Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Laddering Insurance Policies

Written by Linda Rey on November 18, 2010 in Insurance  |   2 comments

Laddering Insurance Policies Buying life insurance can be intimidating, because it forces you to face some tough realities when you would rather be thinking, “It won’t happen to me.” Unfortunately, death and injury happen, and when they do, it’s a tragedy. When a family has…

Laddering Insurance Policies

Buying life insurance can be intimidating, because it forces you to face some tough realities when you would rather be thinking, “It won’t happen to me.” Unfortunately, death and injury happen, and when they do, it’s a tragedy. When a family has to deal with an emotional trauma like the death of a family member, life insurance enables them to avoid financial hardship and make sure the bills get paid.

We’ve talked about life insurance before, but some of the motivating factors to get life insurance are:

  1. Keeping your home
  2. Paying the monthly bills
  3. Sending your kids to college
  4. Keeping the family business afloat to be passed on to the next generation, or to ensure a fair sale

Laddering Insurance Policies

Have you ever heard of laddering life insurance policies? Laddering life insurance policies means you buy several life insurance policies over a period of years or even decades. Ideally, you’ll have complete life insurance coverage during the times of your greatest future expenses, typically when children are growing up and going to college. After your children leave home, your expenses will likely decline, and so you will probably need less insurance coverage. Laddering insurance policies can help you get the right amount of life insurance to cover your different needs at different times and save you money by not paying for life insurance premiums you don’t need.

Once you’ve discussed with your insurance agent or financial planner your family’s needs, how much life insurance is enough, and for how long you’ll need it, you can develop a budget for the time frame. This could help reduce the cost of insurance over the policy period for which you are purchasing.

For example, let’s say you have three kids in grade school and a mortgage. Your needs are going to change drastically over the next twenty years.

You might need $2,000,000 to cover income, college tuition, and a mortgage, but you need that for a staggered time period until your three kids are in college and your mortgage gets paid over the course of thirty years. You might consider purchasing the following plans:

  • A ten-year term life insurance policy with a $750K face amount
  • A fifteen-year term life insurance policy with a $500K face amount
  • A twenty-year term life insurance policy with a $500K face amount
  • A whole life policy with a $250K face amount, for final expenses and minor remaining debt obligations

For ease of cost comparison, we will focus on the term insurance only.*

If we take a forty-four-year-old male who is in preferred health and quote him a thirty- year term policy, the premium would be approximately $3,140 annually.

If the insured was to ladder the policies as in our example, the premiums would be as follows:

  • Ten-year term life insurance policy with a $750K face amount = $590 annually
  • Fifteen-year term life insurance policy with a $500K face amount = $505 annually
  • Twenty-year term life insurance policy with a $500K face amount = $690 annually

That comes to a total of $1,785 annually—a savings of $1,355, or 43 percent.

Check with your agent in your state on which carriers provide multiple policy discounts and incentives when employing a laddering strategy. Remember: life insurance is not just about you; it’s about your family.

*Cost comparison was done assuming New York State and specific to one carrier. Premiums vary between insurance companies. Health class is based on health history, family health history, and blood work after review of physical exam and medical records.

Linda Rey is a licensed insurance agent at Rey Insurance with a broad spectrum of expertise in life, accident, health, property and casualty insurance as well as retirement planning and college funding strategies.

Follow Linda on Twitter.

READ MORE:

Summer Toys: Insuring Your Pool, Trampoline, or Boat
Business Insurance Can Help Your Business Grow
Workers’ Compensation Won’t Work For You
FAQs About Disability Insurance

2 comments

  1. jeerkbey says:

    U.S. media reported that U.S. President Barack Obama next week with Israeli Prime Minister Benjamin Netanyahu talks to persuade Israel not to strike at Iran’s nuclear facilities in the coming months.
    Obama will probably be held on the 5th meeting with all the going to Minister Benjamin Netanyahu. By then, Obama will persuade Netanyahu to wait patiently the effect played by sanctions against Iran and aware of the risk of a military strike. The Washington Post quoted a government official mentioned, “We are trying to get Israel to attempt not to create the choice of a military strike” a condition of anonymity.
    The report stated that Israeli leaders produced ??it clear that to stop Iran from acquiring nuclear weapons capability in less time, but the U.S. is worried that Israel’s pre-emptive strike action would trigger a regional war within the Middle East. Israel had decided to attack on Iran won’t be issued a warning signal for the United states, the U.S. government can deny aware of developments in advance, however it also limits the United states to protect its military installations in the Middle East’s ability.In accordance with an opinion poll carried out in January by the U.S. media, most Americans think that financial sanctions and diplomatic way better than military action against Iran. Thus, the United states and Israel for the differences in how you can deal with the Iranian nuclear concern has elevated. Israel believes Iran is creating nuclear weapons and military strikes against the window being closed even though the U.S. is no indication that Iran is determined to producenuclear weapons, as well as the serious consequences of military operations, including Iran’s retaliation against the United states, the circumstance within the Middle East instability as well as the impact from the international economy .

  2. jeerkbey says:

    U.S. media reported that U.S. President Barack Obama next week with Israeli Prime Minister Benjamin Netanyahu talks to persuade Israel not to strike at Iran’s nuclear facilities in the coming months.
    Obama will probably be held on the 5th meeting with all the going to Minister Benjamin Netanyahu. By then, Obama will persuade Netanyahu to wait patiently the effect played by sanctions against Iran and aware of the risk of a military strike. The Washington Post quoted a government official mentioned, “We are trying to get Israel to attempt not to create the choice of a military strike” a condition of anonymity.
    The report stated that Israeli leaders produced ??it clear that to stop Iran from acquiring nuclear weapons capability in less time, but the U.S. is worried that Israel’s pre-emptive strike action would trigger a regional war within the Middle East. Israel had decided to attack on Iran won’t be issued a warning signal for the United states, the U.S. government can deny aware of developments in advance, however it also limits the United states to protect its military installations in the Middle East’s ability.In accordance with an opinion poll carried out in January by the U.S. media, most Americans think that financial sanctions and diplomatic way better than military action against Iran. Thus, the United states and Israel for the differences in how you can deal with the Iranian nuclear concern has elevated. Israel believes Iran is creating nuclear weapons and military strikes against the window being closed even though the U.S. is no indication that Iran is determined to producenuclear weapons, as well as the serious consequences of military operations, including Iran’s retaliation against the United states, the circumstance within the Middle East instability as well as the impact from the international economy .


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Insurance Archive