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.

Life Insurance: When Do I Need It, and How Much Should I Buy?

Written by Susan Johnston on January 16, 2015 in Insurance  |   1 comment

For 20-somethings without mortgages, spouses, or kids, life insurance may be the furthest thing from their minds. After all, most people start thinking about purchasing it when they reach one of three milestones: buying a home, getting married, or starting a family. While data shows…

Life Insurance When Should I Buy it and How Much Do I NeedFor 20-somethings without mortgages, spouses, or kids, life insurance may be the furthest thing from their minds. After all, most people start thinking about purchasing it when they reach one of three milestones: buying a home, getting married, or starting a family.

While data shows that many Millennials are now delaying homeownership, marriage, and parenthood, they may not want to also postpone buying life insurance. That’s because buying a life insurance policy when you’re young and healthy typically means lower premiums.

For instance, if you bought a 30-year level term life insurance policy at age 28, your premiums would be the same until you were 58. Additionally, if you develop a major health issue later in life, it could make you a less desirable candidate for life insurance companies.

“If you ‘love somebody’ or you ‘owe somebody’, you should have insurance to cover those situations,” says Marvin Feldman, president and CEO of Life Happens, a non-profit foundation that educates consumers about financial planning and insurance.

From a life insurance perspective, the phrase “love somebody” typically refers to a spouse or dependent child, but it could also mean a parent who might run out of money in retirement and need your financial support. It could also refer to a cohabitating significant other who couldn’t afford the rent or mortgage without your income.

The phrase “owe somebody” may mean may refer to a mortgage or a parent who has co-signed a private student loan for you. (Federal student loans don’t generally require a cosigner and can be discharged if the borrower dies—the deceased’s estate will not be responsible for repaying them—so these may not need to be covered by your life insurance policy. Talk to your insurance representative for more details.)

Amy Bach, executive director of United Policyholders, an independent non-profit that advises consumers on insurance topics, says it’s a good idea to begin considering life insurance “as soon as you have anybody in your life who is in any way depending on you for income or that you would like to be taken care of if you were to die suddenly.”

How much life insurance should I buy?

Once you’ve decided you need life insurance, the next important step is figuring out how much you need. Depending on your individual situation, you may want enough life insurance to pay off your mortgage balance or put your future children through college in the event that you’re not around to pay those costs yourself. It could also cover your end-of-life costs.

“No one likes to think about things like burial expenses and legal fees related to taking care of somebody’s affairs,” Bach says. “But those are real expenses that people face and that life insurance can cover.”

Many employers are cutting back on benefits, but some still offer life insurance to employees. If yours does, find out how much it covers and whether you can pick up the premiums yourself if you leave that job—or if you would lose the coverage.

“The main thing is to see what the benefits you’re getting through your employer-provided plan are,” Bach says. “If you see it lacking in any way, you can supplement it with an outside plan. Or, if you find out that you would not be able to keep that same policy, then you may want to think about picking up an extra policy that would not be affected by your employment relationship.”

Feldman suggests working with an agent or buying a life insurance policy online (the cost is the same). “If you’re in a financial position to buy the life insurance now knowing there will be a need later, do that,” he says. “The cost of buying life insurance for a young person is less than a soda a day—and substantially less than a latte a day.”

Susan Johnston is a Boston-based freelancer who has covered personal finance for numerous publications including Bankrate.com, the Boston Globe, Learnvest.com, Mint.com, and USNews.com. Find out more at www.susan-johnston.com.

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.

1 comment

  1. Shavonmz says:

    It is a sad story that is being heard too often these days af . The north american dream is build arunod credit (if we let it) which can lead us down a path of destruction if we are not careful. We need to do a much better job of educating our kids on how to manage their finances and credit.

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