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.

Must-Have Insurance Plans for Millennials

Written by Loretta Worters on August 7, 2014 in Insurance  |   No comments

Older members of Generation Y (people born between the 1980s and the year 2000), also known as Millennials, are starting to face some big life events. They’re getting married, purchasing their first homes, and having their first kids. The big life moments should trigger insurance…

must-have-insurance-plans-for-millennials Older members of Generation Y (people born between the 1980s and the year 2000), also known as Millennials, are starting to face some big life events. They’re getting married, purchasing their first homes, and having their first kids. The big life moments should trigger insurance decisions, but many Gen-Yers are less than thrilled to make them.

In fact, according to Deloitte, members of Generation Y tend to view insurance as a “mere requirement that is confusing, expensive, and unnecessary,” and they don’t understand why they need it or how it may benefit them. They give greater attention to saving money, paying down debt, and investing, but protecting their finances doesn’t even come into the mix.

If you are a Millennial moving further into adulthood and facing big life decisions, here are some steps you can—and should—take to build a solid insurance foundation:

1. Buy life insurance. According to the “Millennials as New Parents” study, conducted in summer 2013, the number of households with adults aged 25 to 34 who have children was 10.8 million.

If you are a parent, it is crucial to make sure your dependents will be financially secure in the event of your death, so life insurance should be a key element of your financial plan.

But even if you don’t have dependents, life insurance is a great way to ensure your debts will be paid off in case you pass away unexpectedly. For example, many Millennials have relied on family members to secure private student loans, and they now owe an average of nearly $20,000. Without life insurance, responsibility for those debts could pass on to the family members who had assumed shared responsibility for the loans.

It might seem ridiculous to think about buying life insurance now, but it’s cheapest to do it while you’re still young.

2. Consider disability coverage. I know, you never think you are going to become disabled. When you’re young, you feel indestructible—but you’re actually four times more likely to be disabled than die.

So, if you were disabled and unable to work as a result of an accident or illness, what would you do for income? You could probably crash at your parents’ house—which is not ideal—or you could get disability insurance, which can replace lost income.

While many employers offer disability coverage, some smaller businesses may not. If this is the case for your workplace, you may want to consider buying a private disability policy that will replace 50 percent to 70 percent of your income.

Bear in mind that if your injury is work-related, workers’ compensation coverage may apply.

3. Remember homeowners and renters insurance. Did you know that Millennials are more likely to rent than own their home? Did you also know that if you rent a house or apartment, your landlord’s insurance will only cover the costs of repairing the building itself in the event of a fire or other disaster? It’s a bummer, but you need your own coverage, in the form of renters insurance, in order to financially protect yourself and your belongings.

If you do own your home (whether it’s a house, condo, or co-op apartment), it’s important to be certain you have both the right amount and the right type of insurance. Homeowners insurance covers the structure, your personal belongings, liability, and additional living expenses.

With condo or co-op insurance, you need to make sure you have two separate policies to protect your investment: your own insurance policy, which provides coverage for your personal possessions, liability, structural improvements to your apartment, and additional living expenses, and a “master policy” provided by the condo/co-op board. The latter covers the common areas you share with others in your building, such as the roof, basement, elevator, boiler, and walkways, for both liability and physical damage.

4. Look for a job with health insurance. Once you are out of school or are older than 26, your parents’ health plan won’t cover you. As you sort through job prospects, it’s tempting to go for the opportunity that puts the most dollars in your pocket, but health coverage is perhaps the most important job-related benefit you can get.

Many companies have coverage through a managed-care plan, which means that the healthcare provider makes many decisions, including which physicians are included in the network. Other companies have more flexible plans. In both cases, the employee is responsible for some co-payments, which help keep costs under control.

If your company doesn’t have a health plan, go buy your own. A lot of Millennials wouldn’t sign up for health insurance under the Affordable Care Act, thinking they were healthy and didn’t need it, but no one is immune to illness. Don’t pay the penalty—buy the insurance.

(Watch out for these 4 health insurance scams)

Other things to consider

One last piece of advice: If you live in a place where your property could be flooded, consider buying flood insurance. (Check out FEMA.gov for more information on the National Flood Insurance Program.)If you live in a place where your property could be damaged by an earthquake, buy earthquake insurance. End of story.

After all this, if you have some cash left over, use it to buy an umbrella liability policy. This is especially important if you already have a lot of assets (you know—your house, your car, your money). Even if you’re still building your assets, it will likely come in handy down the road.

Loretta Worters is vice president with the Insurance Information Institute, a non-profit organization whose mission is to improve public understanding of insurance—what it is and how it works. Follow her on Twitter @LWorters.

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.

No comments yet

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