 after a gruesome attack by employee Julian Carlton who ended the lives of Wright’s then-girlfriend, Mamah Borthwick and her two children, and then set the house on fire. The second time was in 1925 when Taliesin burned to the ground due to faulty wiring.
More stories you might like
The Complete History of Hearst Castle in San Simeon An Iconic Richard Neutra-Designed Stilt House Looming Over the Valley A Piece of Architectural History: Lloyd Wright’s Derby House The House that Zaha Hadid Built: The Story of the Only Residence Ever Designed by “The Queen of the Curve”
Are you one of Beyonce’s Single Ladies? Member of the Lonely Heart’s Club? Whether you celebrate your singleton status or just can’t find a decent date, having a bigger pool of eligible candidates to draw from certainly helps your chances. Apartment Guide has dug deep into the data to help uncover the cities where you can find the most single folks in the United States and how the data differs between men and women in that metro area. If you’re single and looking for your next move, here’s where to start.
U.S. Cities With the Greatest Percentage of Single Men
U.S. Cities with the Greatest Percentage of Single Women
This data is sourced from Maponics based on self-reporting households. Single households are defined as households with no children under the age of 18 in which the head of the household is unmarried. Household is defined by the US Census Bureau as one or more people who occupy a housing unit.
When it comes to finding single men, it would appear that heading out west is the way to go. Six of the top 10 cities with the greatest percentage of single men are in California; more specifically around Los Angeles. It seems that L.A. isn’t just great for movie stars and fancy cars, it’s also great for finding single guys!
Great spots for finding single ladies, on the other hand, seem to be sprinkled around the entire country. The Midwest claims the top two spots, with Gary, IN and Detroit, MI coming in strong with slightly over 22% of self-reporting households claiming to be single women. That’s a pretty packed ladies night.
So why does it seem that the percentage rates of single women households are significantly higher than the men? It would appear it comes down to population. According to US Census Bureau demographic information of the United States in 2014, there were about 125.9 million adult women as compared to 119.4 million adult men. That’s a difference of 6.5 million.
Are you currently single and looking for love? Would you ever consider moving to widen your dating pool? Let us know below!
This reader story come from SB, a regular reader and commenter on GRS. SB writes about personal finance and personal development topics at One Cent at a Time.
Some reader stories contain general advice; others are examples of how a GRS reader achieved financial success or failure. These stories feature folks with all levels of financial maturity and income.
This is my second guest post at this blog. I am grateful to J.D. and his team’s humble gesture in allowing me to do it. I hope to provide the same value regular writers of this blog provide to you.
My grandmother was nearly illiterate, born and reared in rural India during the British occupation of the country. At the age of 14, she was abducted by the British army (later released), which ultimately caused her to marry early at the age of 16. She couldn’t complete school beyond basic education. Still, she became a very wise woman and mastered many skills.
My aunt happened to write down some of my grandmother’s home-remedy techniques from her narration. Recently, my cousin forwarded me a soft copy of that compilation. I’ll mention a few common symptoms and their natural cures, all at a fraction of the cost of medicine. But before that, let me tell you why I find home-based cures so beneficial.
The Benefits of Home Remedies
Drugs contain unnatural substances and chemicals, which are foreign elements to our body. Natural remedies, on the other hand, are not synthetic molecules like drugs; they are made of living organisms which we eat anyway.
Some drugs act as a manipulator and force the brain to think differently — an example is an anti-depressant. The problem with this is, the moment you stop taking the drug, the symptoms often recur.
Natural remedies have fewer side effects compared to prescription drugs, as drugs tend to alter the chemical and hormonal balance of our body.
Natural remedies are available at a fraction of the cost of prescription drugs. Your grocery bill will cover them.
The Benefits of Prescription Drugs
It is important to remember that most drugs are developed by studying the natural cures and identifying ingredients which actually affect the symptoms. Still, prescription drugs are more useful under most circumstances. They work faster. We can’t afford to be bedridden for days and hope for natural cures to work someday. Life is tough and we must get well sooner.
We don’t have time to be sick. Prescription drugs provide the quickest recovery. They start fighting the bacteria and antibodies as soon as we take them. You may argue that we take chemically altered substances every day, be it the milk or the apple, or even the chicken. They have pesticides, growth hormones and God knows what.
An Introduction to Home Remedies
My grandmother was raised in a 100 percent organic environment. With near zero pollution, she ate healthy, farm-harvested food. Since childhood, I took medicines almost for any illness; rarely was I given a natural cure, except honey and basil leaves for a cold. Our bodies are used to chemicals anyway; therefore, natural remedies may not work the way they worked for our grandparents. Still, there is no harm in detoxifying our bodies to the extent we can, over time. My grandmother’s advice may help to accomplish that goal.
Here are some excerpts from the treasure I was handed recently.
Acidity: Acidity is caused by excess acid secretion from the gastric gland, the acid which is used for digestion.
Chew a piece of clove, and take some time to swallow. It provides instant relief.
Another immediate relief is to eat a small cup of yogurt.
For more sustainable relief, drink warm water every day early in the morning.
Drink coconut water regularly.
Mix a few drops of honey in water to drink.
If you know what a jaggery is, suck a small cube of it after lunch/dinner.
A glass of water with a teaspoon of soda can also provide immediate cure.
A couple of pieces of dates can also give you instant relief.
Backache: If you happen to work in a chair, you may have this symptom already. As a software professional, I have had backaches for the last few years. The natural cure is garlic. Eat a couple of cloves of garlic every day.
Prepare an ointment by frying a few cloves of garlic in olive oil, strain and let it cool. Apply to your back every day.
Indian masala tea can be a cure too — the one with cloves or ginger. Take it daily. (Two cups of masala tea can boost your energy as well, which is a low-cost replacement of Red Bull or 5-Hour Energy drinks.)
Eating oranges, lemons and berries can reduce the pain over time.
Drinking water with a tablespoon of honey can make your day pain-free as well.
Cough and cold: When allergens or viral infections cause an inflammation in the upper respiratory tract, we get cough and cold. Here is a less-costly alternative to Tylenol or Excedrin. (This is a remedy I learned in childhood: My mother used to give me a teaspoon of honey and a few basil leaves –Indian Tulsi — to chew. To get instant relief from congestion of nasal passages, she used to heat water with some cloves, cardamoms and cinnamon sticks and peppercorns.)
A soup with a lot of garlic in it can also bring relief.
Cut okra into small pieces and boil it, inhale the steam to get relief as well.
Take a hot-water bath when you catch a cold.
Migraine: This is caused by a contraction of blood vessels in the head. It can be caused by stress, lack of sleep, anxiety, nicotine and alcohol consumption.
Concentrated grape juice can bring relief.
For a more sustainable remedy, put tomatoes and cabbage into your daily salad.
A daily dose of garlic can treat this symptom as well.
Grind cabbage leaves and apply to the affected area for relief.
When migraines occur, excuse yourself from work. Find a dark room and lie down. Exposure to sunlight may cause the migraine to intensify.
Per my grandmother, even if the migraine is in the back of your head, applying sandalwood powder on the forehead can cause blood vessels to function properly. You may have seen Indian religious workers applying a patch of sandalwood powder on the forehead throughout the day. It’s an age-old practice.
Snoring: I am afflicted with this disease for sure. My wife says I am the worst offender and she can’t sleep because of my snoring, so I have started following these tactics already.
Stop smoking. Smoking causes more mucus formation around the throat.
Go to the gym. Weight loss can even end snoring.
Alcohol increases snoring. (When you drink, you’d better sleep in a separate room!)
Sleep side-wise rather than on your back.
Avoid heavy meals before going to bed.
Stop eating oily/spicy foods at dinner.
Maintain a regular sleep schedule, and don’t sleep during the day.
Wash the bed sheets and pillow covers frequently, and even change your pillow after a few months. The dust and allergens can accumulate on them, causing nasal passage blocks.
Stress: It’s amazing that stress was a concern even 60 years ago in a rural village. Here is her wisdom, which may reduce stress because you’re saving money. But more than the money saved, the main point here is reducing the dependence on synthetic drugs.
Chewing Indian basil (Tulsi) leaves every day is the best natural cure.
Yoga and Dhyana (meditation) can also cure this.
Milk and almonds in the morning keep you fresh and energetic.
Bad eating, oily foods, eating meals quickly, and drinking alcohol may cause depression over time. One of her tips to cure stress is to “love everybody and everything”!
Applying betel leaves on your forehead can ease your tension.
A few ingredients which are repeated here (and in the rest of the natural cures my grandmother used but which I don’t mention here) are mint, honey, water and garlic. Have sufficient supply of these items at your home, if you plan to follow the tips.
Also, another synergy I can see here is the morning drinking and eating habits. If you start your day the right way, the rest of your day should follow that lead and keep you upbeat.
Readers, even if you rely on these natural remedies, when the situation warrants it, there’s no alternative to a doctor and the prescription medicine. You need to know when to rely on home remedies and when to go to a doctor. Don’t ignore your doctor for a bit.
When you start shopping for life insurance, you can be overwhelmed with the number of options that you have. There are hundreds and hundreds of life insurance companies on the market. How in the world are you supposed to decide which one is the best for you?
That’s why I’m here to help. I’ve reviewed dozens of different insurance companies to give you an idea of which one might work best for you.
Life insurance is one of the most important investments that you’ll ever make for your family, and it’s vital that you make the best decision for your family. One of the most important factors that you should consider is the type of life insurance policy that you are going to buy. There are several different kinds of coverage that you will need to review based on your needs.
In addition, it is also recommended that you review the background of the insurance company you are considering buying this type of coverage through. That is because you will want to ensure that the carrier is strong financially and that is has a good name in the industry for timely payment of its policy holder claims. One insurance carrier that meets these points is Erie Insurance Company.
The History of Erie Life Insurance Company
Erie Insurance Company has been in the business of offering coverage protection to its customers for nearly 100 years. The company was founded in the early 1920s when two employees of the Pennsylvania Indemnity Exchange decided to form their own insurance carrier.
In moving forward with their new company, H.O. Hirt and O.G. Crawford raised more than $30,000, and won over 90 stockholders – all from a hand written business plan. Then, in April of 1925, the Erie Insurance Exchange opened its doors.
Over the years, the company has grown and expanded exponentially, adding many different types of coverage, such as home owners, motorcycle, boat, life, business, and personal valuables coverage.
Erie Life Insurance Company Review
Today, Erie Insurance Company has more than 5,000 employees who serve its customers and policy holders. The company’s products are offered via approximately 12,000 independent insurance agents across the United States.
In addition to providing a variety of insurance coverage’s, Erie Insurance Company gives back to the communities in which it serves. For example, the company is involved in entities such as Meals on Wheels, coaching little league sports, and with helping people to rebuild following natural disasters and catastrophes.
Erie is considered to be a strong and stable life insurance company from a financial standpoint. The company has also been listed as number 411 on the 2016 Fortune 500 list. (The company made its initial debut on this list back in 2003).
Also, for the fifth year in a row, Erie Insurance was given the “Highest Satisfaction with the Auto Insurers Shopping Experience” award in the J.D. Power 2017 U.S. Insurance Shopping Study. Out of a possible score of 1,000 Erie obtained a score of 879.
BBB Grade and Ratings
Due to its strong financial foothold, Erie has received very high ratings from the insurer rating agencies. Here, the Erie Insurance Group has earned an A+ (Superior) rating from A.M. Best and Company, and the Erie Family Life Insurance Company has earned an A.M. Best grade of A (Excellent).
In addition to its high insurer ratings, Erie Insurance has also been given a grade of A+ (on a scale of A+ to F) from the Better Business Bureau (BBB). Although Erie Insurance is not an accredited member of the BBB, the company has closed out a total of 59 customer complaints over the past three years (of which 16 were closed out during the past 12 months).
Of the total 59 customer complaints that Erie has closed via the BBB, 39 had to do with problems with the company’s product and / or service, and 15 had to do with billing and / or collection issues. An additional two were in regard to advertising and / or sales issues, two had to do with delivery issues, and the remaining one was in regard to the company’s guarantee and / or warranty issues.
Life Insurance Coverage Offered by Erie Life Insurance Company
Erie Insurance offers a variety of different life insurance coverage options to choose from. These include both term and permanent policies. With a term life insurance policy, death benefit protection is offered, without any type of savings or cash value build up. Because of this, the premium that is charged for term life insurance is usually much lower than that of a comparable permanent plan.
With a term life insurance policy, coverage is purchased for a certain period of time, such as 10 years, 20 years, or even 30 years. Typically, these policies will have a fixed amount of death benefit, as well as a fixed premium charge for the life of the plan.
Erie Insurance offers level term life insurance protection, and policies can be chosen in time periods of 10, 15, 20, or 30 years. This coverage can be purchased starting at age 0, and in many instances, the policy holder will have the opportunity of converting the term policy over into a permanent life insurance policy – which can then provide coverage for the remainder of the insured’s lifetime.
With Erie, there is oftentimes no medical exam required on its term life policies of up to $90,000 in death benefit protection. All an applicant has to do is just simply answer a few health related questions. And, because there is no blood work or medical exam results to wait for, this coverage can usually be approved and issued within just days (or possibly even sooner).
The company also offers permanent life insurance coverage. With a permanent life insurance policy, there is death benefit protection, as well as cash value build up. The assets that are inside of the cash component of the policy can grow on a tax deferred basis. Essentially there is no tax due on the gain until these funds are withdrawn.
Erie Insurance offers both whole life and universal life for permanent life insurance coverage. With a whole life insurance policy, the insured will have guaranteed life insurance protection with a death benefit amount that will not decrease – even as he or she ages throughout the years.
These whole life plans also offer guaranteed cash value, as well as a set premium that will not be raised – even if the insured contracts an adverse health condition in the future. Plus, the insurance company cannot cancel the policy for any reason, if the premium is paid.
There are several different premium payment options that a whole life insurance policy holder can choose from – based on what suits their needs the best. There are also several different riders that may be added to the whole life insurance coverage – some at no additional charge.
Just like with the term insurance policies, whole life insurance plans through Erie offer a fast and easy application process. For those who wish to purchase coverage of up to $90,000, only a new medical questions need to be answered.
Whole life insurance protection from Erie can be purchased for adults and children (or other younger relatives, such as grandchildren and nieces / nephews). These plans can help the younger insureds to build up savings in a tax deferred manner, and to attain guaranteed insurability in the future.
Erie Insurance also offers universal life insurance. Universal life, or UL, is another form of permanent life insurance coverage. In many ways, UL is considered to be more flexible than whole life. This is because the policy holder – within certain guidelines – may choose how much of the premium will go towards the death benefit, and how much will go into the cash value portion of the policy. They may also be able to change the due date of the policy’s premium, based on their changing needs.
Universal life insurance can be advantageous for individuals and for business owners, as it offers guaranteed cash value, as well as the ability to get policy loans with tax free income potential.
These types of life insurance plans can also be ideal for a wide variety of coverage needs, such as:
College expense planning
Estate planning
Income replacement
Charitable giving
Wealth transfer
Inheritance
Mortgage balance payoff
Payoff of personal or other types of debt balances
Retirement income planning
Deferred compensation plans
Business continuation coverage
Key person coverage
While a universal life insurance policy offers both death benefit coverage and cash value, the premium on this type of coverage may be more affordable than that of a whole life insurance policy, depending on the insured’s specific parameters.
Burial Insurance
If you’re worried about leaving those you care about with funeral and final expenses, having a burial insurance policy can help. Today, the average cost of a funeral can be in the range of $8,500 to $10,000 – especially when factoring in items like the memorial service itself, along with flowers, transportation, and music, as well as a burial plot and a headstone.
Burial insurance – which is also oftentimes referred to as funeral insurance or final expense life insurance – is a type of coverage that will pay out a benefit quickly to your named beneficiary so that final expenses can be paid…and so that your survivors don’t have to dip into saving or use credit to pay these costs. With that in mind, having a burial insurance policy can be one of the greatest gifts you give to your family.
Before you purchase a burial insurance policy, though, it is important that you have a good idea of the type and the amount of coverage you’ll need. For example, you may want to only cover the anticipated cost of a funeral service. Or, alternatively, you may also want to add in some additional protection so that your loved ones can pay off other debts, such as final medical expenses and / or the cost of hospice care.
Other Products and / or Services Offered
In addition to just selling life insurance policies, Erie Insurance Company offers a long list of valuable products and services. These include the following:
Auto Insurance
Motorcycle Insurance Coverage
Insurance Coverage for Car Collectors, ATVs, and RVs
Insurance for Teen Drivers
Boat Insurance Coverage
Home Owners Insurance
Renters Insurance Coverage
Condo Insurance
Mobile Home Insurance
Personal Valuables Insurance
Flood Insurance
Retirement Solutions
Personal Catastrophe Liability Insurance
Identity Theft Recovery Coverage
Business Insurance
Erie also offers various industry insurance packages that can be fit to companies in a variety of different industries, such as auto services, contractors, hotels and hospitality, landlords and property owners, manufacturers, offices and professional services, restaurants, retail, and wholesaler-distributors.
Looking For The Best Premium Rates on Life Insurance Coverage from Erie Insurance?
If you are seeking the best premium rate on life insurance coverage from Erie Insurance Company – or from any insurer – it is recommended that you work together with an independent life insurance agency or broker. That way, you will be in a better position to compare, side-by-side, the coverage and the premium prices of numerous insurers – but in an impartial manner. You can then determine which will be best for you.
When you are ready to shop around, we can help you. How? We work with the best life insurance providers. We can provide you with the important details that you need for making a well-informed decision – and we can do this for you directly from your own computer. When you are ready to proceed, just simply fill out our short quote form.
We get that buying life insurance coverage is a big decision. There are many different parameters to keep in mind – and you want to be sure that you are going with the right type and amount of coverage through the best insurance company.
This process of purchasing life insurance protection can be made so much easier by working with an aid on your side who can guide you through the entire way, from beginning to end. So, contact us today – we’re here to help.