On Thursday, President Trump signed a new order that will send members of the National Guard to protect the US-Mexico border.
The move comes in advance of the construction of a new border wall, scheduled to begin construction later this month.
One of the focuses of the Trump Administration has been to fight illegal immigration. Immediately after Trump was elected, the number of illegal immigrants declined. However, in recent months the numbers have started to increase and are practically on par with Obama-era numbers.
“The lawlessnesss that continues at our southern border is fundamentally incompatible with the safety, security and sovereignty of the American people,” wrote the president in a memo that coincided the signing of the order.
This move came following Trump’s announcement Tuesday that active military would be used to protect the border. The Administration later clarified that only National Guard members would be deployed.
An immediate result of this could be a higher demand for National Guard members and qualified personnel.
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Not the first time this has happened
Politicians on both sides either applauded or criticized the move to send the National Guard to protect the border. However, this is not the first time a President has called upon the National Guard for this reason.
In 2010, Barack Obama deployed 1,200 members of the National Guard to the Arizona border. The goal was to assist the Border Patrol for a one-year period in the hopes of increasing the safety of the border.
George W. Bush also sent the National Guard to the border in California, Arizona and New Mexico. From 2006-2008, roughly 6,000 members were issued with protecting the border.
President Trump’s plan is expected to be more similar to President Bush’s. National Guard members are expected to be sent to multiple states to increase security.
Numbers on how many troops will be sent is not yet clear. Estimates put it close to 1,000 troops, similar to the Obama Administration’s numbers. Also, the recent spending bill had $1.6 billion earmarked for border spending, with only a portion going to the new border wall. The majority of the spending should go toward personnel.
The moves by the Bush and Obama Administrations did both reduce the number of illegal border crossings. One should expect the Trump Administration to have a similar degree of success with their goal.
Where it goes from here
The more National Guard members that get deployed, the higher the demand for National Guard members. While there is no shortage of National Guard members, sending too many to the border could make some people uneasy.
Because nobody is yet sure how many troops will be deployed – and to what degree – it’s difficult to make any immediate judgments.
It is worth noting that some of the border states have already shown their support for Trump’s plan.
No matter the result of this plan, it’s bound to be another point of criticism for the President by his critics. However, supporters are likely to see the benefit of added protection.
This is one of those things where it’s too early to tell how it might turn out.
National Guard and VA loans
Did you know that current and previous members of the National Guard can be eligible for VA loans? Click here to check your eligibility.
Are you thinking of designing a smoking haven in your house or apartment where you can retreat to after a long day?
Not only can a personalized smoking room be helpful in reducing the exposure of smells and smoke throughout the rest of your living space but creating your very own smoking sanctuary can also add character and a high-ly unique style to your residence (see what we did there?)
Plus, you get your own personal space to dedicate to an activity that brings you joy — you get an extra thumbs up from Marie Kondo for that.
While brainstorming your in-home dream lounge, there are a few key points to keep in mind.
First, you will want to decide on the best location for your set up. Second, you’ll want to focus on the furniture and décor of the room.
Lastly comes the selection of smoking accessories. These are often the most important in that they are what you’ll be passing around and consuming with, ultimately completing your overall smoking experience.
Location, Location, Location
Choosing an appropriate location for your smoking room is half the battle.
Whether you plan to designate an entire room, basement, attic, or shed, you will want to make sure that the location you choose is not exactly smack dab in the middle of your main living space.
Smoke has a tendency to spread quickly through a home (and, let’s face it, weed stinks), so allocating a relatively remote place will grant smokers the freedom to enjoy their cannabis consumption without any negative impact on non-smokers, or additional members of your family or household.
If ventilation is of any concern, you can consider installing an exhaust fan (which can be as simple as a wall mount, or as complex as a professional-grade air ventilation system).
Let’s be honest, we’ve all spilled, or been in a room where someone has spilled, bong water and it is less than pleasant (to say the least), especially when not cleaned up quickly or properly.
To get ahead of these, you can use candles, incense, or essential oil diffusers to reduce unwanted odors while also creating a relaxing ambiance. Otherwise, incorporating trees and large plants in and around the room will help to clean and recycle the air while also adding to the overall atmosphere.
Furniture & Decor
When laying out your smoking room, you’ll want it to match your own personal style.
Whether you decide to design a psychedelic, retro, modern, or traditional stoner-style space, there are a few key things to consider in regards to furniture and décor.
Comfortable seating is an absolute must. Floor pillows and bean bag chairs are often a rather cheap and comfortable way to provide seating for multiple people, while also making it easy to add, reduce, or rearrange your seating set up.
Hanging chairs are more costly, but also provide a more unique look, while a loveseat, futon, or couch can always do the trick and can seat several people at a time for those larger sessions or parties.
By hanging some colored LEDs or black lights around the room, you can reduce harsh lighting and help achieve a relaxing vibe in your area.
With black lights, you can add some reactive wall art, such as tapestries, decals, or paintings, and further set the mood. If you want a more energetic feel, look for warmer colors with hues of red, yellow, and orange with matching LEDs (which are very energy efficient).
For a more chill and calming feel, utilize more soft colors like blue and violet. For the animal lovers out there, consider adding a fish tank with neon reflective fish!
Decorate the tank as you wish and enjoy zoning out on your new beautiful swimming companions. Just don’t forget to feed them and clean the tank regularly.
Blankets and pillows of different fabrics will not only add to you and your guests’ comfort, but the different materials will also be fun to feel and cuddle up with when your sessions conclude.
Having different items around like musical instruments, games, speakers for music, picture/activity books on the coffee table, and other tactile objects will also add some fun to your smoking sesh, whether you are sparking up alone or with others.
Smoking Accessories
Perhaps the most important feature of your newly designed room will be the equipment you use to consume.
As with most pieces you use to smoke, you’ll want to have somewhere to trash the ash, especially if you prefer to use rolling papers like our Rowll All-In-One Rolling Kit.
It might seem obvious, but it isn’t uncommon for people to ash in whatever they can find, be it a water bottle, on their leg, or the floor.
We recommend our Glow In The Dark Cup Ashtray, or our Silicone Ashtray. Silicone is great for those who prefer to smoke out of pipes or bongs, since you won’t break your glass against silicone.
If you are looking for a full setup, without having to shop around for each individual piece, you will be relieved to know that at everythingfor420.com/ we offer several bundles to cover everything you could need!
Our Green Herbalist bundle, which includes rolling papers, hemp wraps, a rolling tray, 3-layer kief-catching grinder, and a beautifully crafted 10-inch tall Highlander Bong, is one of our best.
This bong features a tree percolator, diffused downstem, and an ice-catcher to filter, cool, and deliver the super smooth and super potent hits.
There is an endless amount of ways to personalize your smoking room.
Once you have your location selected, the rest is simply personal preference. Whether you are the type to prefer black lights and glow-in-the-dark decorations, or a more simplistic vibe like tapestries and LEDs, the world of design is your oyster.
Regardless of the style you choose to go with, it’s always fun to have a poster, book, chalkboard, or whiteboard that can serve as a stoner guest book where all who enter can leave their mark and keep the memories alive.
But, more importantly, making sure you get the highest quality smoking accessories on the market is where we come in.
More tips for your fancy home
Top 4 Safety Hazards Around the House and How to Address Them The Benefits of Massage Chair Recliners and Why You Should Get One for Your Home 3 Things to Consider When Buying an Air Filter for Your Home How to Safely Light Artwork in Your Beautiful Home
Margin is debt. You borrow capital from your broker to buy more assets, in most cases stocks.
This gives you leverage. You are making a bet that your returns on the investments you buy on margin are going to be greater than the interest rate you pay your broker for the privilege, net of commissions.
If they are, you pocket the difference. If not, then you have to make your broker whole.
Since the broker uses the assets you already own in your account as collateral to satisfy your margin, investing on a margin is very similar to buying a house on mortgage.
The only difference being that when you invest, you do not have to make monthly margin payments and the broker is generally not too worried if you ever make any effort to reduce your margin as long as there is sufficient value in your investments to cover for it.
The similarity does not end here. Taking on a mortgage to buy a house can be good, or bad. It depends a lot on who, how, why, and the level of financial savvy of the borrower. Investing on margin is the same way.
If you understand how it works, use it judiciously, and can manage your risk well, it can help you generate nicer returns. On the other hand, if you are not disciplined enough, or misuse it or get carried away chasing a hot stock, it can drain your account dry.
When to Not Use Margin?
In this case, I think it makes better sense to eliminate the situations where margin should not be used before we talk about the situations where it makes sense to use it. Sure, there are always exceptions, but these principles hold true for most common investing scenarios.
Principle #1: Do not use margin to buy interest-bearing assets that yield lower than your margin interest
Yes, you can buy bonds of all varieties, treasuries and many other assets that throw out reliable yield. Most of the time, because of the perceived safety of these instruments, the brokers will allow you to lever up more than 1x, which means that $1 of your collateral might allow you to buy $3 of municipal bonds (as an example).
Theoretically, if the yield on this muni is more than 1/3rd of the interest rate on your margin, you could possibly make a few basis points of supposedly “risk free” income.
The problem arises if the interest rates move and the slim window of profit can quickly flip into a cash flow drain. Besides, anything that complicates your investing so much for returns so small is not worth doing.
Principle #2: Do not use margin to buy stock in a utility company, REIT, MLP or other type of Trusts
Similar principle as above. Any stock that is mostly used to generate a current income in form of dividends is not a candidate to buy using margin. In most cases, the yield will be lower than your interest rate, and capital appreciation may not be enough to make up for it.
If you are buying stocks for income, you are likely a conservative investor and margin just adds more risk that you should not carry. Dividend investing is not a bad thing; just not recommended on margin.
Principle #3: Do not use margin to make a down payment on a car, boat, or a house
Just because you can borrow money from your broker to make a down payment does not mean you should do it. In this case, you are borrowing money which will become a basis for more debt (car loan, mortgage, etc).
If you have to do it, that means you are not financially strong enough to buy or invest in these assets. Multiple levels of leverage are financial insanity and can come back to bite you much sooner than you think.
But using margin is not all bad if you know how.
When and How to Use Margin
Too much debt kills, but a little debt can go a long way towards giving you financial flexibility. However, it is important to use margin as a tool only when you have a good investment that you are not able to get in otherwise. Let’s take a few examples
Example #1: A great investment opportunity arises and you are temporarily short of capital
It often happens that your next contribution to your investment account is a few days or perhaps a week away, and it can easily cover the amount you are going to invest in this opportunity. Assuming this is not a hot tip stock, and you have satisfied yourself of the merit of the investment, go ahead and use margin to start your position. In a few days you will send in more cash and your margin will be covered.
Example #2: Using margin as an emergency fund
If you have a need for cash that cannot wait – for example, an unexpectedly large tax bill, where the consequences of not paying full taxes on time are greater than the interest on the margin, it is okay to go ahead and borrow on margin. In many cases, you may need time to figure out which investments to sell to cover the margin, or perhaps you can do it over time with your income.
Example #3: Year-end tax planning
Let’s say you have a few investments you want to sell so you can redeploy capital in other more attractive investments. If your current investments have significant capital gains, you may want to wait for the new year to sell them so as to not incur additional taxes in the current year.
However, due to traditional tax selling by investors and funds, many investments become quite attractive towards the year-end, which you may want to take advantage of.
Proper use of margin will allow you to bridge the temporary capital gap. For a disciplined investor, margin should always be used in moderation and only when necessary.
When possible, try not to use more than 10% of your asset value as a margin and draw a line at 30%. It is also a great idea to use brokers like TD Ameritrade that have cheap margin interest rates. Remember, the margin interest compounds as long as you keep the margin open.
About the Author: Shailesh Kumar writes about stocks and value investing at Value Stock Guide, where he offers individual stock picks and ideas to registered members. Subscribe to his free stock newsletter for investment ideas that you can use to research further.
No matter the type or amount of investment GoodFinancialCents.com is here to help. Whether it be investing $20,000 or how to invest $500000, we want to help you make the most of your investments!
Did you hear that sound? That’s the entire mortgage industry shouting, “hip, hip hooray!” The Federal Housing Finance Agency (FHFA) on Wednesday announced that it would rescind a controversial loan-level pricing adjustment (LLPA) for conventional borrowers with debt-to-income (DTI) levels at or above 40%.
The FHFA, which regulates Fannie Mae and Freddie Mac, had previously delayed implementation of the DTI LLPA from May 1, 2023 to August 1, 2023 following a chorus of upset from mortgage industry stakeholders, including the influential Mortgage Bankers Association (MBA).
Mortgage industry lobbyists and practitioners alike complained that the fee was “unworkable” and would result in logistical and compliance nightmares, as well as confusion and mistrust from borrowers.
“I appreciate the feedback FHFA has received from the mortgage industry and other market participants about the challenges of implementing the DTI ratio-based fee,” FHFA Director Sandra Thompson said in a statement on Wednesday. “To continue this valuable dialogue, FHFA will provide additional transparency on the process for setting the Enterprises’ single-family guarantee fees and will request public input on this issue.”
The FHFA also put out a request for information on other new fees, including those imposed on borrowers with higher credit scores and moderate down payments.
In January, the FHFA announced a series of changes to LLPA fees with a revamped LLPA matrix that differentiates pricing by loan purpose, and a total of 81 grids for purchase loans, limited cash-out refi loans, cash-out refinance loans. Such changes prompted pushback from the National Association of Realtors and theMBA that it could hurt middle-wealth homebuyers and increase overall pricing.
The non-DTI-based fees went into effect officially on May 1 but practically have been in effect since mid-March.
The FHFA also had to battle misinformation along the way, with false claims spreading that lower-credit borrowers would pay less than better-credit borrowers.
Still, no LLPA fee elicited a stronger response than the new DTI requirement. Lenders argued they would not be able to accurately determine a borrower’s actual income before rates had to be locked, and the timeline didn’t allow them to change terms of the loan if new information came in later in the process, which happens frequently.
Following the FHFA’s announcement on Wednesday, the MBA issued a statement cheering the demise of the DTI LLPA.
“The proposed fee was unworkable for lenders and would have confused borrowers and undermined the customer experience,” the trade group said. “We are pleased that FHFA engaged with industry stakeholders, recognized the negative impacts of the fee, and decided to rescind its implementation. MBA urges FHFA to continue its engagement to improve clarity and transparency regarding the GSEs’ pricing framework.”
The National Association of Realtors, America’s largest trade organization, also applauded Sandra Thompson for reversing course on the DTI fee.
“It would have imposed a cost on borrowers at a time in the market when affordability is already stretched and only made them riskier,” NAR President Kenny Parcell said. “Likewise, the FHFA’s decision to release a request for information on the other changes is a great example of good governance.”
Likewise, the Community Home Lenders Association, a coalition of smaller lenders, said the scrapping of the DTI LLPA was good policymaking.
“The GSE pricing grid is a complex balancing of the objectives of access to mortgage credit for underserved borrowers and safety and soundness – and CHLA believes today’s action to end the use of DTI LLPAs will enhance those dual objectives,” said Scott Olson, the group’s executive director.
Days before the DTI fee was killed, National Housing Conference President and CEO David Dworkin argued in a post that the risk-based pricing model the FHFA relies on is antiquated and has outlived its purpose.
“Guarantee fees on loans purchased by Fannie Mae and Freddie Mac are the appropriate mechanism for investors to pay for guarantees on the timely payment of principal and interest on mortgage-backed securities, ensuring a liquid and efficient market,” Dworkin wrote. “To create a fair playing field for first-time homebuyers across all income levels, Fannie Mae and Freddie Mac should should charge the same fee for everyone, as was the practice between 1938 and 2008, and as FHA loans do today.”
Moving to a new home can be one of the most exciting times in your life. It gives you the chance to decorate a new space, a new place to create memories with loved ones, and a fresh, new energy to your surroundings. However, when looking for a new place to move, it’s important not only to keep the physical attributes of the apartment in mind, but also the characteristics of the neighborhood. After all, what’s the point of moving to a new place if you don’t like its surroundings?
If you’re thinking about moving to a new city or town, research the different neighborhoods available – what amenities they offer, what the community is like, and what attractions they afford easy access to. Want to know more about what to look for in new neighborhoods? Consider these five important factors when deciding if a new area is the right location for you to call home.
1. Price Range
Pay attention to the price of rent in the neighborhoods you’re considering. You have to be able to afford to pay monthly rent and utilities! Monthly rent prices in a neighborhood are good indicators of the prices of services and amenities in the neighborhood. If you choose a home on the low end of prices for your neighborhood, but there are other rental homes that are much more expensive, there’s a good chance that prices at stores and restaurants in the neighborhood might be on the higher end of things. Ensure that you can not only afford your rental, but also the neighborhood’s available resources.
2. Amenities and Attractions
Another important thing to look for in a neighborhood are great amenities and attractions. You’ll likely be spending the most time at places around your home, so make sure it is surrounded by plenty of activities! Think about what kinds of places you like to spend the most time at. Do you like dining out? Are you a person that spends a lot of time outside in parks? Do you want to be located near top-notch schools or daycares? Make a list of important amenities to you, then look for neighborhoods that closely meet those specifications.
3. Commute
Your work commute is a huge factor when choosing the right neighborhood. Think about how long it will take you to get to and from work, and how you will physically do that. Consider living in a place that offers an acceptable commute time and an easy way to get to and from where you need to go, whether that’s by your own vehicle or public transportation. If you have friends or coworkers already living in some of the prospective neighborhoods, find out if carpooling is a reliable option.
4. Safety
Real estate brokers can’t legally tell you how safe a neighborhood is, but it’s an important thing to keep in mind for an area that you want to call home. You can find reports about crime by geographic area online, and you might want to research different areas to make sure you will feel safe in your new neighborhood. You should also take into account other safety considerations that apply to your life – for example, whether a neighborhood has sidewalks, bike lanes, or a fire department nearby. Pro tip: drive through a prospective neighborhood during the day and at night to get the feel of a local.
5. Home Size and Shape
Nearly every neighborhood has its own character and personality, and one of the important qualities that makes up its personality is the size and shape of the homes within it. Are you looking to live in a high-rise building? A community of townhouses? A small apartment complex? Each neighborhood has its own character, and the types of available rental homes will reflect that.
Once you’ve considered the above factors, the next step in choosing the right neighborhoods is to research your new hometown and the available neighborhoods within it. By making a list of neighborhoods that definitely have the qualities you’re looking for and eliminating the neighborhoods that don’t, you can start with a much smaller selection of rental homes, ultimately increasing the chances that you’ll find just the perfect rental for you. Look no further than Apartment Guide to begin your search. Do you have any expert tips for finding the right neighborhoods? Share them with us in the comments below, on Facebook or tweet them to @ApartmentGuide on Twitter!
If you have a heart murmur, it’s going to be an issue when you apply for life insurance.
Applying for life insurance can be a stressful event. When you apply for coverage, the insurance company is going to review dozens of different areas of your life to determine how much they are going to charge you for coverage or if they will even accept your plan. One of the most important factors that they are going to look at is your health and any pre-existing conditions that you may have.
Insurance companies are going to be worried your heart murmur is a sign of more serious health problems. Your insurance outcome really depends on the specifics of your condition.
While you can’t change your health status, you can control how you fill out your application. A well planned application can minimize the impact of your heart murmur on your rating.
In this article, we’re going to examine the underwriting standards for someone with a heart murmur so you’ll know what to expect going forward.
Life insurance is one of the most important safety nets that you can ever buy for your loved ones. It’s one of the only ways that you can ensure that your family will have the money that they need, even if something tragic were to happen to you. We know that shopping for life insurance is not fun, especially if you have a serious condition, like a heart mummer, but that’s why we are here to help.
Life Insurance Underwriting with a Heart Murmur
When you meet with your life insurance agent, he should ask you a number of questions about your heart murmur. You should expect to answer:
When were you diagnosed with a heart murmur?
What is the cause of your heart murmur?
Have you had any surgeries in the past to treat your heart murmur?
Do you have any other issues with your heart like coronary artery disease or ventricular hypertrophy?
Have you had any diagnostic tests in the past 6 months to measure the condition of your heart?
General heart health questions like what is your cholesterol level, blood pressure, family history of heart disease, and do you smoke?
Are you taking any medications because of your heart murmur?
Common medications for a heart murmur include: Digoxin, anticoagulants, diuretics, statins, ACE inhibitors, and beta blockers. All of these medications could be insurable depending on the condition of your heart murmur.
As you apply, be sure to include as much information as possible about your heart murmur. An incomplete description of your condition could worry life insurance underwriters and make them more likely to give you a poor insurance rating.
Life Insurance Quotes with a Heart Murmur
When you apply for life insurance with a heart murmur, your rating comes down to the cause of your condition. Functional/innocent heart murmurs like physiologic, cardio-respiratory, and aortic sclerosis heart murmurs won’t hurt your rating too badly provided you don’t have any other heart issues. Organic heart murmurs that came from actual heart problems are a more serious issue.
No matter what is causing your heart murmur, your odds of getting a fair rating go up if you are otherwise in good health, are at a healthy weight, and don’t smoke. While every company has a different underwriting process, here are some general guidelines to give you an idea what rating to expect.
Preferred Plus: Possible in very cases for applicants with functional heart murmurs. Applicant must otherwise be in perfect health and had a recent diagnostic test that showed the heart murmur was not from any health problem.
Preferred: A more likely rating for very healthy applicants with only functional heart murmurs. Life insurance companies are reluctant to give the best possible rating to anyone with a sign of a health problem like a heart murmur.
Standard: Best possible rating for most applicants with a functional heart murmur. Applicants shouldn’t have any heart problems and must be in reasonable health otherwise. Possible in rare cases for applicants with organic heart murmurs, provided their heart condition has been under control for several years.
Table Rating (substandard): Most applicants with organic heart murmurs. The rating depends on the severity of a person’s heart issue that is causing the heart murmur. Underwriters also consider whether the applicant needed surgery, has any other heart problems, the applicant’s general health, and family history of heart disease. Unhealthy applicants with a functional heart murmur could also get a rated policy.
Declines: Applicants with organic heart murmurs caused by serious heart conditions. Also, applicants that applied within a year or two of a heart surgery, have a family history of heart disease, or have other high risk factors like high blood pressure or smoking.
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Heart Murmur Life Insurance Case Studies
If you have a heart murmur, you need to plan your application properly. A good application can make a significant difference. Here are a couple real life case studies that demonstrate why your application matters:
Case Study #1: Male, 42 y/o, non-smoker, functional heart murmur, no other heart issues, in very good health
Besides his health murmur, this applicant was in perfect health. His heart murmur was a physiologic murmur and didn’t have any impact on his overall health. However, when he applied for life insurance, he only received a standard rating; not bad but we thought he could do better. We recommended this applicant go for an EKG as he had not had one in several years. This test showed his heart was in great shape and he submitted this result with a new application. With this extra information, the applicant was able to receive a discounted preferred policy.
Case Study #2: Female, 56 y/o, organic heart murmur due to mild aortic stenosis, taking statins and Ace Inhibitors, lost weight and quit smoking after heart murmur diagnosis
Before discovering her heart murmur, this applicant had poor health habits. She was overweight and smoked. At 50, she discovered she had a heart murmur due to mild aortic stenosis. This scared her into taking measures to improve her health. She quit smoking, lost weight, and started taking medication to reduce her cholesterol and high blood pressure. When she applied for life insurance though, she only received very expensive, rated policies. We thought that insurance companies weren’t giving enough credit to her recent life improvements. We recommended she see her doctor and ask for a note vouching for her improved lifestyle. By reapplying with this letter, the applicant received a substandard level-2 policy, a decent rating for someone with her past health problems.
Getting Better Insurance Rates with a Heart Murmur
Getting life insurance with a heart murmur is going to be more difficult, but it’s not impossible. In fact, it’s easy to get an affordable plan, regardless of your health or any complications that you have. There are a few changes that you can make that will improve your chances of being approved for a cheap life insurance plan.
The first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a smoker, or you use chewing tobacco, you’re at a higher risk for other health problems, like cancer, which means you’re going to be a larger risk to the insurance company. They are going to offset that risk by charging you higher premiums. Cutting out that tobacco can save you thousands of dollars on your life insurance plan.
Another way to save money, regardless if you have a heart murmur, is by improving your overall health. Getting better results on the medical exam are going to lower your insurance premiums. Starting an exercise program and sticking to a healthy diet. Both of these can help you lose weight and lower your cholesterol. This will help you lower your rates by as much as 50%.
The best way to ensure that you’re getting the best premiums is to compare dozens of quotes before you decide which company is going to work best for you. All of them are different and they will all have different medical underwriting, which means that you’ll get drastically varying rates depending on which company that you get the quote from.
Don’t let Your Heart Murmur Get in The Way of Insurance Coverage
With a smart application, you have a great chance of finding a policy. To improve your odds, it helps to work with a broker that understands this health condition.
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Each year as you await your tax refund, you face the same question – what to do with that money once it arrives? For some, the money immediately goes to cover basic needs, but for others, the money goes to far less-essential items.
According to a 2020 survey by Self Financial, 44% of respondents said not getting a tax refund this year would completely derail their budget for the rest of the year.
So how do you use your tax refund to plan ahead, build your wealth, financial health, and ultimately, your credit?
Here are 5 ways to put your tax refund to work to build your credit.
But first…
Why use your tax refund for credit-building?
Maybe you’re itching to spend your tax refund to treat yourself. While there’s nothing wrong with using a bit of that money for fun, tax refunds are a great opportunity to get ahead with your finances too.
But why, of all things, focus on your credit?
First, bad credit could cost you thousands of dollars more over your lifetime, since you often get charged higher interest rates (if you can get approved at all). Your credit can also impact your ability to rent an apartment, qualify for certain jobs, or even get a cell phone.
Good credit, however, creates a financial safety net to fall back on if you need it. If you have good credit, you may have an easier time qualifying for personal loans, credit cards, or other credit products if you need to borrow money, often at a lower rate.
If you don’t have an emergency savings fund, credit may be your only other option to lean on if you face job loss, an unexpected medical emergency, etc.
You have to build credit before you need it though. Otherwise, you might not be able to access it when you actually do need it.
5 ways to build credit using your tax refund
Once you have your tax refund in hand, here are some ways you can put it to work to help your financial health.
1. Pay down debt
While paying down your mortgage or other personal loans may help your credit score, it may be a good idea to focus on higher-interest, more expensive consumer debt (like credit card debt) first.
Not only could paying down this higher-interest debt save you the most money in the long run, but it could also have a bigger impact on your credit score. That’s because credit usage, or how much of your available credit you use at any given time, counts for 30% of your FICO® credit score.
While installment loan usage (like personal loans, car loans, or home loans) does count somewhat towards this factor in your credit score, revolving account balances (like credit cards or HELOCs) count more, according to credit bureau expert Barry Paperno.
That doesn’t mean you have to pay your credit card debt off completely to see benefits to your credit score. Even paying your balance down 5-10% may have a positive impact.
According to credit scoring agency FICO, people with the highest credit scores tend to have credit utilization between 6-10% on their revolving credit accounts. While that’s a great goal to aim for, start with paying down what you can, no matter how small that amount may seem at first. Small wins can add up to big ones over time.
Aside from credit utilization, the only other factor that impacts your credit score more is your payment history. Which brings me to my next point…
2. Get your current accounts in good standing
If you have late payments or missed payments on your current credit accounts, make up those payments if you can. While many lenders report a late payment to the credit bureaus if it’s more than 15 days late, how late your payments are can impact your credit score in different ways. A payment that is 30 days late affects your score differently than one that is 90 days late.
For example, according to one FICO score simulation, if you have a 793 credit score and miss a payment by 30 days, your score could drop 60-80 points. In that same situation, if you missed a payment by 90 days, your score could drop 100 points or more.
So the sooner you catch up on a late payment, the better. Besides, making those payments could keep more late fees from adding up.
While catching up on payments may not undo the damage of a late or missed payment on your credit (it can take years for just one late payment to fall off your credit report), it could prevent any more damage from being done.
If the late payments were on property, or loans that were secured by property, like a home loan or car loan, catching up on payments could also prevent you from losing your home or car.
3. Open a Credit Builder Account
This next one is for people who either have no credit history, a limited credit history, or need to rebuild credit after financial hardship such as bankruptcy, foreclosure, or identity theft, to name a few examples.
Unlike a traditional personal loan, credit builder loans don’t give you the money upfront.
Instead, the lender holds the loan amount in a bank account. Each month, you pay into this account and the lender reports your payment history to the credit bureaus, which helps you build credit history.
Once you pay off the loan amount, the money inside the account comes back to you, minus the interest charged on the loan. In other words, these loans give you the opportunity to put some money away for savings while you build your credit.
If you have trouble gaining access to other credit products or want to build credit while you build some savings, a Credit Builder Account could be the right option for you.
4. Use it as a deposit on a secured card
For many, a secured credit card may be a good entry point for accessing credit cards. A secured card works just like a regular credit card, except you put down a security deposit that is usually equal to your credit limit.
For example, you may have a secured card with a $100 credit limit and a $100 security deposit. Like a deposit for utilities, a secured card deposit is used to cover your bill if you don’t pay back what you owe.
Some companies (like Self Financial) provide an option for you to build your way slowly towards a secured card through a Credit Builder Account, no extra deposit or hard inquiry needed. Bonus: Self doesn’t deny you if you have a history of bankruptcy or foreclosure, unlike some other credit card issuers.
There are many different secured credit cards to choose from, so shop around to decide which one is right for you.
5. Work with a credit counselor
Not sure where to start when it comes to your credit? Or what product might work best for you? You may want to use some of your tax refund to hire a qualified professional to help you come up with a credit action plan.
Here are a few reputable places to start searching for a credit or financial counselor:
National Foundation for Credit Counseling (NFCC). This nonprofit provides financial counseling services through their member organizations across the US. Visit their website to connect with free or low-cost help in your area.
Association for Financial Counseling and Planning Education (AFCPE). AFCPE has over 3,200 certified financial counselors, planners, educators, and researchers around the world. You can find local or virtual financial counseling through their online tool.
Operation Hope. Operation Hope is a national nonprofit that provides financial coaches to help people “develop customized action plans around building their own businesses, raising their credit scores, buying homes, or simply making better decisions with the money they have.” Their website also has tons of free resources about financial basics.
These organizations provide access to qualified financial counselors who can help you create plans that align with your financial goals, whether that means building your credit, paying down debt, budgeting, or working towards buying a house, to name a few examples.
Depending on your current income and situation, you may also qualify for no-cost or low-cost help, since many financial counselors offer a sliding scale based on financial need.
Be careful when browsing for professional help with your credit though, especially if you search for credit repair. While there are some good players in the space, you have to be really careful to pick the right one. The Federal Trade Commission provides some guidelines to help you find legitimate credit repair help, which you can view here.
Bonus: Build an emergency savings
Okay, so this one isn’t exactly credit-specific, but having an emergency savings fund could help reduce the amount you need to borrow if you ever did need to lean on credit during times of financial hardship.
Research from SaverLife shows that even just $100-$200 in savings could mean the difference between keeping your housing during hard times or having your utilities cut off.
According to the IRS, the average tax refund in 2020 was $2,741, which for people who make about $30,000 is roughly one month’s salary – a pretty healthy cushion if you lose your job and need time to find something new.
The good news is, there are tools that could help you build both your credit and some savings at the same time.
Bottom line
While credit may not usually be top-of-mind when you get a sudden rush of cash, it’s a key building block for your financial health, and can help open doors to your future.
So if you have a little extra money, whether it’s thanks to a tax refund, stimulus check, bonus, raise, inheritance, or even just finding $20 in an old pair of pants, put that money to work for your future self.
Save more, spend smarter, and make your money go further
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Interested in a career as a cosmetologist? Enrolling in an accredited beauty school is a smart first step to take.
One important consideration is how much cosmetology school costs. Tuition can run several thousands of dollars per year and will likely be one of your biggest expenses. But there are other costs to consider as well. Keep reading to learn about the cost of cosmetology school and ways you can help lower your financial burden.
How Much Does Cosmetology School Cost on Average?
Beauty school students can expect to spend anywhere from $5,000 to $20,000 for tuition and fees. The cost of cosmetology school can vary based on location. Schools in major cities tend to charge more than those in smaller communities. To get a full list of expected tuition and expenses, contact the school’s admissions office.
How Much Do Books and Materials Cost?
In addition to tuition and fees, you’ll also want to budget for the cost of books and materials. Textbooks alone can range from $2,000 to $3,000 or more, depending on your instructor. Add to that the cost of any supplies and tools you’ll need to help you practice your craft. Think shampoos, conditioners, styling products, scissors, electric clippers, mannequins, and more. Your cosmetology school may provide some of these materials, but others you’ll need to buy.
How Can You Reduce the Cost of Cosmetology School?
Though cosmetology school typically takes less time to complete than a four-year college, the costs of those few semesters can add up quickly. The good news is, there are different ways you can help lower your financial burden.
Apply for Scholarships and Grants
Scholarships may be based on merit or financial need and generally don’t need to be paid back. Cosmetology schools can point you toward scholarship opportunities, or you can do an online scholarship search to find out what’s available to you.
Grants are typically based on financial need and are offered by the federal government, state government, private companies, and nonprofits. They’re generally awarded in a federal financial aid package. Like most scholarships, grants don’t have to be paid back.
Consider Student Loans
Student loans can help you cover the cost of attending cosmetology school. In general, it’s a good idea to exhaust all possible federal student loan options first before applying for private student loans. Federal student loans have a fixed interest rate that’s usually lower than private loans and also provide certain safety nets like forbearance or deferment.
Recommended: The Differences Between Grants, Scholarships, and Loans
Fill Out the Free Application for Federal Student Aid (FAFSA)
Filling out the FAFSA application is how students can find out how much federal financial aid they’re eligible for, including loans, grants, and scholarships. The FAFSA applies to a single academic year, which means you’ll need to submit a new form each year. To maximize your potential aid, aim to turn in the FAFSA before the annual deadline.
Recommended: FAFSA Tips and Mistakes to Avoid
Save on Textbooks
Cosmetology school textbooks can be pricey. To help lower costs, look into renting textbooks or buying them used. If you do purchase textbooks, consider selling them once the semester ends and putting that cash towards the next set of books.
Rent Supplies
You may be able to rent certain supplies or supplies instead of purchasing them. This is especially helpful for equipment you won’t need after graduation, like practice mannequins.
Live at Home
If possible, move in with family or friends while you’re in school to save on housing and living expenses. If that’s not an option, look into renting a place with roommates and splitting the costs.
Find a Part-Time Job
Getting a part-time job can help you cover some of the cost of cosmetology school — and maybe even take out less in student loans. Look for gigs with flexible hours that allow you to more easily balance work and class. Consider working in an on-campus student salon, if one is offered at your school. Besides the additional practice, you could also make some extra money.
The Takeaway
The cost of cosmetology school can be significant. Tuition runs anywhere from $5,000 to $20,000, and textbooks, supplies and living expenses can add to your financial burden. But there are ways to cover costs, including scholarships, grants, a part-time job, and student loans.
3 Student Loan Tips
Here are our top three tips to help you understand and navigate student loans.
Complete the FAFSA
Even if you don’t think you qualify for financial aid, you should still fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.
Understand Your Borrowing Options
Would-be borrowers will want to understand the different types of student loans peppering the landscape: private student loans, federal Direct subsidized and unsubsidized loans, Direct PLUS loans, and more.
Consider Federal Aid First
It’s a good idea to exhaust all available federal aid options before exploring private student loans.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
How much is one year of tuition at an accredited cosmetology school?
Beauty school students can expect to spend anywhere from $5,000 to $20,000 for tuition and fees. But the amount you’ll pay may vary depending on where your school is located.
How long is cosmetology school?
It depends on your program. The national average for a full cosmetology program is between 1,400 to 1,600 hours, according to the American Association of Cosmetology Schools. Full-time students typically finish that program in less than two years. But certain programs are shorter and can be completed in six months or so. For instance, the national average for nail technology is 300 hours; for electrologists is 500 hours; and for esthetics is 650 hours.
Is a high school diploma required to attend cosmetology school?
Some states require a high school diploma or G.E.D., but others do not. You may also need to be a certain age to apply for beauty school. Check the rules in your state to find out if you’re eligible.
Photo credit: iStock/Kemal Yildirim
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender. SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. 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. SOIS0223001
Society is increasingly going cashless, with more people handling their finances digitally for safety and convenience. Yet despite the numerous apps and pay-as-you-go options, debit cards remain essential for transactions, paying bills, and everyday purchases.
This guide explains the basics of debit cards, giving you an overview of how to get one and how they work.
Different Types of Debit Cards
Multiple card types exist, each with a convenient way to pay for purchases. These include standard cards, prepaid cards, and EBT cards. Before you get a debit card, read below for a list of your options.
Standard Card
These debit cards link directly to your checking account, allowing you to make purchases or withdraw cash from ATMs. Modern cards come with perks like contactless payments, mobile access through online and mobile banking, and fraud protection.
Prepaid Card
A prepaid card (or pay-as-you-go cards) are cards you buy and load money into before using. You don’t have to have a bank account to use them, making them a convenient choice if you don’t have access to traditional banking services.
EBT Card
Electronic Benefits Transfer (EBT) cards are cards for government assistance programs such as the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF). You can use them to make eligible purchases at participating retailers.
How much does a debit card cost?
Some banks and credit unions may charge you specific fees for issuing a physical card. When you open a checking account, you usually receive a debit card by default with no initial fee. However, in some cases, banks may charge a monthly or annual maintenance fee that covers the cost of providing and maintaining card services.
Do debit cards come with perks?
Some debit cards come with incentives, like cash back deals or reward points on certain purchases and easy mobile app control. Depending on the bank, you can redeem the reward points for cash or other items.
See also: Advantages of Using a Debit Card
How can I get a debit card?
Getting a debit card is a straightforward process if you have your documents ready. You can apply for an account online, or visit your local bank branch and apply using a teller. Here is a step-by-step guide to getting a debit card without hassles.
Step One: Open a Checking Account
Start by researching to find the best bank or credit union to open a checking account. Make sure to check whether the card comes with fees and what the bank’s terms are. Once you find one, you can visit a branch to open a checking or savings account, or you can apply for a debit card through the bank’s website.
What do you need to get a debit card?
You must have the necessary identifying and personal documents to open a checking account from a bank or credit union and get your debit card. Although some requirements differ for a checking account, you generally need the following:
A valid photo ID like a state ID, a passport, or a driver’s license
Your Social Security number or Tax ID
Proof of address, like a lease or a utility bill
A direct deposit amount that varies between banks
Joint Accounts
If you have a joint account, you need the other person’s information and for them to co sign. You can add their information online or visit a teller and fill out the application onsite.
Step Two: Request Your New Debit Card
Both your bank or a credit union may require an initial deposit to open a checking account. You can do so by depositing cash in person, transferring funds, or mailing a check.
After the institution approves your application and opens your checking account, they will give or mail you a debit card and checkbook. You must activate your card before making a purchase or a payment.
Step Three: Activate Your Card — and Start Using It
Like a credit card, you must activate your new debit card to access funds from your checking account. Although the activation process varies between banks, you can find the activation instructions in the accompanying documentation or on a sticker on the card. Keep an eye on the expiration date, use a designated in network ATM, and minimize web access to your checking account to prevent stolen cards or card lost situation.
Activate Your Debit Card
Standard activation methods include calling a designated phone number, using your bank’s website or mobile app to activate the debit card online, or through an ATM transaction. After activation, your financial institution will confirm that your card is ready.
See also: What Is the Difference Between a Credit Card and a Debit Card?
How to Get Cash from an ATM
Withdrawing cash from an ATM card is an easy process when you have your card handy. Although multiple ATMs exist, using one associated with your bank helps you avoid transaction fees.
Once you find one, insert your debit card into the card slot. The machine will then prompt you to enter your Personal Identification Number (PIN). After doing so, Select the “Withdraw” option from the main menu and choose the account you want to withdraw from.
After selecting “checking” or “savings,” enter your desired withdrawal amount and your money is ready. Always protect your card from unauthorized use and shield your number for added security.
How to Add a Debit Card to a Digital Wallet
To add cash to a wallet like Apple Pay, open the wallet app on your smartphone or device and sign into your account. Locate the “Add Funds” option and choose a funding source, like a linked bank account, debit card, or credit card. Then, enter the amount you want to add. Once you confirm the transaction, the funds transfer instantly to your digital wallet.
Do debit cards have fees?
Yes, your bank or financial institution may charge monthly service fees, monthly maintenance fees, foreign transaction fees, and ATM fees. Always ask a representative before establishing a bank account to avoid overdraft penalties for ATM withdrawals.
How can I avoid overdraft fees?
You can avoid overdraft fees by setting up low-balance or email alerts on your bank’s mobile app and monitoring your spending. You can also link your savings account or credit card for overdraft protection.
Protecting Your Debit Card
To protect your debit card, never share your PIN or card number with others. Regularly monitor your account and manage cards well to detect unauthorized charges and report suspicious activity immediately to your bank. If you have a lost or stolen card, report it immediately to the bank to protect your money.
Using Technology
Technology makes it possible to purchase, pay, and manage your debit cards and credit cards without having physical money in your hand, When paying online, use secure websites and connections for your purchase. You can also enable account alerts to notify you when unauthorized charges happen on your account. Don’t use your debit card if your PIN is visible.
What to Do If Your Debit Card Is Lost or Stolen
Report stolen cards immediately to your bank. They can block the card and prevent unauthorized transactions.
Your bank usually issues a replacement card. However, be sure to update your new card information for recurring payments or linked accounts to avoid late penalties.
Also, record the date and time you reported the theft to your bank and monitor your account if additional transactions or fraudulent activity occurs.
Frequently Asked Questions
What are the requirements to get a debit card?
To get a debit card, you’ll typically need to be at least 18 years old and have a valid checking or savings account with a bank or credit union. Minors can also get debit cards, but they’ll typically need a parent or guardian to co-sign the account.
How long does it take to receive my debit card?
Once you’ve opened an account and requested a debit card, most banks will send you the card within 7-10 business days. In some cases, you might even be able to get a temporary card right away at your local branch.
Can I get a debit card without a bank account?
Yes, prepaid debit cards are a fantastic option for those who don’t have a bank account or prefer not to link their card to one. Just load the card with funds, and you’re good to go. Here are some of the best prepaid debit cards on the market right now.
How can I choose the best debit card for my needs?
Consider factors like fees, rewards, account access, online banking, and customer service when selecting your debit card. Don’t forget to compare different banks and credit unions to find the one that aligns with your financial goals.
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.