Many people think of a pet as a member of their family. So of course pet owners want to be sure they’re providing the best possible care for their animals without having to worry about what a trip to the veterinarian might cost.
Pet insurance offers a way to help pay for that care — whether it’s a routine checkup or an emergency. However, just like health insurance for humans, choosing the right pet insurance policy can be complicated.
There’s a wide range of coverage options and policy costs to consider. And pet insurance may not be the right fit for every pet owner. Here’s what to know.
What Is Pet Insurance?
Though it has a lot in common with human health insurance coverage, a pet policy falls under the property and casualty insurance classification.
Pet insurance has been around for almost 100 years, but has only been available in the United States since 1982, when a subsidiary of Nationwide sold its first policy to cover the dog that played Lassie on TV.
As with health insurance for humans, pet insurance has a range of options and costs to consider.
And it’s growing in popularity: The North American Pet Health Insurance Association reports that the industry has more than doubled since 2018, and the number of pet insurance premiums in the U.S. grew by 30.4% from 2020 to 2021.
Most of the 4.4 million pets insured are dogs (82% in 2021) and cats (18%). But some insurers may offer coverage for birds, fish, and other pets.
Pet policies are designed to protect pet owners from the high cost of taking their animal to the vet. (If a pet bites another animal or person, those costs typically are covered by homeowner’s insurance.)
There are a few types of pet insurance. Coverage can be limited to accident-only care for an animal, or it can be more comprehensive and include treatment for injuries and illness.
Some policies also include wellness costs, such as vaccinations, dental care, and medical tests. A few include extra benefits, such as coverage for pet care when an owner has an emergency, or coverage for vet care when the owner travels out of the country with the pet.
But preexisting conditions and cosmetic procedures usually aren’t covered. And policies tend to come with a waiting period of 14 to 30 days, which means if a pet is diagnosed with an illness or is injured before that time is up, treatment for that condition won’t be covered.
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How Much Does Pet Insurance Cost?
The average cost of an accident and illness pet policy was $48.66 per month for a dog in 2021, or $583.91 per year, according to the North American Pet Health Insurance Association. For a cat, the average cost was $28.57 per month, or $342.84 per year. Adding wellness care and other benefits can increase the cost of a policy. So can the deductible, co-pay, and maximum coverage amounts the pet owner chooses. These costs are something to consider as you’re budgeting for a new dog or cat.
Reimbursement is typically 80%-90%, which means the insured pet owner can be reimbursed for up to 80%-90% of a qualifying claim. The deductible can be up to $1,000. Research shows many pet owners choose a deductible of $250.
The cost of coverage also may be affected by where the pet owner lives. In cities or regions where veterinary practices generally charge more for office visits or treatments, the cost of pet insurance may be higher.
And coverage may cost more based on a pet’s breed and age as well. Because some purebred cats and dogs may be more susceptible to certain medical conditions, they can be more expensive to insure.
Age is a factor. The older a pet is, the more it may cost to get coverage — both at the time of enrollment and as the pet ages.
The good news is, there are no “out-of-network” provider charges to worry about with pet insurance. As long as the pet owner takes Fido or Fluffy to a licensed vet, and the expenses for the visit qualify, it’s just a matter of filing a claim. Some insurance companies may pay the vet directly, but most reimburse the pet owner after the claim is submitted and verified.
Recommended: 19 Tips to Save Money on Pets
How Can Pet Owners Find Prices and Plans?
Because every pet and every plan is a little bit different, it can pay to do some research.
An increasing number of employers now offer pet insurance in their benefits packages, which could mean a lower premium. So pet owners may want to check with their human resources department to see what their company has to offer.
It’s also easy to get an online price quote from many of the companies that offer pet insurance. A quick search will turn up several well-known insurers (Nationwide, Progressive, Geico, Allstate) that offer coverage, along with insurance companies that are strictly for pets. The insurer will ask a few questions (the pet’s name, age, gender, breed, any preexisting conditions), and then provide quotes for three or more plans, along with some details about the benefits those plans include.
It also may help to have an idea of what it costs to treat common (and not-so-common) problems a certain type of pet might encounter.
For example, a physical for a dog can be as much as $300, and up to $200 for a cat, depending on your location and the pet’s age. Those bills might be daunting but not necessarily devastating for a family’s budget. But an emergency vet visit with multiple overnight stays in an emergency clinic could be as much as $3,500. And surgeries your pet might require can run into the hundreds and even thousands of dollars.
Planning for those costs could help pet owners decide if insurance is something they should consider. (Your vet also may be able to provide some helpful information that pertains to your specific pet.)
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So, Is Pet Insurance Worth It?
As with so many financial decisions, there are pros and cons to purchasing a pet health policy.
Insurance may take some of the stress out of making treatment decisions for a beloved pet based on the ability to pay. Although there still could be out-of-pocket expenses to consider, it might help avoid what the pet insurance association calls “economic euthanasia,” when a pet owner makes the heartbreaking choice to put down a sick or injured animal because the required care is just too expensive.
Insurance also might help a pet owner avoid taking on credit card debt or depleting their savings account to pay for their pet’s care.
Another plus: Because policies can be customized, it may be possible to find one that provides basic coverage and still works within the family budget. And pet owners who love their vet won’t have to switch to a new provider.
But pet insurance doesn’t cover pre-existing conditions, and premiums also may be higher for breeds that are vulnerable to costly health conditions. The cost also goes up as an animal gets older, which is when many pets start having problems that require expensive treatments.
And, as is the case for most types of insurance, if policyholders don’t use their benefits, they don’t get their money back. So, for example, if the pet owner opts for an accident and illness policy and the pet stays healthy for several years, the insurance bills could end up costing more than the vet bills. You may want to set up an emergency fund to help cover any healthcare costs for your pet instead.
Recommended: How to Pay for Medical Bills You Can’t Afford
The Takeaway
If you aren’t sure if pet insurance is right for you, it might help to look at how the cost would fit with your current finances. If money is tight, is there something you could or would give up in order to pay for a pet policy? Also, would pet insurance tackle financial stress by keeping you from worrying about what you’d do if your pet needed expensive care?
Think about these questions carefully. If you feel you won’t get your money’s worth out of a health insurance policy, you may want to skip it for now. But if it’s easier for you to pay a premium monthly, rather than having to come up with a hefty sum all at once if something happens, you may decide pet insurance is a good option.
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The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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Flexible spending accounts, or FSAs, are special savings accounts offered through some employer benefit plans. They allow the account holder to pay for certain out-of-pocket medical and dependent care costs with tax-free money.
However, FSAs come with some rules and regulations. For instance, FSA rules cap the amount of money that can be placed in the account each year ($3,050 for 2023), and also dictate which types of expenses qualify for an FSA distribution.
Still, FSAs can be a powerful tool for covering unavoidable medical costs that could otherwise wreak havoc on finances.
Flexible Spending Account Explained
FSAs are savings programs offered through employers — which means that self-employed people aren’t eligible. Those who are self-employed may be covered through an employed spouse’s plan, or they may choose to open an HSA, if they qualify.
FSAs are also sometimes called flexible spending arrangements, and they can cover you, your spouse, and your dependents. There are also a few sub-types of FSAs, such as dependent care FSAs (DCFSAs) and limited purpose FSAs (LPFSAs).
Recommended: Benefits of Health Savings Accounts
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Flexible Spending Account Rules: An Overview
FSA contributions work similarly to employer-sponsored retirement plans like 401(k)s: a certain amount of wages is withheld each pay period and contributed to the account.
The account holder elects how much to withhold at the beginning of the plan year — and, importantly, they may not be able to change it unless there’s a change in employment or family status. That means it’s important to think the decision through carefully.
But unlike a 401(k), the funds placed into an FSA aren’t just tax-deferred — they’re actually tax-free. That means they aren’t included in the account holder’s total taxable income, nor are taxes due when distributions are made.
Recommended: Tax Credits vs. Tax Deductions: What’s the Difference?
How Much Can I Contribute to My FSA?
In 2023, account holders may contribute up to a maximum of $3,050 per year to their FSAs. Employers may also place limits on the amount an employee can elect to be contributed, up to this federal cap.
Unused Funds: FSA Rollover and Reimbursement Rules
Another rule regarding FSAs is the fact that, generally speaking, unused FSA funds are forfeited.
In other words, FSAs are “use it or lose it” accounts; the money that isn’t used for qualified expenses by the end of the plan year can’t be rolled over into the next.
Thus, account holders may want to be cautious to avoid over-contributing to the plan and carefully estimate how much they think they’ll need to spend on out-of-pocket health expenses. Setting up a budget may help with this.
However, there are some exceptions that may be accessible, depending on the employer’s policy choice. They may allow for a “grace period” or a carry-over option — one or the other, but not both, and they’re not legally required to offer either.
• The grace period option allows account holders to use their FSA funds for an additional two and a half months after the plan year to pay for qualified medical expenses.
• The carry-over option allows account holders to roll over up to $610 of unused funds into the account for use the next plan year, though the employer may specify a lower dollar figure. Carryover doesn’t affect the maximum allowable contribution for the next year’s plan.
Recommended: How to Negotiate Medical Bills
What Can a Flexible Spending Account Be Used For?
Given the contribution limits and forfeiture rules of flexible spending accounts, FSA account holders usually want to be careful about calculating how much money they might be able to use — otherwise, significant amounts of their paycheck might end up right back in their employers’ hands.
And although many medical expenses qualify, not all of them do, or especially rules apply. For instance, non-prescription medications are covered only with a doctor’s prescription. The exception is insulin, which is covered without a prescription.
FSA funds are also ineligible to be used for health insurance premiums (though you can use them for deductibles and copays) or long-term care coverage and expenses, which may affect those with chronic illnesses or disabilities.
There are, however, a wide range of procedures and healthcare services that FSA funds can be used to cover, including dental expenses.
In basic terms, any treatment that would qualify for a medical expense tax deduction can be covered by FSA funds; the full list of which can be found in IRS Publication 502 .
From acupuncture and alcoholism to birth control pills and psychological counseling, many services do count as qualified medical expenses.
Along with being the right kind of medical expense, services paid through FSA funds must be applied to the right people in order to be covered. Eligible beneficiaries include:
• The account holder
• Their spouse
• Dependents claimed on their tax return
• Children age 26 and under
Keep in mind, too, that FSAs generally work in conjunction with other types of health benefits and coverage, and funds can’t be used to reimburse services that are covered under other health plans.
It might be a valuable exercise to write out all of the expected medical expenses you’ll face as a family at the beginning of the plan year in order to decide how much to contribute, including additional coverages, in order to avoid over-contribution. While nobody can predict the future, some routine expenses can be foreseen — and a little bit of planning might save a lot of forfeited funds in the end.
Recommended: 15 Creative Ways to Save Money
Taking Distributions from an FSA
The process for taking distributions from an FSA may vary based on the plan. In some cases, distributions are made from an FSA to reimburse the account holder for medical expenses they’ve incurred. Some FSAs also have a debit, credit, or stored value card that can be used to pay directly for qualifying expenses.
In order to take a distribution, the account holder may have to provide a written statement from the doctor or medical service provider that specifies the medical expense incurred, as well as a statement documenting that the expense hasn’t been covered by any other health plan. In other situations, a receipt may be sufficient documentation in order to be reimbursed.
FSA reimbursements are only available for verifiable medical expenses that have already been incurred, rather than expenses the account holder plans to incur in the future. (In other words, you can’t write to the FSA and tell them you’re going to the doctor next month.)
Finally — and importantly — FSA participants must be able to use the entire benefit (that is, the total amount of money they pledged to contribute to the plan) even if those monies haven’t yet been contributed. There is some opportunity for roll-over, depending on the plan rules. Some FSAs allow account holders to carry over up to $610.
For example, if you decide to contribute $2,000, but get hurt midway through the year when only $1,000 has been deducted from your pay, you’ll still be able to use up to $2,000 worth of tax-free FSA coverage for qualified expenses. Pretty cool, huh?
Is a Flexible Spending Account Worth It?
A flexible spending account can be a helpful tool, but it’s not the only option for footing medical bills.
For one thing, $3,050 might not even scratch the surface of some common medical procedures, such as childbirth.
Furthermore, although the tax-free nature of FSAs is attractive, the prospect of forfeiting parts of a paycheck is definitely not — and there are other ways to save cash for medical expenses and other emergencies which offer not just flexibility, but growth.
For example, you could open an online bank account with a high-yield and earn more than 4% APY (annual percentage yield) in interest. That could be an option to explore.
Another idea is to create an emergency fund to help pay medical expenses. However, if you think you’ll use all the funds in an FSA, going that route instead may be worth more to you.
The Takeaway
The tax benefits of the FSA can make them an appealing and useful tool, especially for those who know they’ll spend a decent amount out of pocket on healthcare.
But if you’re not sure you’ll use the funds saved in an FSA, a SoFi Checking and Savings account could be an alternative solution. You’ll earn a competitive APY and you’ll pay no account fees. You could even use a SoFi Checking and Savings account as a complementary tool, along with your FSA, to work toward other saving goals.
Got medical expenses? Let SoFi Checking and Savings help you save for your healthcare needs.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. SOBK0523012U
There’s been a lot of talk about budgeting here at Get Rich Slowly. For instance, Kristin recently wrote about her adventures using the envelope system. I wrote about the reasons your budget might be failing. And, a variety of guest posters and staff writers have touched on the topic with articles like these:
How I kept to my budget and still have everything I want
Budgeting: The Most Important Thing You Can Do With Your Money
How to Build a Better Budget
When One Partner Won’t Budget
However, among the articles on budgeting systems and strategies, there has been very little written on using a zero-sum budget, which happens to be the budget that I use and love. So, I wanted to write about why I’m a zero-sum budget enthusiast, why I think they work so well, and how you can harness the power of the zero-sum budget for your own financial well-being.
Why Should You Use a Zero-Sum Budget?
In my opinion, a zero-sum budget is superior because it forces you to “spend” every dollar that you make. And, no, I don’t mean you should spend it on dinner at Outback or a weekly mani/pedi. Instead, you allocate all of your earnings into the different categories that your finances require. You don’t need an Excel spreadsheet or a complex software program to use a zero-sum budget. In fact, all you really need is a pen, paper, and the desire to begin budgeting for your benefit. So, how do you begin using a zero-sum budget?
Follow these simple steps:
Step 1: Determine how much you make Whether you’re paid hourly or salary, you need to figure out how much money you make on any given month. So, you need to ask yourself a few questions. For instance, “How many paydays fall within this month?” And, “How much will each paycheck be?” For salaried workers, this should be fairly easy. For those with a fluctuating income, it can be much more difficult. However, one of the easiest ways to make a zero-sum budget work for your family is to get all of your finances “one month ahead.” Easier said than done, I know. But, using that method, a fluctuating income won’t matter as much. Since you’re using this month’s income for next month’s bills, it will be much, much easier to plan.
Step 2: List your bills Once you determine how much money you’ll make this month, you need to figure out how much money you need to spend next month. Using pen and paper, write out all of your monthly bills, estimating bills that fluctuate, like utilities. You’ll also need to set a reasonable allowance for spending categories that you’re trying to keep under control (like groceries and gas). And, don’t forget about bills that are paid quarterly or seasonal expenses. The best way to make a zero-sum budget work is to include everything.
I’ll use a generic version of one of my old budgets as a real-life example:
Mortgage: $1,426
Electric: $200 (estimate)
Gas: $25 (estimate)
Groceries: $500
Daycare: $500
Internet: $35
Fuel/Miscellaneous: $200
Cell Phone: $55
Health Insurance: $377
Life insurance: $77.31 (paid quarterly)
Trash: $56.25 (paid quarterly)
Total: $3,451.56
Of course, everyone’s categories will be different. Obviously, you’ll need to include all of your bills including any debt payments that you make on a monthly basis. Make sure to list all of your bills (even the ones that you’re trying to forget!). Confronting them is the first step to making them disappear for good!
Step 3: Compare and contrast This is where it gets fun, I think, and why using a zero-sum budget can be life-changing for so many people. Once you see your monthly income and your monthly bills on paper, a clear picture of how much money is left over emerges. You might find that thousands of dollars are being spent on “wants” each month. And, you could use that knowledge to begin saving that money instead. Regardless, once you determine how much money is left over after you pay all of your required expenses, you can decide what to do with the rest.
If my husband and I earned a net income of $7,000 for the sample month, we would update our zero-sum budget to reflect the overage:
Mortgage: $1,426
Electric: $200 (estimate)
Gas: $25 (estimate)
Groceries: $500
Daycare: $500
Internet: $35
Fuel/Miscellaneous: $200
Cell Phone: $55
Health Insurance: $377
Life insurance: $77.31 (paid quarterly)
Trash: $56.25 (paid quarterly)
Short-term savings: $1,500
Long-term savings: $1,500
Vacation Fund: $548.44
Total: $7,000.00
But, what if nothing is left? If you’re spending every penny you earn, it’s probably time to reconsider that strategy. Start by making a list of things you could live without. Some possibilities include cable television, eating out, or excessive entertainment spending. And remember, everyone’s priorities will be different. Although I do just fine without cable television, I have no desire to feed my family on a bare-bones grocery budget. You may feel exactly the opposite. And, as J.D. so eloquently put it, you have to do what works for you, whatever that is.
Step 4: Spend all of your money on paper Once you determine your own excess cash flow, you can decide where that money will serve you best. For instance, if you’re still in debt, you can decide to pay X number of additional dollars toward those debts. Many people, including me, tackled their debts using the snowball method. Using this method, you focus on one debt at a time, paying over as much as you can until that debt is demolished. Then you can move on to the next.
Or, if you don’t have any debts to contend with, you can allocate all of your extra cash toward your savings or investments. Obviously, it doesn’t have to be all or nothing. You can choose to tackle your debts and continue saving at the same time. It’s up to you. However, the key is to go ahead and transfer the money you have allocated to savings right away. That way it doesn’t get squandered on those dinners at Outback, weekly mani/pedis, or anything else.
Step 5: Track your spending If you have a preset spending limit for your zero-sum budget categories, you’ll need to check in periodically throughout the month to “see where you’re at.” I’ve found this to be particularly helpful when it comes to grocery and miscellaneous spending. I have a tendency, in fact, to completely blow through my grocery budget if I don’t watch myself. ($8 organic oregano, anyone?) So, to combat my grocery spending weakness, I usually check my spending about once a week. And for the most part, when it’s gone, it’s gone. This often means that we’re eating freezer food and leftovers by the end of the month, which seriously annoys my kids. But, it works!
Step 6: Make adjustments Your zero-sum budget may be an epic failure for the first few months. And, that’s OK. You’ll probably need to make some adjustments to get it just right. Maybe you need to add a little buffer to your grocery category. Or, add some wiggle room to the entertainment portion of your budget. Whatever it is, making adjustments shouldn’t be seen as a failure. In fact, it’s just part of the budgeting process.
One More Thing
Unless you want to have a specific budget category just for emergencies, an emergency fund is a crucial part of using a zero-sum budget. Having an adequate emergency fund means that a surprise car repair or medical bill won’t knock your entire financial plan off track. And, whenever you have to tap into your emergency fund, it’s important to replace the funds you use. You can do this by budgeting to add to your emergency fund in the following month (or months) until it’s back to its former glory.
Have you ever used a zero-sum budget? If so, did it work? Also, please feel free to share your favorite budgeting strategies below.
This is a guest post from Doug Nordman the author of The Military Guide to Financial Independence and Retirement.
When Jeff posted 7 Financial Advisors I Would Like to Punch in the Face, I immediately thought of advisors who pretend to understand military pay & benefits.
These professionals may not lie, cheat, or steal– but they can still harm their clients. Instead of admitting ignorance or learning about the issues, these advisors try to shoehorn service members into a generic profile.
They recommend asset allocations and products that may be appropriate for civilians, but those suggestions could be redundant or even harmful to the finances of military veterans & retirees. They give all financial advisors a bad reputation.
Military clients are a challenge.
Advisors have to know at least a little bit about nearly every financial topic, but military clients are a very small percentage of the population. Not only that, but Jeff is one of literally only a handful of financial advisors with military experience.
Servicemembers could manage their own investments, but it’s not easy to find reliable information. When you’re in the military then you’re busy with duty, career, family, and other high-priority concerns– like not getting shot. Your financial future is probably not even in the top ten of your To-Do list.
The Department of Defense wants military and their families to be financially responsible (“Troops, stay out of debt!”), but financial independence isn’t a high priority for them either. You’re unlikely to spend the time & energy learning how to do your own investing, and your chain of command won’t enlighten you either.
Not only are military pay and benefits more complicated for financial advisors, but their military clients may be even more blissfully ignorant than civilians.
These days I manage my own finances, but there were several critical transitions during my career where I would have appreciated the help of a knowledgeable advisor. Even a couple hours of fee-for-service discussion will help you tap-dance through the minefield of choices.
What to look for in an advisor
This is just my personal preference, but I’d want my financial advisor to have hands-on experience with military finances. It’d be great if they were a military retiree or a veteran, but maybe they grew up in a military family or have a spouse/relative in the service. So how do you find these professionals?
I’d be careful about referrals. Your wingmen may know someone who’s using a “great” financial advisor, but do your own due diligence (see below). There’s a huge difference between a financial advisor who encourages you to stay blissfully ignorant, and one who takes the time to teach you how to make your own decisions. You have to be able to detect whether advisors have a clue about your military financial jargon.
If you wander through the neighborhoods around military bases looking for financial advisers, I’m sure you’ll find one or two “specializing” in their local demographic. I wonder whether they really understand military finances or if they’re just one of Jeff’s “notorious seven” preying on ignorant servicemembers. I don’t think legitimate advisers with hundreds of happy clients will set up shop between the used-car dealer and the payday loan office.
(Warning: shameless plug alert!) You could seek out military financial advisors like Jeff. You’re probably going to move around the world during your career, so it might make more sense to start with one who’s comfortable using Internet tech to stay in touch. Better yet, he’s tapped into a network of advisors with similar backgrounds.
I’m no financial expert, but I know how to interview financial experts. Here’s a few questions to start with:
What can the advisor tell you about their military clients?
What problems did they solve for active duty, Reserve/Guard, veterans, and retirees?
Can they share references from those who have achieved financial independence?
Can they show you where to learn more about your pay and benefits?
Don’t be overwhelmed by the following questions. (I’ve been retired for a decade and I’m still figuring out how to explain some of these issues.) You don’t need to know these answers, and you don’t even need to know most of the vocabulary. But you have to assess how your financial advisor answers these questions, and whether they really seem to know what they’re talking about. If they teach you then you’re probably going to be fine. If they dismiss these questions, or belittle your concerns, then you might need to keep searching.
Military pay and allowances:
Do they know the different types of military pay and tax-free allowances?
Do they understand you’re unlikely to be “laid off”and might not need a big emergency fund?
Can they explain the military’s Thrift Savings Plan and help choose your asset allocation?
Can they explain how to use both the Thrift Savings Plan and your IRA?
Do they understand how to invest tax-free pay from combat duty?
Do they know how to use the Savings Deposit Program when you’re in a combat zone?
Do they understand military life insurance and disability benefits?
Can they discuss the risks of buying a home while you’re on active duty, and how to get a VA loan?
Leaving the service for a bridge career:
Can they help you figure out how much money you’ll need to save for the job search?
Can they review your separation benefits and tell you what to expect?
Can they suggest how to use your military healthcare and insurance during the transition?
Do they understand disability ratings and benefits?
Can they help you assess the financial issues of a Reserve/Guard career?
Can they optimize your GI Bill education benefits for you and your family?
Eligible for a military retirement:
Do they understand that a military pension has an inflation-fighting cost of living allowance?
Do they know how your retirement pay is taxed?
Do they know that your civilian 401(k) or IRA might be able to be rolled into the TSP?
Do they understand how to build your retirement asset allocation around your military pension? You might not need more “guaranteed income” or a big bond portfolio.
Can they advise you (and your spouse) how to use the Survivor Benefits Plan?
Can they advise you about Tricare and other health insurance?
Can they discuss military and civilian life insurance?
Can they advise you about the federal long-term care insurance program?
I’ve heard too many sad stories about servicemembers who don’t take advantage of all their military savings programs and benefits. Some might be getting out in a year but they don’t know how to prepare their finances. Others are told they’re going to retire in nine months and get led astray by unscrupulous advisors. A few are paralyzed by indecision and don’t even know who to turn to for help.
What are your next steps?
First, educate yourself. If you’re paying an advisor then learn enough to keep up.
Second, stay in touch. Advisors can only support you when they get regular updates.
And finally, keep pushing yourself for financial independence. Advisors can help you lay out the path, but you have to make the journey!
Doug Nordman is the author of The Military Guide to Financial Independence and Retirement. He and his spouse retired from active duty and the Reserves after more than 20 years of service, and their daughter is starting her own military career. You can read more at The-Military-Guide.com.
If you have someone counting on you financially – or even if there is someone in your life who may be required to pay off your debts and your final expenses in case of the unexpected – then you likely need to have life insurance.
You can use life insurance proceeds for any number of circumstances, such as paying off a home mortgage and credit card debt, as well as replacing lost income. Replacing lost income ensures loved ones can continue to pay their everyday living costs, in turn, keeping those you care about from financial hardship.
When you are shopping for life insurance, you want to make sure that you choose the right type and amount of coverage for your specific needs. You should also ensure that the life insurance carrier you obtain the policy from is reliable and stable financially so that your loved ones can be more assured that they will get the funds that are owed to them. One insurer that fits these criteria is the Baltimore Life Insurance Company.
The History of The Baltimore Life Insurance Company
The Baltimore Life Insurance Company was initially founded back in 1882, as The Baltimore Mutual Aid Society of Baltimore City. Five men began the company with a starting sum of $260.93 in company asset. At that time in U.S. history, many people purchased life insurance coverage so that they or a loved one would not have to buried in a potter’s field, as versus replacing lost income of a breadwinner.
While it took several years for the company to start growing, by the year 1900, it was starting to pick up steam. At that time, the company’s name was also changed to The Baltimore Life Insurance Company of Baltimore City.
Over the years, the Baltimore Life Insurance Company has held steady through several recessions, and even depressions, in the United States. But it has persevered. Today, Baltimore Life Insurance Company insures more than 300,000 policy holders – both families and businesses – in communities across the country.
With its home office now located in Owings Mills, Maryland, the Baltimore Life Insurance Company operates in 49 of the U.S. states, and in the District of Columbia. The products and services of the Baltimore Life Insurance Company are marketed through 13 different career agency sales groups that operate in Maryland, Pennsylvania, Ohio, South Carolina, and West Virginia, as well as through an independent sales division.
The company’s independent marketing organizations’ ability to develop strong relationships with clients is the key to the success of clients as well as the insurer. To achieve this, the Baltimore Life Insurance Company offers extensive support, such as:
A competitive product portfolio
An electronic application and underwriting process (known as INSpeed)
Stellar customer service
The key market segment that the company targets is those who are in middle-class America.
The Baltimore Life Insurance Company Review
As of year-end 2016, the Baltimore Life Insurance Company had invested assets of nearly $1.2 billion – which equates to approximately 4 percent more than year-end 2015, and total assets of $1.241 billion. The company’s surplus stood at more than $81 million, which is a significant increase over the year prior.
The company also increased its new business sales in 2016, by 8 percent over its 2015 figures. Given its normalized sales and its death claims, the Baltimore Life Insurance Company continues to demonstrate positive operating income.
Today, just as it was when the company began in 1882, the Baltimore Life Insurance Company serves the mutual interests of its policyholders, its agents, its employees, and the communities around it. Commitment to excellence guides the company’s actions to the following:
Financial discipline
Making a positive difference
Integrity and respect
Openness and honesty
The Baltimore Life Insurance Company serves in some ways, including through sponsorships and employee volunteerism. Just some of the charities the company supports include the United Way and the Community Grants Program, as well as regular blood drives via the Red Cross.
Insurer Ratings and Better Business Bureau (BBB) Grade
Based on the company’s financial stability, and its ability to pay out its policyholder claims, the Baltimore Life Insurance Company has a rating of B++ (Good) from A.M. Best Company. This rating is fifth out of a possible 16 ratings.
Also, even though the Baltimore Life Insurance Company is not a Better Business Bureau (BBB) accredited company, the BBB has given this insurer a grade of A+. This is on an overall grading scale of A+ to F. Over the past three years, the Baltimore Life Insurance Company has only had to close out three customer complaints through the Better Business Bureau (and only one of these was in the past 12 months). All three of the complaints centered on problems with the company’s products and services.
Life Insurance Coverage Offered Through The Baltimore Life Insurance Company
The Baltimore Life Insurance Company offers a long list of personal life insurance options to choose. These can help to address both individual and family needs. These policy offerings include the following:
Secure Solutions Protector – Level Term Life Insurance – The Secure Solutions Protector level term life insurance coverage offers initial level premium periods of 10, 15, 20, or 30 years. After that, the policy may be renewed on an annual basis. All of the death benefits and the premiums are fully guaranteed to the insured’s age 100.
Home Secure – Simplified Issue Level Term Life Insurance Coverage – This plan provides both a death benefit that can be used by beneficiaries, as well as the option for living benefits, which can be applied if the insured becomes disabled or is diagnosed with a terminal illness. These living benefits may also be used if the insured is confined to a skilled nursing home facility. Also, this plan has a return of premium option.
Secure Solutions Advantage – Whole Life Insurance – This whole life insurance policy offers guaranteed cash values, along with a level death benefit. The policyholder may also receive dividends from the company to take as cash, or to put towards the purchase of additional life insurance coverage.
Silver Guard I, II, and III – For those who are between the ages of 50 and 80, final expense life insurance protection may be necessary. The Silver Guard plan can provide those funds. And, once qualified, as long as the premium remains paid, the plan will stay in force.
Lifetime Navigator – Universal Life Insurance – The Lifetime Navigator universal life insurance plan combines the affordability of permanent life insurance, flexible premiums, and a built-in lifetime insurance protection guarantee feature. For those who are seeking long-term protection with a competitive premium cost, this could be a viable option.
Generation Legacy – The Generation Legacy allows the transfer of funds from non-qualified annuities and other qualified plans, and offers an easy, tax-efficient way of passing a much later gift from these proceeds to the insured’s loved ones.
Secure Solutions – Single Premium Whole Life Insurance – The Secure Solutions Single Premium Whole Life insurance plan allows the transfer of cash funds such as money market and CD accounts. Plus, if the insured is diagnosed with a terminal illness, he or she may access the policy’s living benefits for paying their medical costs, or any other financial need that they see fit.
Critical Illness Insurance – The critical illness coverage from the Baltimore Life Insurance Company provides for medical expenses that are associated with the major critical illnesses, such as cancer, heart attack, kidney failure, major organ transplant, and stroke. This plan provides a cash benefit that can be used for costs that are not typically covered by regular health insurance policies such as home health care, experimental medical treatments, copayments and deductibles, and the lost income of a spouse or other caregiver.
Other Products and Services Offered
In addition to the life insurance coverage products that are offered via the Baltimore Life Insurance Company, there are also other products and services that can be obtained through this insurer. These include the following:
Retirement Annuities – The annuities that are offered by the Baltimore Life Insurance Company include options such as flexible premium retirement annuities (FPRAs), single premium deferred annuities (SPDAs), and single premium immediate annuities (SPIAs). All of these financial vehicles can help to ensure that a retiree will have an income for a set amount of time in the future.
Workplace Solutions – Baltimore Life Insurance Company works with business owners to help provide voluntary supplemental benefits for better meeting the needs of employees and their loved ones. These solutions include a permanent whole life insurance product, critical illness insurance coverage, disability income protection, dental insurance, long-term care insurance, personal major medical coverage, and more.
Financial Needs Analysis – The Financial Needs Analysis, or FNA, can help clients to set financial goals, prioritize them, and initiate a plan of action. The FNA should ideally be reviewed on a regular basis.
Prescription Savings Program – The Baltimore Life Insurance Company offers the ScriptSave Value Program that can help individuals and families to save money on necessary prescription medications. Both name brand and generics are eligible for this savings program.
Personal Planning Guide – Although nobody wants to dwell on it, there can be unexpected expenses thrust upon loved ones when an individual passes away. But, by going through the personal planning guide, individuals and families can plan for such costs in advance, and can often avoid having to dip into savings or other assets to pay these expenses.
Grants Program – For over fifteen years, the Baltimore Life’s Community Grants Program has helped many organizations in the communities where the company’s employees live and work.
Identification Program – As a community service, Baltimore Life Insurance Company offers several ID card programs to local groups and organizations. These programs can enhance the safety of the communities where the company serves. These cards include Child ID and Youth SportSmart cards, as well as medical emergency cards.
How to Find the Best Life Insurance Premium Quotes with Baltimore Life Insurance Company
If you have been looking for the best life insurance premium quotes on coverage from the Baltimore Life Insurance Company – or from any insurance provider – it is typically recommended that you work in conjunction with an independent life insurance agency or brokerage that has access to many different insurance carriers. In doing so, you will be better able to compare, side-by-side, the plans and the premium prices of different options, and from there you can decide which one will be the best for you and your specific needs.
When you are ready to move forward with comparing available life insurance options, we can help. We are an independent insurance broker, and we work with many of the top life insurance carriers in the industry. We can provide you with all of the important information that you will need for making a well-informed decision – and we can do so right from your computer. If you are ready to begin the process, then all you have to do is just simply fill out our quote form.
We understand how overwhelming it can seem when you are in the process of shopping for life insurance. There are many different policies and companies to choose from – and you want to be sure that you are moving in the right direction. Our life insurance experts can get you through this process easily, though. So, contact us today – we’re here to help.
Inside: Do you have a passion for something, but don’t know what to do with it? This guide will help you find a career that is perfect for you and match your interests and values.
This is something all of us wonder, right?
What should I do for a living?
Am I doing what I should do as a career?
Did I make the right decision with my career?
Or is it time to switch gears and find something that I love to do and make money at the same time?
I have been asking this question so many times, I finally decided to make a list of answers.
This is not just for those who want to know what they should do with their lives; it’s also for anybody looking for some new ideas on how they can fit into a career that will bring them satisfaction and happiness.
Recently, my middle schooler was asked, what do you want to do beyond high school? And he looked at me shell shocked.
Remarkably, this question of what should I do for a living is a doozy to answer. So, don’t feel alone if you cannot answer it… yet.
How do I find out what I should do for a living?
The first step to finding out what you should do for a living is to identify your skills and interests.
What are you good at?
What do you enjoy doing?
Once you have a better idea of your strengths and passions, you can start researching your options.
The bottom line…you must be happy to spend the next decades doing what you picked.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Tips for finding a career you love
When you’re looking for work, it’s important to remember that there are many different ways of making a living. You can be an artist or designer in your own home studio, or run your own business. The key is to figure out what your interests are, and then find a way to use those skills in the work you love doing.
The goal of this article is not just to help you find a job that pays the bills, but to help you find work that is satisfying, meaningful, and fun.
Here are some tips to keep in mind as you go through the process of figuring out what you want to do with your life.
#1 – Focus on You
Don’t listen to people who tell you that you should do one thing. If your parents want to see you be a doctor, or if your friends think it’s important for you to have a “real” job, you might be tempted to listen to them.
Don’t let anyone else tell you what your passion is, or how you should spend your life.
Determine what’s important for YOU!
As you go through the process of figuring out what to do with your life, keep in mind that there are many different ways to live a happy and fulfilling life. You don’t have to be a doctor to help other people. You don’t have to work in an office all day, every day.
Do what you love and the money will follow.
If you do something that you love, you will never have to work a day in your life. If you do what you love, and are good at it, people will pay for that service or product.
Do what makes YOU happy. If you’re not happy, no one else will be either.
Don’t let anyone tell you what to do with your life. You should never have to justify your decisions or choices to anyone. You are the only one who has to live with your decisions and choices.
Do what you want, not what other people want for you or think that you should do. Period.
#2 – Identify What Interests You & Makes You Tick
There are a variety of ways you can go about finding out what interests you. You can read books and articles on different topics, talk to people with various careers, or take online quizzes and assessments – like this what should I do for a living quiz.
The first step to finding the right career for you is to identify what interests you intellectually.
What fascinates you?
What makes you feel like you are not working?
How do you want to spend your free time?
Once you know what fascinates you, the next step is to figure out how you can turn this into a career. Then, pursue your career interests relentlessly so you can reach your full potential.
#3 – Uncover your Strengths
Identifying your strengths is the key to finding opportunities that will be a good fit for you and enable you to reach your full potential.
Here are some things to take note of:
Pay attention to what you enjoy doing.
Notice when you feel most energized and engaged.
Consider what you do well naturally.
Reflect on feedback you’ve received from others.
Ask yourself how you can use your strengths more often in your current role or situation.
Once you know what they are, make sure to pursue opportunities that are based on them. This will help you stay focused and motivated in your work and life.
#4 – Match Your Values With Your Interests
Your values are the things that are most important to you in life. They guide your decisions and actions. They direct you to live a life that is meaningful to you.
There are many ways to identify your values. One way is to think about what is most important to you in different areas of your life, such as your relationships, work, leisure activities, and so on. Another way is to think about what you would like people to say about you when you are no longer here. What do you want them to remember about you?
Once you have identified your values, it can be helpful to write them down or share them with someone who will support and encourage you in living according to them.
When you link your values and interests together, it creates a powerful combination that can help you to live a more fulfilling and meaningful life.
When you know what is important to you (values) and what makes you happy and excited (interests), it becomes much easier to make decisions about how to spend your time and energy.
For example, let’s say one of your values is “family” and one of your interests is “cooking”. You could combine these by cooking meals for your family members or friends. Not only would this be enjoyable for you (because it aligns with your interest in cooking), but it would also be meaningful because it would be an act of love and care for those closest to you (which aligns with the value of family).
#5 – Consider your Lifestyle
Are you okay living below your means? Or do you prefer to flash your cash?
If you tend to spend money frivolously or struggle with saving money, then you need to be a high-worth earner. If you are okay living stingy, then a modest salary will probably work for you.
Keep in mind your lifestyle and what would be the best fit for you.
Consider if the hours are flexible, if you’d have time for hobbies and other interests, and how the commute looks. Sometimes rethinking your opportunities can give you a better perspective on what’s truly important to you.
Other Questions to Ponder:
Do you want a job that will consume most of your time?
Do you want a job where you can have a good work-life balance?
Are you okay with being tied to one location or have the flexibility to move around?
Are you willing to travel for work? If so, how often and how far?
What are your salary expectations? Are you looking for health benefits, paid vacation, or other perks?
Ultimately, there are many factors going into your decision. When considering a new potential career opportunity, it’s important to think about more than just the paper qualifications and the salary.
#6 – Spend Time Doing your Research
The best way to find a career you love is to first figure out what it is that you’re passionate about. What are the things that make you excited to get out of bed in the morning? Once you know what your passions are, research careers that align with those interests.
This just doesn’t happen overnight.
In fact, I recently went back to something of interest to me years ago because it would provide the time freedom I desired.
Spend time doing your research and following all the steps we cover in this post.
#7 – Find a career that matches your skills and interests
It can be difficult to identify what you want to do with your life, especially if you’re feeling lost or uncertain.
However, once you’ve identified what areas of interest might suit your skillset, try to link these interests with some type of career options.
Consider how your interests would fit into potential careers before choosing one.
It’s important to consider how your unique passions would fit into certain occupations or fields of work before choosing one. This will help you find a career that is satisfying and fulfilling. Consider the skills and interests you have and search for job openings that match them.
Start by researching the field you’re interested in.
# 8 – Talk to people in the field
There are a few ways to find people to talk to about your career interests. You can start by talking to friends and family members who might know someone in the field you’re interested in. You can also look for professional organizations related to your field of interest, or search for networking events in your area.
When you’re talking to someone about their career, it’s important to ask questions that will help you learn more about the field and whether it’s a good fit for you. Some questions you might want to ask include:
What does a typical day look like?
What is the most challenging part of the job?
What are the biggest rewards of the job?
These people will have better insights than what you can find searching the internet.
#9 – Get experience in the field
Oh, I cannot tell you how important this step is!
You have heard a similar story… my son dreamed of being an engineer and we planned to send him to engineering school. After his internship, the thought of being an engineer sucked the life out of him. Glad we learned this lesson before we spend money on his college education.
That is why I believe schools like this are so important to get real-life experience doing what you think you want to do for a living.
Consider internships or volunteer work to get your foot in the door.
Gaining experience can help you learn more about a particular field or company, and whether or not it’s the right fit for you.
#10 – Be open to change
Here are some things to keep in mind with change.
1. Change can lead to new opportunities: When you’re open to change, you’re also open to new opportunities. Embracing change can help you find a new job, start a business, or even move to a new city.
2. Change can help you grow: Personal growth is important for a fulfilling life. Change can challenge you and push you out of your comfort zone, leading to personal growth.
3. Change can be exciting: If you’re bored with your current situation, change can be exciting. It’s a chance to start fresh and experience something new.
4. Change can be positive: Even if it’s difficult, change can ultimately be positive. It can lead to improved relationships, increased happiness, and a better life overall.”
15 Most Popular Working for a Living Jobs
Many people want to know what they should do for a living.
For some, it’s not as easy as just “doing what you love.” There are definitely jobs out there that allow you to do what you love and make a living.
But first, we need to talk about the types of work available.
All salary estimates from Salary.com.
Registered Nurses
Registered nurses are in high demand and make a good living. They work with patients to assess their health, provide treatments, and help them recover.
Average Pay: $65k-70k per year
Education Needed: You need to have a nursing degree from an accredited school. You will also need to pass the National Council Licensure Examination for Registered Nurses (NCLEX-RN)
Police Officers
Police officers are responsible for upholding the law and maintaining public safety. A successful career in law enforcement requires strong communication skills and the ability to stay calm under pressure.
Average Pay: $54k-72k per year
Education Needed: Requires a college degree
Security Officer
More people are looking for security officer jobs as the world becomes increasingly dangerous. Security officers are in high demand and are usually the first responders in an emergency situation. It’s a challenging and rewarding career that can make a difference in people’s lives.
Average Pay: $32k-53k per year
Education Needed: Depends on their background and previous experience.
Real Estate Agents
If you’re looking for a job that’s in high demand, consider becoming a real estate agent. With the right education and licensing, you could be helping people buy and sell homes in no time. You must be comfortable marketing yourself and closing sales.
Average Pay: $38k-140k per year
Education Needed: Real estate agents need to be licensed in order to work. The real estate agent licensure test has a written and practical exam that must both be passed. In order to pass, you will need to know about contracts, financing, legal issues, and more.
Nursing Assistant
One of the most popular jobs in America is nursing assistant. It requires little training and pays relatively well. The work can be demanding, but it is also rewarding, and many nursing assistants feel a sense of satisfaction from their work.
Average Pay: $29k-41k per year
Education Needed: The Nursing Assistant job requires a high school diploma or equivalent, on-the-job training, and certification.
Delivery Driver
One of the most popular jobs in America is being a delivery driver. There are many positions for delivery drivers with different companies. Popular companies to work for include UPS, FedEx, and Amazon.
Average Pay: $39k-54k per year
Education Needed: Minimal. To become a delivery driver, you need to have a valid driver’s license and be able to lift heavy objects.
Firefighter
The most popular jobs in the United States vary from year to year, but there are always a few constants. Among these are firefighters, who protect lives and property from fires and other emergencies. They undergo rigorous training and must be physically fit to do the job.
Average Pay: $54k-94k per year
Education Needed: To become a firefighter, you need to have completed high school and be at least 18 years old. You will also need to pass a physical test and complete a training program.
Customer Service Representative
A customer service representative is the front line of a company and often the first interaction a customer has with the brand. The customer service representative’s job is to handle customer complaints, provide product information, and handle other inquiries. In order to be a successful customer service representative, one must have excellent communication skills and be able to stay calm under pressure.
Average Pay: $28k-44k per year
Education Needed: Minimal. Most require on-the-job training.
Dental Assistants
Dental Assistants are needed in every dental office. They help the dentist chair-side and perform a variety of tasks such as: take X-rays, prepare patients for treatment, sterilize instruments, and more. The Bureau of Labor Statistics projects that the number of jobs for Dental Assistants will grow by 18% from 2016 to 2026.
Average Pay: $32k-50k per year
Education Needed: To become a dental assistant, you will need to complete an accredited program and pass certification exams.
Nanny
One of the most popular jobs, and one that is likely to continue being in high demand, is nannying. To become a nanny, it is important to have experience with children and to be comfortable caring for them.
Average Pay: $37k-51k per year
Education Needed: You should also be CPR certified and have a clean background check.
Medical Assistants
A medical assistant is responsible for a variety of tasks in a doctor’s office, such as handling insurance claims, scheduling appointments, and helping the doctor with examinations.
Average Pay: $33k-44k per year
Education Needed: The job requires certification from an accredited program and on-the-job training.
Home Health Aides
Being a home health aide can be a rewarding career. Home health aides assist people who are unable to care for themselves in their own homes. They may provide basic needs such as bathing and dressing, or they may provide more specialized help, such as caring for someone who has Alzheimer’s disease.
Average Pay: $23k-33k per year
Education Needed: In order to be a home health aide, you need to have a high school diploma or equivalent, be at least 18 years old and have a driver’s license.
Personal Assistants
Being a personal assistant is a profession that helps people with various tasks. These tasks can include things like preparing meals, cleaning, and running errands. There are many different types of personal assistants, but all of them must have good communication skills and be able to multi-task.
Average Pay: $50k-83k per year
Education Needed: None
Graphic Designer
A graphic designer creates visual concepts, using computer software or by hand, to communicate ideas that inspire, inform, and captivate consumers. They develop the overall layout and production design for advertisements, brochures, magazines, and corporate reports.
Average Pay: $39k-65k per year
Education Needed: Many hold a bachelor’s degree in graphic design or related fine arts field.
Marketing Manager
A marketing manager is responsible for planning and executing marketing campaigns that promote a company’s products or services. They must have a strong understanding of marketing principles and be able to develop creative strategies that will engage consumers
Average Pay: $47k-94k per year
Education Needed: Usually need a least a bachelor’s degree, but the experience is more important.
High Paying Career Opportunities that Pay Over $100k a Year
There are many popular career choices that people will argue about. For example, which is the best job? This section covers jobs that pay over $100000 a year.
These jobs typically have six-figure salaries and require years of schooling and training.
Software Engineer
A software engineer is someone who designs, creates, tests, and maintains the software that makes computers work. They design, develop, test, and maintain the software that makes our lives easier. As technology advances, the job of a software engineer becomes more and more important. Writes code, tests, and debugs programs and perform a variety of complicated tasks.
There is a high demand for software engineers in the airline industry. Pilots need software engineers to design, develop, and maintain the software that controls the aircraft. They also need software engineers to help with the maintenance and troubleshooting of the software.
Average Pay: $65k-130k per year
Education Needed: Requires a college degree. Many have master’s degrees as well. To become a software engineer, one must have a strong foundation in mathematics and computer science.
Database Administrator
A database administrator is responsible for designing, implementing, maintaining databases, and troubleshooting databases while ensuring their availability 24/7/365. They work with clients to understand their needs and create databases that meet those needs. Database administrators need strong technical skills, as well as good communication and problem-solving skills.
Average Pay: $97k-150k per year
Education Needed: May require a bachelor’s degree in area of specialty or require certification.
Investment Banker:
A career as an investment banker can be quite fulfilling, as you will be responsible for helping companies raise money by issuing and selling securities. You will need to have a good working knowledge of financial markets, as well as excellent communication and organizational skills. As well as provides analysis of opportunities and potential investments, assists clients with the formulation of investment proposals, and provides guidance on the structuring and negotiation of transactions.
Average Pay: $56k-110k per year
Education Needed: College degree is typical and may require an advanced degree.
Air Traffic Controller
Air Traffic Controllers work in airports to ensure safe and efficient air travel. They monitor aircraft and make sure they follow all the necessary safety procedures. They also direct the movement of flights and keep an eye on traffic congestion. An air traffic controller is key for the safety of the pilots and passengers.
Average Pay: $54k-120k per year
Education Needed: Requires certification from the Federal Aviation Administration (FAA).
Petroleum Engineer:
There is an increasing demand for Petroleum Engineers. They are responsible for the exploration and production of oil and gas and work in a variety of industries, including energy, mining, and transportation. They develop plans to extract oil and gas from deposits below the earth’s surface and new ways to extract oil and gas from old wells.
Average Pay: $82k-120k per year
Education Needed: Requires a bachelor’s degree in engineering. May specialize in reservoir engineering, drilling engineering, or production engineering.
Anesthesiologists
Anesthesiologists are responsible for the care of patients during and after surgery. They monitor patients to make sure they are safe, help them breathe, and make sure they are comfortable.
Average Pay: $310k-520k per year (most anesthesiology assistants make well over $100k)
Education Needed: Requires a bachelor’s degree. Then, medical schools are offering anesthesiology education.
Airline Pilots
Being an airplane pilot is a very demanding job. Pilots need to be able to stay focused for long periods of time while flying. They also need to be able to make quick decisions while flying. Pilots also need to be able to multitask while flying. With travel demand constantly growing, there will be a growing need for pilots.
The airline pilot profession is a very demanding one that requires a great deal of education and training. It takes many years of dedicated study to become a qualified airline pilot.
Average Pay: $125k-163k per year
Education Needed: In order to become a certified pilot, pilots must first complete an accredited undergraduate program. After that, they must complete a professional pilot training program that can last anywhere from 1 to 4 years. Finally, they must pass a certification.
Psychiatrists
There are many different types of psychiatrists and their job duties vary. Psychiatrists are typically employed as full-time employees in hospitals, clinics, or private practices. A psychiatrist’s job duties may include diagnosing mental disorders and providing treatment.
Average Pay: $190k-300k per year
Education Needed: Usually required to have a graduate degree in psychiatry and pass a psychiatric board examination.
Orthodontists
Orthodontists are a type of doctor who specializes in the treatment of teeth and jaws. They use orthodontic appliances (braces and retainer devices) and other treatments to correct problems with teeth and jaws. Orthodontists typically work in private clinics and hospitals.
Average Pay: $100k-210k per year
Education Needed: Required to have a four-year undergraduate degree in dental hygiene, dental medicine, or dental technology. After completing an orthodontic residency, they must pass the American Board of Orthodontics (ABO) license examination.
Day Trader
A day trader is someone who makes a living by trading stocks, commodities, or currencies. They do this by buying and selling stocks, commodities, or currencies at the right time, and making a profit. This means that they are constantly on the lookout for opportunities to make money. A day trader typically works from home and may use a computer, telephone, or other electronic devices to trade.
Average Pay: $65k-120k per year
Education Needed: Required None required. However, many have a background in finance or economics.
Hedge Fund Manager
A hedge fund manager is a person who manages hedge funds. Hedge funds are investment pools that are used to protect investors from losses. Hedge fund managers make money by investing money in different types of securities.
Being a hedge fund manager is a very demanding job. It requires a lot of skill, knowledge, and experience. A hedge fun manager must be able to analyze financial data and make decisions quickly. He or she must also be able to communicate with clients and other employees of the hedge fund.
Average Pay: $87k-131k per year
Education Needed: Hedge fund managers must have a strong educational background. Studying finance or economics is usually necessary.
Web Developer:
A web developer is responsible for creating and maintaining websites. They work with clients to understand their needs and create a website that meets those needs. Web developers need strong technical skills, as well as good communication and problem-solving skills.
Average Pay: $97k-140k per year
Education Needed: College degree required. Must have certifications as well.
Network Engineer
A network engineer is responsible for designing, implementing, and maintaining networks. They work with clients to understand their needs and create networks that meet those needs. Network engineers need strong technical skills, as well as good communication and problem-solving skills
Average Pay: $73k-120k per year
Education Needed: College degree required. Must have certifications as well.
Trade Jobs that Pay A lot More than Minimum Wage
Trade jobs often come with good pay. This is because they require specialized skills and training. Some of these jobs include welders, plumbers, and electricians. Many trade jobs also come with good benefits packages. This includes things like health insurance and retirement plans. Some even offer the choice to join a union.
For example, welders and power plant operators can make an average of $23 an hour. Plumbers and electricians can make an average of $30 an hour.
Power Plant Operator
Aircraft Technician
Welders
Plumber
Construction Manager
Electricians
Real Estate Appraiser
HVAC Technician
Elevator Mechanic
Radiation Therapists
Boilermakers
Most Needed Job Opportunities
There are a number of jobs that are on-demand and in high demand right now. These jobs may have different requirements or be in higher demand in certain areas, but they all offer the potential to make a good living doing something you love.
There are many trade jobs that are in high demand right now. This means that there are more job openings than there are people to fill them.
This list of the top five jobs in demand right now was formed with the help of Best Colleges.
Nurse Practitioner
A Nurse Practitioner is a type of doctor who helps patients with a wide range of health problems. They work in a team with other doctors and nurses to care for patients.
Nurse Practitioners are trained to diagnose and treat a wide range of health problems, which can include everything from common colds to more serious diseases.
Average Pay: $100k-140k per year
Education Needed: Medical training is beyond what a registered nurse needs. A Master’s in nursing is required as well as state licensure.
Genetic Counselor
A genetic counselor is a healthcare professional who helps individuals and families understand and adapt to the medical, psychological, and social implications of genetic disorders. They work with patients to provide risk assessment, education, and support for inherited conditions.
Genetic counselors are poised for rapid growth and long-lasting job security due to advancements in genomics and genetic testing.
Average Pay: $67k-99k per year
Education Needed: Master’s degree in genetics and board certification.
Occupational Therapy Assistant
An occupational therapy assistant (OTA) is a healthcare professional who helps people regain and improve the skills they need to live and work independently. They provide rehabilitative services to patients who have sustained an injury, have a disability, or are experiencing physical and/or cognitive changes.
This may include helping individuals improve their mobility, balance, and coordination through exercise programs; improving the social skills of children with developmental challenges; working with people who have mental health conditions to help them participate in daily activities; or providing support to elderly patients who want to remain independent.
Average Pay: $52k-76k per year
Education Needed: Associate’s degree and field experience.
Physical Therapist Aides
Physical therapists aides help patients who have physical problems such as bed sores, fractures, and paralysis. They work with the physical therapist to help the patient move and perform activities of daily living. Typically duties include helping patients with exercises, massages, and other treatments.
Average Pay: $30k-38k per year
Education Needed: Physical therapist aides must have a high school diploma or GED and pass a criminal background check.
Information Security Analyst
The information security analyst job market is projected to grow by 33% over the next three years, making it one of the fastest-growing job markets. Information security analysts are vital to the protection of data and are responsible for the protection of computer systems and networks from cyberattacks and data breaches. They work to protect an organization’s most valuable assets- its data.
Average Pay: $70k-103k per year
Education Needed: Most have a Bachelor’s degree in software engineering or computer science. Also, many have certifications.
Thinking to Follow Your Passion – Cool Jobs to Do
There are a variety of jobs that you may not have considered that can be a great fit for you.
If you’re looking for a career change or just want to try something new, here are a few jobs you may want to consider. These jobs offer great opportunities and allow you to do what you love every day.
Video Game Programmer or Designer
If you love playing video games and have some creativity, you may want to consider becoming a videogame designer. This job allows you to use your imagination and creativity to create new and innovative gaming experiences for players all over the world.
Average Pay: $53k-185k per year
Education Needed: A college degree in computer programming is preferred. However, you can program get a certification and start working sooner.
Virtual Assistants (VA)
Being a virtual assistant can be a great way to make some extra money. It can be a lot of work, but with the right skills and equipment, it can be a lot of fun. Virtual assistants work with people all over the world, so there is always something new to learn. A VA has very flexible hours and can set its own schedule.
Average Pay: $39k-52k per year (depending on how much you hustle). Very common to make more.
Education Needed: None. But, this virtual assistant training is highly recommended.
Video Producer
There are a variety of video production jobs that are in high demand. If you have the skills and are passionate about video, there are plenty of opportunities out there. You could work as a video producer for a news organization, create video content for a website, or work for a company that produces video content for marketing purposes.
Average Pay: $47k-100k per year
Education Needed: Most have a college degree in design and video production. But, experience is preferred.
Tour Guide
If you are good at giving information tours, you may want to consider becoming a tour guide. Tour guides give visitors an overview of a particular place or attraction. They must be knowledgeable about the history and culture of the area they are touring, and be able to answer visitor questions.
Average Pay: $22k-44k per year
Education Needed: None.
Fashion Stylist
Detail-oriented people who have a passion for fashion and design can make a great living as a stylist. Stylists are in high demand, especially in the fashion industry. They typically work with clients to help them choose outfits or styles that will suit them, as well as style photo shoots and provide consultation on current trends.
Average Pay: $47k-64k per year
Education Needed: This is a job where you get popular by your experience and referrals.
Translators
Being a translator can be a very rewarding and challenging career. The most popular jobs for translators are in the legal, medical, business, and technical fields.
Translating is a very versatile job that can be done in many settings. Learning about the different types of translation and which language pairs are the most popular can help you get a better understanding of the field.
Average Pay: $43k-72k per year
Education Needed: Typically hold a bachelor’s degree. Must be proficient in at least two languages.
Social Media Manager
If you are able to communicate well, have strong writing and communication skills, and have some marketing experience, you may want to consider becoming a social media manager. A social media manager is responsible for developing and executing a social media strategy for their employer or client.
A social media manager is responsible for creating and managing a company’s social media presence. This includes creating content, monitoring activity, and engaging with followers.
Average Pay: $49k-75k per year
Education Needed: A college degree in marketing is preferred.
Event Planner
Event planners are in charge of organizing and managing events. They come up with ideas for events, coordinate with various departments to make them a reality, and keep things running smoothly. Event planners can work for businesses of all sizes, from small businesses to multinationals. There are many different types of event planners, so if you’re interested in a career in events, you should explore this avenue.
Average Pay: $47k-70k per year
Education Needed: Many have a college degree, but that is not mandatory. Strong organizational skills, attention to detail, and ability to work under pressure. Experience is best.
Florist
There are many cool jobs that you can consider if you are interested in the floral industry. A florist can work in a variety of settings, such as a grocery store, a restaurant, or a ballroom. A florist can also work as a freelance artist, creating floral arrangements for special events. This is a creative outlet for many and comes with flexible hours. However, work can be seasonal and require working on weekends and holidays.
Average Pay: $35k-76k per year
Education Needed: Nothing special. Just have an eye for creativity and a love of flowers.
Work Opportunities to Make Real Money
How do you want to make money? There are many ways. You could choose a career in medicine, law enforcement, or any other occupation that ultimately benefits society and helps people thrive.
Many people believe a business degree is worth it, but may not be the best choice for you.
Here are real jobs to make real money at work.
Teacher
One of the most popular jobs in America is teaching. Teachers are needed in every state, and the profession offers great stability and benefits. We need our teachers to teach the next generation.
Average Pay: $39k-80k per year
Education Needed: In order to become a teacher, you need to have at least a bachelor’s degree and be certified in your state. Many pursue a master’s degree in order to receive higher pay.
Veterinarian / Veterinary Tech
There are a lot of different jobs in the veterinary field, and if you love animals, chances are you would enjoy working with them. Veterinarians work with all types of animals, from pets to livestock. Veterinary technicians work with animals in veterinary hospitals, performing tasks such as recordkeeping and taking care of furry patients.
Average Pay: $60k-150k per year / $25k-55k per year
Education Needed: Becoming a veterinarian is much like going to college to become a doctor requiring specialty degrees. However, a vet tech only needs a high school diploma.
Construction Worker
Being a construction worker can be a challenging, but rewarding experience. It can be a great way to meet new people and build some amazing structures. The job requires a lot of physical labor, but it can also be very rewarding to see a project come to life. If you are interested in becoming a construction worker, be sure to research the profession and prepare yourself for the challenges that will come with the job.
Average Pay: $26k-47k per year
Education Needed: Starting out no experience is needed. To become a project manager, you will need a college degree.
Marketing Assistant
A marketing assistant helps with a variety of tasks in marketing. They may be responsible for monitoring and managing budgets, creating and distributing marketing materials, or working with customers to improve their experience with a company. If you have a strong interest in marketing and are comfortable working in a collaborative environment, a marketing assistant role may be a good fit for you.
Average Pay: $34k-57k per year
Education Needed: A college degree in marketing is preferred.
Truck Driver
One of the most popular jobs in America is a truck driver and a heavily needed position. The Bureau of Labor Statistics reports that there are 1,187,500 truck drivers employed in the United States.
Average Pay: $45k-58k per year
Education Needed: A high school diploma or equivalent is typically required to become a truck driver.
Administrative Assistant or Office Manager
The Administrative Assistant position is one of the most popular jobs in America. The role generally entails providing support to managers and employees, handling office operations, and managing schedules. In order to be successful in this career, you’ll need strong organizational skills and proficiency in Microsoft Office.
Average Pay: $35k-55k per year
Education Needed: None
What Should I Do for a Living FAQs
You enjoy going to work,
Your work makes you feel fulfilled.
Your skills are utilized and challenged.
You feel like you are making a difference.
This is why it is important to spend time making a decision on what to do for a living.
You’re not passionate about your work
You’re always stressed out
You dread going to work
You’re not challenged by your work
You don’t feel like you’re making a difference
It is better to make a decision to move out of the wrong career to maintain your happiness in life.
Research other careers that might be a better fit for you and consider making a switch.
Your interests can give you clues about the types of careers that might suit you. Your skills can help point you towards careers that will make use of your strengths.
Passions:
What are you passionate about?
What topics can you talk about for hours without getting bored?
Skills:
What natural talents do you have?
Are you good at working with your hands, or do you prefer working with your mind?
Do people often come to you for advice or help with problems?
Values:
What is important to you in a job?
Do you want to feel like your work makes a difference in the world, or do you just want a steady paycheck?
Do you prefer working independently or as part of a team?
Personality:
Are you an extrovert or an introvert?
Do people describe you as spontaneous or cautious?
Work environment:
Do you prefer working indoors or outdoors?
In an office or from home?
With animals or with people?
When it comes to choosing a career, it’s important to consider what kind of personality traits will make someone successful in their chosen field. Also, knowing your values can help narrow down your career options.
How can you create a career you love?
Your career is one of the most important aspects of your life. It’s what you spend the majority of your time doing, and it can have a huge impact on your overall happiness and satisfaction with life. That’s why it’s so important to find a career that you love.
When you have a career that you’re passionate about, it doesn’t feel like work. You’re more likely to be engaged and motivated, and you’ll be more likely to stick with it even when things get tough. Plus, pursuing a career that you love can lead to all sorts of other benefits, like increased success and earning potential.
There is no reason why you can’t create a career that brings joy into your life every single day!
How can you make a living doing what you love?
What are you good at? What do you enjoy doing? Which things are you naturally drawn to?
Those are the areas you need to focus on.
Once you have a plan, it’s time to start making money. There are a number of ways to do this, but the most important thing is to get started and keep moving forward.
Remember, it takes time and effort to build a successful business or find an enjoyable career.
What Should I Do Now?
There’s no single answer to the question “what should I do for a living?”
Everyone has a different idea of what they would like to pursue.
There is no right or wrong answer when answering this question, but if you are struggling with the decision-making process, take note of these most popular jobs and the skills you need to get them.
But by exploring your interests and values, you can find a career that is a perfect match for you.
No matter what your interests or skills may be, there is sure to be a cool job out there that is perfect for you.
You could also become an environmental scientist, web developer, or event planner. There are many exciting and rewarding careers out there – you just need to find the one that’s right for you.
Then, at the next social event, you can be proud to answer “what do you do for a living?”
So what are you waiting for? Start your search today!
More Ideas for You:
Know someone else that needs this, too? Then, please share!!
Shopping for life insurance is not the way that you want to spend an evening. I know that nobody wants to sit around and think about his or her death, but you can’t avoid it. Not planning for your passing is one of the worst things that you can do for your loved ones.
When you start looking for the perfect life insurance plan, you can easily feel like you’re drowning in all of the options. There are hundreds of companies that you can choose from and several different types of life insurance policies.
Every insurance company is different. You’ll get different rates, benefits, and policy options depending on the company, and you could spend weeks trying to find the best policy. Luckily, I’ve done some of the dirty work for you. I’ve reviewed dozens of companies and outlined all of the advantages and disadvantages of the companies and the plans that they offer.
This post is going to look at Conseco.com and help you decide if they are the best fit for you and your life insurance needs.
The History of Conseco.com Life Insurance Company
CNO Financial Group was initially incorporated in 1979, and the company started its operations just a few years later in 1982. In 1985, the company went public and changed its name to Conseco, and then, in 2010, the company again changed its name to CNO Financial Group, Inc.
Since its initial inception, Conseco / CNO has grown and expanded considerably, and the company has several insurance and financial related subsidiaries that develop, market, and administer health insurance, life insurance, annuities, and other insurance products. These subsidiaries include the following:
Bankers Life and Casualty Company
Colonial Penn Life Insurance Company
Washington National Insurance Company
Today the company serves more than 4 million customers, who are primarily considered to be in “middle income working America.” The headquarters of CNO / Conseco is in Carmel, Indiana.
CNO Financial is ranked as one of the ten largest public companies in the state of Indiana. It currently possesses a market capitalization of approximately $3.5 billion. As of year-end 2016, CNO had roughly $4 billion in revenue and $263 million in operating income.
Over the past four years, CNO has had a total shareholder return of more than 115% – which makes it incredibly strong financially. Given its strong capital position, CNO Financial can withstand both up and down markets.
Conseco / CNO Financial, as well as its subsidiary companies, have earned numerous awards and accolades over the years, such as:
Ranking second in the 2016 Healthiest 100 Workplaces in America due to its vision, leadership, and comprehensive wellness policies
Received Well-Being Top Honors for its ongoing commitment to promoting a healthy work environment and encouraging its workers to live more healthy lives
Received the highest level of recognition by the American Heart Association for being a Fit-Friendly Company
Bankers Life named as one of the U.S. top 50 performing life-health insurance companies in the 2013 Ward’s 50 – an honor that is typically bestowed to only 50 of the 800 life-health insurers that are analyzed.
Colonial Penn won the Pega 2012 Customer Experience Award
Insurer Ratings and Better Business Bureau Grade
Because of its strong and stable financial foundation, Conseco / CNO Financial and its subsidiaries have earned very high ratings from the insurer rating agencies. These include the following:
Subsidiary Claims-Paying / Financial Strength
A.M. Best
Standard & Poor’s
Fitch
Moody’s
Bankers Conseco Life Insurance Company
A- (Stable)
BBB+ (Stable)
BBB+ (Stable)
Baa1 (Stable)
Bankers Life and Casualty Company
A- (Stable)
BBB+ (Stable)
BBB+ (Stable)
Baa1 (Stable)
Colonial Penn Life Insurance Company
A- (Stable)
BBB+ (Stable)
BBB+ (Stable)
Baa1 (Stable)
Washington National Insurance Company
A- (Stable)
BBB+ (Stable)
BBB+ (Stable)
Baa1 (Stable)
Also, the subsidiaries of CNO Financial / Conseco also have been given top grades from the Better Business Bureau (BBB). For example, Bankers Life has been an accredited company through the Better Business Bureau since August 1, 2013, and the BBB has provided this company with a grade of A+ (which is on an overall grade scale of A+ to F).
Over the past three years, Bankers Life has closed out a total of 112 customer complaints (of which 39 have been closed within the previous 12 months). Of the 112 total, 73 were regarding problems with the company’s product and service. 15 had to do with delivery issues, 12 were concerning billing and collection issues, 11 were related to advertising and sales issues, and one had to do with the company’s guarantee issues.
Colonial Penn Life Insurance Company has an A- rating from the Better Business Bureau. Within the past 36 months, this CNO Financial subsidiary has closed out a total of five customer complaints. Four of these complaints dealt with problems with the products and services, and the other one was regarding billing/collection issues.
The subsidiaries of CNO Financial (Conseco) offer a wide variety of life insurance coverage. For example, Bankers Life Insurance Company offers both term and permanent life insurance products. With term life, insureds can choose a pre-determined number of years of coverage, such as 5, 10, or 20. The premiums on these policies will remain level throughout the life of the policy.
Bankers Life also offers both whole life and universal life insurance coverage in its permanent life coverage category. With whole life, the premiums will stay level and will never go up (if they are paid on time). The universal life insurance coverage that is offered by Bankers provides more flexibility regarding premium payment and amount. Both policy categories offer guaranteed cash value in the policies. And, this money may be borrowed or withdrawn by the policy holder for any need that he or she sees fit.
Colonial Penn Life Insurance Company has been offering life insurance coverage for more than 50 years. This Conseco / CNO subsidiary provides both term and permanent protection, too. And, with the company’s guaranteed acceptance life insurance, an applicant is guaranteed to be approved for coverage – and there are no medical exams or health questions required for approval. With these permanent life insurance policies, the premium rate will be locked in, and the plan will start to build up cash value after the first year.
The life insurance plans that can be purchased through Colonial Penn offer coverage of up to $50,000 (for both term and whole life coverage). And, individuals may apply for either a term or a whole life policy up to age 75.
Likewise, Washington Mutual Insurance Company also provides an extensive list of life insurance coverage options to choose from. These also include both term and permanent coverage options.
The term policies from Washington Nation can provide coverage for just a few years, or for many years. The monthly premiums will remain level throughout the life of the policy.
Regarding permanent life insurance coverage, Washington Mutual offers both whole life and indexed universal life insurance plans. Whole life policies offer a choice of having a level benefit (where the policy pays out the face amount and any rider benefits to a named beneficiary upon the insured’s death), or a graded benefit (where the policy will pay out a reduced amount of benefit if the insured’s death occurs for reasons other than an accident within the first two policy years).
With an indexed universal life insurance policy through Washington Mutual, there is a death benefit, as well as a cash value component. The growth of the cash inside the policy will have a return that is based on the performance of an underlying market index (such as the S&P 500). If the index performs well, the policy holder can obtain an excellent return for that period. However, if the underlying index performs poorly in a given year, the return will just be credited as a 0% for that time – which essentially allows the protection of the policy holder’s principal).
The indexed universal life policies at Washington Mutual Insurance Company may also allow the insured to access “living benefits” in certain situations. This means that he or she could access the policy’s death benefit proceeds, while still alive, for expenses that are related to a terminal illness diagnosis and confinement in a nursing home.
Burial Insurance
Even if you have all your finances in order, there may still be one area that has been left out – and because of that, it could leave those you care about vulnerable to future financial hardship. That is the payment of final expenses.
Today, the average cost of a funeral is between $8,500 and $10,000. This is especially true when you factor in the price of a memorial services, flowers, and transportation, along with other items such as a burial plot and headstone.
Rather than having your loved ones dip into their savings, or worse, put these expenses on credit when the time comes, you could provide them with the financial gift of a burial insurance policy.
Burial insurance is a type of life insurance that is specifically designed for paying one’s final expenses. Also, often referred to as funeral insurance or final expense insurance, these plans will typically have a benefit amount of between $5,000 and $25,000.
In some cases, an insured will add an amount of coverage so that other unanticipated expenses may also be covered, such as hospice care and end of life hospitalization that is not included in a regular medical insurance policy.
When you are seeking the best burial insurance policy for your needs, several factors should be considered. These include the type and amount of coverage, as well as the insurance carrier that you plan to purchase the coverage through. In this case, you will ideally want the company to be secure and stable financially, and to have a good reputation for paying out its policy holders’ claims. One insurer that meets these criteria is Conseco.
Other Products and Services Offered
In addition to life insurance protection, the Conseco / CNO Financial subsidiary companies also offer additional financial and insurance related products. These include the following:
Bankers Life
Medicare Supplement Insurance (the company offers several of the ten Medicare Supplement insurance plans)
Retirement Annuities (these products can provide a way to save money in a tax deferred fashion, and they can also provide a guaranteed lifetime income stream in the future)
Long Term Care Insurance (most long-term care insurance policies will pay out benefits if the insured is receiving qualified care in a facility or their own home)
Washington National Insurance Company
Washington National Insurance Company also offers a variety of different products. These include:
Health Insurance
Workplace Benefits (including term and universal life insurance, hospitalization and ICU coverage, cancer and critical illness insurance, and accident and disability coverage
How to Get the Best Premium Rate on Life Insurance Coverage
If you are seeking the best premium rate on life insurance coverage through the subsidiary companies of Conseco / CNO Financial – or from any insurance carrier – it is recommended that you work with an independent life insurance agency or brokerage. That way, you will be more easily able to compare numerous policy options side-by-side in an unbiased manner. You will then be able to determine which of the policies – and the premium prices – work the best for you, and for your budget.
When you are ready to start comparing the best life insurance coverage for your needs, we can help. We are an independent life insurance broker, and we work with many of the top life insurance providers in the market place today. We can assist you with getting all of the information that you need for making a well-informed buying decision. And, you won’t have to meet in person with a life insurance agent. If you are ready to begin the process, then just simply fill out our short quote form.
We understand how overwhelming it may seem when you are looking for the right life insurance protection. There are many different variables to consider – and you want to make sure that you are choosing the right policy – and the right insurance company – for your specific needs.
But the good news is that you don’t have to go through this process alone. Working with an expert can put you back in control. So, contact us today – we’re here to help.
When we were in the process of building our dream home, we pretty well expected to go over budget. Knowing this we tried to cut expenses as much as we could. The one expense that we knew that we absolutely had to avoid was PMI (Private Mortgage Insurance). Recently, I had a reader question also pertaining to PMI: Joe A. wants to know:
I’ve had my mortgage for 2 years and want to get rid of my PMI. The lender told me that I must get a home appraisal to prove that I have at least 80% equity. Well, I got the appraisal and then paid the loan down to 80% of my home’s value. But then the lender sent me a letter saying I need a loan-to-value that’s 75%! Now I’m worried that I’ll pay the loan down to 75%, but they’ll just have another excuse not to remove my PMI. What should I do?
Before I tell you the best ways to get rid of PMI, let’s take a step back and make sure you know what it is.
What Is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance or PMI is a product that protects a lender in case you default on a home loan and they’re forced to foreclose. It’s a downright irritating expense because it’s like having to pay for your neighbor’s health insurance each month—it doesn’t benefit you in the least.
Nonetheless, lenders typically require you to pay PMI when you borrow more than 80% of the value of a home. In other words, if your down payment is less than 20%, they have more at risk and require you to help them mitigate that risk.
Paying PMI allows you get a mortgage when you can’t come up with 20% down, but it’s also an added monthly expense. That’s why Joe and many homeowners are itching to get rid of monthly PMI payments so they can keep more money for themselves.
How Much Does Private Mortgage Insurance (PMI) Cost?
The cost of PMI varies based on various factors, like the amount and term of a mortgage. But it could be in the neighborhood of 0.5% up to 1.5% of the mortgage amount per year. For example, if you have a $150,000 mortgage, your PMI premium could cost about $65 per month. You can check your annual mortgage escrow account statement or contact your lender to find out how much you’re paying for PMI.
5 Ways to Get Rid of Private Mortgage Insurance (PMI)
There are 5 ways to avoid or to get rid of PMI:
Make a 20% down payment: The best way to make sure you never have to pay PMI is to avoid it altogether by paying a minimum of 20% down on your home. That means you may have to delay a home purchase while you continue saving up.
Automatic cancellation based on your home’s original purchase price: For a conventional mortgage that you took out on or after July 29, 1999, your PMI must be canceled automatically once you have 22% equity in your home. Once you’ve paid your mortgage balance down to 78% of the original value of your property, federal law requires a lender to cancel your PMI. However, this rule only applies if your mortgage payments have been current for a full year, or they’re no more than 60 days late within the past 2 years, and you have no liens on the property. Additionally, the lender can require evidence that the value of your home hasn’t dipped below its original value. They may also require that you don’t have a second mortgage or a home equity line of credit. For a mortgage you signed before July 29, 1999, it’s up to you to contact your lender and request that they remove PMI once you reach 20% equity. Different states may have laws that affect PMI cancellation for older mortgage, so contact your lender for more information.
Request cancellation based on your home’s original purchase price: If you pay down your mortgage balance to 80% or less of the original price—or the appraised value at the time of the sale, whichever is less—you can request that your lender remove PMI. This request doesn’t force a lender to remove it, but is subject to regulations under federal and state law. Again, they can require evidence that the value of your home isn’t lower than its original value.
Request cancellation based on your home’s current value: If you pay down your mortgage to 75% or less of your home’s current value (as determined by a licensed residential appraiser), you can request that your lender remove PMI.
Midpoint termination: PMI must be canceled when your mortgage reaches the midpoint of the term. For instance, for a 30-year loan with 360 monthly payments, the midpoint is after you make the 180th payment. This cancellation only applies if your mortgage payments are current.
So, getting back to Joe’s question, I’m guessing that the lender first gave him instructions based on number 3 above. They wanted to find out if Joe had a loan-to-value of at least 80% of the original value of his home. Since the real estate market has declined over the past several years, it’s likely that Joe’s home value has dipped since he bought it 2 years ago. That’s probably why the lender gave him new instructions based on number 4 above, requiring that his loan balance be 75% of his current home value.
You Have Rights Under the Homeowners Protection Act
As a homeowner, Joe is covered by the PMI provisions in the federal Homeowners Protection Act of 1998. If he does pay the loan down to 75% and his lender doesn’t follow the rules for canceling his PMI, Joe can file a complaint with the Federal Trade Commission (FTC) at ftc.gov.
It has now been a whole year since the MMM family made the jump to a low cost / high-deductible health insurance plan, so I figured it would be useful to provide an update on how the year has gone.
The one we ended up with was called the “Saver80”, a barebones but useful plan provided by Golden Rule, which is a subsidiary of the very large United Healthcare. We found it through the insurance search engine called ehealthinsurance.com, using its “sort by price” feature.
At the time of the article I received many speculation-based complaints that are now worth addressing:
Complaint: “Those Ehealthinsurance quotes are all fake window dressing – once you sign up, the real premium is much higher”. Diagnosis: Mostly False. In our case, the original quote was $219 per month for our 3-person family, and after “underwriting” they raised it to $237 after noting the costly birth of our son (since if we chose to have more kids, they would statistically incur higher costs). Not too bad. And after the Affordable Care Act is fully activated in January 2014, past medical history will no longer be a factor.
Complaint: “They always jack your premium way up after the first year” Diagnosis: False. We just got the renewal notice for the plan. I was frightened to open it, expecting a doubling of premiums. And indeed it was a premium increase notice. Our costs are rising $4.24 per month, or 1.8%. One penny of this is the “standard increase” and the other $4.23 is the “age increase”, as Mrs. MM and I are a year older and, sigh, closer to our eventual death. If we account for inflation at 3%, the premium has actually gone down.
Complaint: “High deductible insurance is risky – you’re better off with full coverage” Diagnosis: False in most cases. Although there is plenty of statistical variation involved, on average you win when you self-insure. For example, as usual this year I went to the doctor once for an annual checkup and it was covered by the plan under preventative maintenance. Now pushing 40, I feel better than ever, and I like to say that bikes, barbells and salads are my primary health plan. Mrs. and little MM each caught two bacterial infections over the course of the year that required antibiotics, and we had to pay for the doctor visits and prescriptions out of our own pockets. This raised family health care costs for the year to about $600 (plus the $2844 in insurance premiums, of course). The high-deductible plan was still the clear winner even in this unusually bad year.
Complaint: “Your plan will not be available after the Affordable Care Act comes in” Diagnosis: True and False. Existing plans purchased in 2013 or earlier will often be allowed to remain in effect until at least the end of 2014, and checking ehealthinsurance, I can see my plan is still available today, for the same price. It will probably disappear at the end of the year.
According to my correspondent Xiao Sun who is part of a small business insurance firm called simplyinsured.com, high deductible plans are not going away, just being thinned out due to stricter rules. Xiao’s summary:
Some older plans are grandfathered in, so they don’t have to change. The main rule that high deductible plans have trouble with is the 80/20 rule, which requires at least 80% of premiums to be spend on medical expenses rather than SG&A and marketing. Plans that don’t spend 80% of premiums on medical expenses are supposed to provide rebates back, though many insurers are responding by not offering the high deductible plans anymore. More on that situation on this Kaiser Health News article.
OK, What about the Affordable Care Act (aka Obamacare)?
Although some misguided souls continually spread fear and doubt over it, this new law actually has some great potential. Remember, we’re starting from one of the worst healthcare cost situations in the rich world (Canadians pay about half of what we spend per capita for full universal coverage for life – including vision). So by moving the US closer to these more successful systems, we all have a good chance at saving money over time.
For an early retiree like myself, the option for a $10,000 deductible fades away after 2014. The new limit seems to be $5,000, which seems silly to a Mustachian (after all, who couldn’t rustle up $10k in a rare medical emergency!?), but necessary in a country where most people don’t even have a grand. Running through ehealthinsurance.com again for a 2014-compliant plan, I see this as my best option:
$460 per month, with a $5000 individual deductible, $10,000 family, and $12,700 annual out-of-pocket maximum. This is for the “Kaiser Permanente Colorado Bronze” plan. Colorado residents can also do the same search on the state-run connectforhealthco.com (where the same plan is listed) and any US resident can search on healthcare.gov* (which just lead me back to the Colorado exchange).
Update: As of January 2015, more competitive providers have entered the Colorado market and I can now get a better-looking plan from Colorado HealthOP which includes children’s dental coverage for $408/month.
So we would be increasing our premiums, but cutting the deductible in half, as well as gaining prescription drug coverage (a $20 copay after deductible) and some other goodies. And the new plan is HSA-eligible, which means all costs will be covered with pre-tax money. More insurance for more money – not my favorite bet to make, but also not completely devoid of value.
But now that I’ve got you braced for a costly-yet-manageable worst case scenario, I can reveal the good news: Most Mustachian-level early retirees will get virtually free health insurance under the new law.
When you select a 2014 plan, a little box pops up: “check if you are eligible for a subsidy on this plan”. Working through the options, here is what I see for my own family:
Whoa. So although I could pay a maximum of $5520 per year for this new and improved coverage, in reality I will only pay this much in years where my annual income is over $80,000. For incomes below that generous level, the federal subsidy kicks in and my net cost drops, until I get to the point of free health insurance somewhere around $26,000. With annual living expenses of about $25,000, we could in theory live this current lavish lifestyle and get fully subsidized health insurance simultaneously, if our ability to earn money somehow dried up someday**.
So far I’ve covered these changes from my own narrow perspective: a young high-income family with considerable savings and no health issues. But the Affordable Care Act is really designed to help people less fortunate than us – students and seniors, people with existing conditions, the unemployed and quite notably self-employed entrepreneurs. With this new law, you can now drop the decades-old tradition of great fear and dependence on your employer for health coverage. You can quit your job, switch to another one, or create your own, with no more worry about who will cover you, because cost is affordable and minimal at lower incomes.
This is big. If you’ve read this blog for long, you know how excited I get about small business, self-employment, and the General Starting of Some of your Own Good Shit. It provides variety, challenge, and an early escape from The Man. And if you could see my email inbox, you would see just how many creative people are afraid to go out and do exactly that – over the mundane issue of health insurance fear. So I am going to place my bet that the Affordable Care Act will be VERY good for entrepreneurship in the years to come.
And just to maintain this country’s libertarian principles, you still retain the choice of opting out of the whole program. The penalty for failing to sign up is fairly painless – $95 for lower-income single people and rising to about $900 for a family of three making $100,000. So despite all the talk of lost liberties, your range of choices with the new health insurance law are better than ever.
Further Reading: Ezra Klein is a rather brilliant Washington Post columnist who has been digging into this and other neat policy issues for years in a column called Wonkblog. Here’s a link to everything his team has recently written on healthcare.
*Wow, I notice that the healthcare.gov site is snappy and fast now. Despite widespread controversy in the news about the supposedly catastrophic launch of this new website. Again the Low Information Diet prevails: stay calm, tune out of 24-hour-news cycle talking heads controversy, check site again a few weeks after launch, get health insurance quotes quickly.
** Unfortunately, I have to admit that this year we will have a household income above $80,000 and thus would not be eligible for a subsidy. Higher-than-forecast investment and Lending Club returns, rental house, carpentry, and real estate income plus this blog have all contributed to this. Please don’t tell the Early Retirement Police. If this terrible condition persists into 2015 and we are kicked into a new plan, I guess we will have to settle for a slightly lower savings rate. What an oppressive country!
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Finding the best renters insurance policy is what most renters want but aren’t interested in spending a lot of time weighing all the different options.
Worse, a lot of renters don’t know much about it, or think it’s important.
But if you rent the home you live in, whether it’s a house, a condo, or an apartment, renters insurance is no less important than homeowner’s insurance is to a homeowner.
Renters often assume if they experience any losses due to disasters, such as fire and theft, they’ll be covered under the landlord’s insurance. That’s almost never true!
The landlord’s property insurance will cover destruction of the building, but not the contents that are within it. And since virtually all of the contents in a rental property belong to you, the renter, you will be completely out of luck if disaster strikes.
Best Renters Insurance Companies
It would be impossible to say which company offers the lowest premiums on renters insurance. That’s because the quotes you’ll get will be different, based on your personal needs and profile, other insurance policies you might bundle with the renter’s policy, your geographic location, and the type of property you live in.
There’s a wide variation in the premiums for renters insurance between companies competing in the same market. That means it pays to shop!
And while some companies seem to provide additional coverages, it’s hard to know if what they were giving were actual extras, or if they were simply giving more detailed quotes. It’s possible that similar types of coverage are available with all five companies.
What is Renters Insurance?
Renters insurance is a specific type of coverage that insures the possessions that are stored in your rental property. Exactly which possessions are covered depends upon the type of renters insurance you have. Whether you want to protect your prized jewels, new laptop, big screen TV, or a number of other items that are near and dear to your heart, a good renters insurance policy is probably well within your reach.
Renters insurance helps you with replacing stolen or damaged property, but also with protecting yourself from liability on your property and providing you with a backup plan in the event that your home itself is damaged. Let’s take a closer look at those below.
What Renters Insurance Covers
There are three standard provisions that will be found in nearly all renter’s insurance policies:
Personal Property
Similar to a homeowners policy, renters insurance covers the contents of the home you are renting. That includes furniture, electronic equipment, clothing, appliances, and personal effects. You will typically take a policy that will cover anywhere from $10,000 to $100,000 in personal property, though it can be higher.
To determine how much personal property coverage you need, you should take an inventory of everything you have. List the inventory, and then get retail prices on the cost to replace each. It’s tedious, but that’s the only way to really know how much coverage you’ll need.
It’s usually best to take photos, particularly of high-value items. That will make it easier if you need to make a claim with the insurance company.
Personal Liability
Personal liability coverage will protect you if an accident or injury happens to someone else who’s in your home. This can be someone slipping and falling in the home, being bitten by a family pet, or other types of injuries.
It could include visitors, repair people, or even the landlord if the cause of the injuries is determined to be your fault.
Personal liability coverage will protect you and your assets from lawsuits brought against you by injured parties who are holding you responsible.
Additional living expenses
This is coverage that pays in the event you lose the use of the rental premises. For example, if the property is destroyed or damaged by a fire, the insurance policy will pay for reasonable relocation expenses, such as reimbursement for a hotel stay, meals, and other expenses related to the temporary lodging situation.
Non-standard Renters Insurance Provisions
The following may be offered as part of a standard package with some insurance companies, but are additional provisions with others.
Off-premises coverage
This is coverage for possessions beyond the rental property itself. For example, it could include possessions stored in the common area of the basement of your apartment, that are subject to either damage, destruction, or theft. It can also extend to personal items stolen from your vehicle, if those items would normally be covered under your rental policy. This might be a laptop computer, as long as it’s specifically covered under your renter’s policy.
Some renter’s insurance may also include a provision to cover lost luggage, which might be lost by an airline.
Specific coverage items
You should never assume a renters insurance policy covers every possession you own. Some have specific exclusions, and others will exclude an item if it is not specifically listed.
Common specific coverages include home computers, jewelry and furs, business personal property, and firearms. If you have these items, be sure to check to make sure they’re included in your coverage. If not, you may have to get special coverage for each category individually.
Some policies do specifically include all four of these categories. State Farm is an example (see policy quote below). But never assume they’re automatically covered in your policy.
What Renters Insurance Doesn’t Cover
In the broadest sense, renters insurance doesn’t cover any hazard that is not specifically listed in the policy.
Got that? That’s the general rule, but there are certain specifics you should be aware of.
For example, just as is the case with homeowners insurance policies, renters insurance doesn’t usually cover losses due to floods and earthquakes. Those are considered a special category of hazard, specifically requiring either flood insurance or earthquake insurance.
While a renters policy may cover damages sustained as a result of a burst water pipe, you won’t be covered if your home is destroyed as a result of a river that floods your neighborhood.
If you live in an area that’s subject to natural disasters, you should look into getting a policy specifically for that hazard.
When is Renters Insurance Needed?
When required by a landlord – Large apartment complexes typically require you have renters insurance, but so do a lot of individual landlords. It’s likely they have this requirement to protect themselves from tenants filing suits to get compensation for possessions lost due to fire or some other hazard. The requirement is written into the lease.
When you want your possessions protected – Even if your landlord doesn’t require you to have renters insurance, you should have at least a small policy to protect your possessions. Though your stuff may not seem to be worth much, it could easily cost several thousand dollars to replace it, should most or all of it be destroyed or stolen.
College students – Whether you live in a dorm or off-campus, renters insurance is worth having. You probably have at least a laptop, clothing, and some entertainment equipment that would need to be replaced upon loss. You can usually get an inexpensive rider added to your parent’s policy to cover your dorm room.
Retirees who rent – Like college students, retirees may assume that what they have isn’t of much value, particularly if much of it is more than a few years old. But once again, the cost to replace your possessions could be many thousands of dollars. Renters insurance would provide you with the cash for the replacements.
Anyone who rents their home – You might assume if your rental is short-term you don’t need renters insurance. Or, if you’re renting a house, you may assume you’re covered under your landlord’s homeowner’s policy. Both assumptions are wrong.
Renters insurance is necessary anytime you’re in a rental situation.
How Much Renters Insurance Do You Need?
As I wrote earlier, you need to do an inventory of your possessions to determine how much coverage you’ll need to replace everything you have that could be lost. You might also have to get additional coverage for gray-area possessions, like business property, computer equipment, or jewelry and furs.
Liability coverage requirements are harder to estimate. $100,000 should probably be a minimum. But you should also adjust for factors such as how frequently you have visitors or people coming and going to and from your home, as well as any maintenance considerations. For example, if you live in an area where snow and ice are common, and you’re responsible for keeping walkways and stairwells clear, you may need more coverage.
As to the additional living expense portion, try to come up with a reasonable estimate of how much it will cost to live in a hotel for maybe 30 days, while repairs are being done to your rental property. If it’s a severe situation, you might need several months. But the cost of that coverage could be high.
Replacement cost versus actual cash value
This might be the most important single factor in choosing a renters insurance policy. It will determine how much you’ll receive on a claim, so you need to know which provision your insurance company is using.
Under a replacement cost provision, the insurance company will pay a sufficient amount to replace the lost items based on retail cost.
Under actual cash value, the insurance company will reimburse you for the depreciated value of the item. Let’s say you paid $1,000 for a flatscreen TV five years ago, and it’s destroyed in a fire. The insurance company may decide the value of the TV is just $200, based on its age. That’s the amount you will be reimbursed for.
Now actual cash value policies are less expensive than replacement cost policies. But as you can imagine, they’ll also pay you a lot less if you file a claim.
Unless you’re in the habit of buying your possessions at flea markets and garage sales at deep discounts, you’ll be much better off with a replacement cost policy. It may cost more for the premium, but it will do its job better when disaster hits.
How Much Does Renters Insurance Cost?
According to the Minnesota Department of Commerce renters insurance averages between $15 and $30 per month.
How much renters insurance costs depend on the usual factors that affect all insurance policies. These can include the amount of coverage you want, the deductible you’re willing to accept, your history of claims, and even how you plan to use the property.
But where renters insurance is concerned there are more specific considerations. For example, the number and type of pets you have can be a factor. Certain breeds known to be more aggressive will result in a higher premium. So will a wood-burning fireplace. The number of occupants might also figure in. Presumably, the higher the number, the more likely a claim will be paid out.
A higher premium might also be charged if you’re running a business out of the residence. In fact, certain types of businesses might require you get a commercial policy, rather than a standard rental policy.
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One of the biggest single factors is property location.
Urban locations typically cost more than rural ones, due to the closer proximity of buildings and the likelihood of fire. If the property is located in a high-crime area, it can also increase the premium. So can a location in an area that’s more prone to natural disasters, such as tornadoes and hurricanes.
The type of construction of the building is also important. For example, a building made of brick, rather than wood, would have a lower premium. The age of the building might also be a factor, since newer buildings generally have better fire protection features, like smoke alarms and sprinkler systems.
Here’s a table put out by the Insurance Information Institute that shows the average cost of both homeowner’s and renter’s insurance from 2006 to 2015. Notice how inexpensive renters insurance is compared with homeowners? It is a common misconception that insurance is too expensive for renters.
In fact, it is affordable and well worth the cost for the peace of mind and protection you receive. In 2019 and beyond, you can expect the same kind of minimal changes and affordability to remain intact, as the table below suggests.
How to Lower the Cost of Renter’s Insurance
Whatever the situation with your renter’s insurance premium, there are ways that you can keep the cost down.
Don’t buy more coverage than you need – Take an inventory of the contents of your home, and make a reasonable estimate of the replacement value of what you have. If it’s only realistically worth $25,000, then you don’t need a $50,000 policy.
Security and protective systems – Residences that have smoke alarms, fire extinguishers, indoor sprinkler systems, deadbolt locks, and security systems will usually have lower premiums.
Bundle renters insurance with other coverages – If you have auto, life, or health insurance, consider bundling your renter’s insurance with one of these policies. It can result in small savings on the premium.
Claim-free history – Like all other types of insurance, your claim history will be a major factor in determining the premium. When it comes to renters insurance, companies normally look back at least five years. If you had no claims filed in that time, you’ll get the best premium rate.
Policy exclusions and limitations – You can specifically exclude any types of property that you don’t actually own. For example, if you don’t have much in the way of high-cost jewelry, you won’t need coverage for jewelry and furs. Also, you can save a good bit of money by increasing your deductible from $500 to $1,000, or even higher you have the liquid savings to cover the difference.
The insurance company you choose may be the single biggest factor in determining your premium. Some companies just want the business more in your particular location, and will discount premiums to get it. You’ll see how this works in the next section.
What to Watch Out for With Renters Insurance
There are a few situations that might cause your premium to be higher, or even cause the insurance company to deny your application.
High-risk renters
This could be the result of the location of the rental property or even certain risks associated with you as a tenant.
Location can be a factor if you’re living in a high crime area, or in an area that has seen an above-average number of fires and other hazards. A location may be considered high risk if it’s located too far away from fire hydrants or fire stations. Your premiums will be higher if you’re located in such a neighborhood, or you may find that an insurance company is unwilling to extend coverage at all.
You could be considered a high-risk renter if you made one or more claims against your policy within the past five years (this is a standard question on renters insurance applications, so be ready). Some insurance companies may not offer a policy at all if you have one.
Still another possibility that would make you a high-risk renter is if you run a business out of your home. While a work-from-home situation won’t usually be a problem, having the type of business where you have people coming and going from the residence could be an obstacle.
One prominent example is if you’re running a childcare business out of your home. A situation like that would probably require a business insurance policy, in addition to renters insurance.
Sub-letting the residence
This is where you are the primary tenant in the property, but you might then rent the property out to another party on a temporary basis. While renter’s policies do provide for roommates and other regular occupants, they generally frown on transient arrangements. This will pretty much preclude using a rental premise for AirBnB customers!
Dangerous or exotic pets
Since certain types of pets are statistically more likely to cause injury to people, the insurance company may either charge you a higher premium for these pets, or even refuse to issue the policy entirely.
This is a common occurrence with certain dog breeds. For example, most insurance companies will have a problem if you have a pitbull, a German Shepherd, or other dogs deemed to be aggressive.
You might also run into a problem with certain exotic pets. A good example might be an iguana or a 10-foot python. Both are considered to be potentially dangerous, and don’t fall within the definition of ordinary pets. You probably won’t be able to get a renters insurance policy at all if you have this type of pet.
Unusual possessions
The same can be true of jewelry, furs, artwork, or antiques. If you have items that have significant value, either individually or collectively, you may need a separate policy that specializes in that particular type of possession.
Never assumed that a high dollar value item is covered under your policy. Just because you have $50,000 in coverage doesn’t mean that a $10,000 diamond ring is covered!
Should You Get Renters Insurance?
Unless you’re the kind of person who travels light in life – like really light – you absolutely need renters insurance. That means anything more than the clothes on your back, and an overnight bag with toiletries. It can be furniture, computer equipment, photography equipment, family heirlooms, appliances – you name it. If it’s worth anything at all to you, to the point that you would need to replace it if were lost, then you need renters insurance. .narrow-sky-1-multi-648border:none !important;display:block !important;float:none !important;line-height:0px;margin-bottom:15px !important;margin-left:auto !important;margin-right:auto !important;margin-top:15px !important;max-width:100% !important;min-height:250px;min-width:250px;padding:0;text-align:center !important;
Never assume your personal possessions will be covered under your landlord’s homeowners insurance, or under any other policies you may have. Renters insurance is a very specific type of coverage, and there’s no substitute for having your own policy.