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Are Free Credit Reports a Good Deal?
Hello, helloo, hello…. Can anybody hear me….?
 Yes, it is a very catchy jingle, and it is sung by a baby faced rocker and his group. But despite the engaging commercials for websites like FreeCreditReports.com, are they a good deal? Of course, free sounds like a good deal. But those of us over 50 know that no company spends all of that money on ads just to give away things for free.
Actually the Better Business Bureau has heard over 11,000 complaints about this credit bureau owned service. It works like this. You sign up for the free information, but you must give them your credit card number. You have 9 days to cancel, or you will be charged $14.00 a month for Triple Advantage Credit Monitoring.
Experian, the credit bureau who owns FreeCreditReport.com says these terms are made clear to the consumer, but those terms must have missed the notice of at least 11,000 (and we’re betting more) of the people who wanted a free credit report.
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Affordable Term Life Insurance Over Age 50
Somehow we seem to slide through our younger years without really feeling the need for life insurance. But then we hit 50 or 60, and somehow we start to feel our mortality. By the time we have hit middle age, we have actually had adult relationships with people who have died without warning. Most of us also still have obligations, and we know that we would probably leave our loved ones with a mess if we suddenly exited the scene.
So the question comes up more often. Can people over 50 still find affordable term life insurance?
Well, Can People Over 50 Find Affordable Term Life Insurance Policies?
I have good news. Most people, in reasonable good health, can find term policies into late middle age and early retirement years. US statistics, at least, tell insurance company actuaries are living longer than they did a decade ago. This means that rates have dropped over the last 10 years. This also means that top life insurance companies are more willing to extend coverage to older people.
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Bank CD or Annuity for Retirement Savings?
Well, a lot of us have been struggling with our retirement accounts lately. I know that it was discouraging for me to watch my stock based IRA take a huge hit last year. And even though it is creeping back up, I have not recovered my retirement savings to pre-2009 levels. It is hard to watch money evaporate when it was such a tough battle to sock it away in the first place.
Safe Money?
So let’s take a look at some safe money investments. This is what bank CDs and fixed annuities are usually called because they have guarantees from banks or insurance compaies that no money will be lost when the market goes down. But is this really true? Well, you really have to consider inflation and the affect of taxes before you can actually say you did not lose any money.
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Need Some Credit Card Balance Cures?
We all made our New Year’s resolutions last year to minimize debt. But there is no doubt that January, coming right after the holidays, has got to be a tough time for most of us. It was so tempting to use our cards for gifts, parties, or travel, and now we get to enjoy our New Year’s credit card statements. For many of us those come complete with higher interest rates too. So how do we plan our attack?
Vote NO to Higher Interest Rates on Credit Cards
If you’ve managed your credit well, paid bills on time, etc., but still been hit with interest rate hikes, it is time to do some shopping around for lower rates. If your credit is decent, you can still find zero interest rate balance transfers.
Does Credit Card Interest Rate Matter on Smaller Balances?
I’m not sure what you consider a small credit card balance. But let’s say you owe $1,000 on your credit card, which is probably a pretty moderate sized debt for an American family. If your interest rate is 23%, you can make a payment of about $100 a month, it will take you 12 months to pay it off. You would have paid about $120 in interest charges too. So your $1,000 balance will really cost you over $1,100. It is pretty likely, in fact, that you will still be looking at your 2009 debt as the 2010 holiday season approaches. We don’t want that.
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Are Over 50 Car Insurance Discounts Real?
We have all seen a lot of marketing that targets people our age. The latest trend seems to come from major car insurance companies, like AARP and The Hartford, who suggest that we will be rewarded for our age, and all of the wisdom and maturity that may be linked to living this long. I have even seen internet ads for Obama car insurance discounts for older people! What we need to know, before rushing off, is how real these ads are. Is this just targeted marketing, or is there really something to it?
One of our sister sites ran this article – over 50 car insurance discounts- to examine that issue. They really could not conclude that there was any particular benefit to using an insurer who marketed to boomers over any other insurer that would offer a car insurance discount for having a long driving record with few accidents and claims. It is doubtful that a middle aged driver, with recent DUIs, would be able to get cheap premiums. And another middle aged driver, with a long and clean driving record, would probably get a good deal from most insurers.
This is a preview of Over 50 Car Insurance — Is it Really Cheaper? . Read the full post (717 words, estimated 2:52 mins reading time)If you enjoyed this post, make sure you subscribe to my RSS feed!
What are Annuities?
It is not easy to explain annuities because insurance companies market many variations these days. Bascially they are products that are sold by life insuance companies, and so they contain featues of life insurance as well as features of investment or savings products. Rather than being designed to insure a person’s life, they have been designed to insure a person’s financial security.
Immediate Annuities – These are purchased with a lump sum payment, and then they start paying out a periodic income right away. How much and how long will they pay? That all depends upon many unique factors. The amount of money invested, the type of payout and annuity, market conditions, and the terms of the contract all matter.
Deferred Annuities – These are meant to save for some future event. They can be purchased with a lump sum, or they can take periodic contributions. Sometimes people do both. For example a person may want to save for a retirement which is several years off. They may invest an initial lump sum of $5,000, and then contribute another $2,000 every year until retirement.
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Will Health Reform Hurt Medicare?
This is sort of sadly ironic to me. I was always holding up Medicare as an American example of public health insurance, and I held it up as a good example! Now we have pundits on TV, and those 60 plus folks claiming that a revamp of US health insurance and health care will hurt Medicare. Among the claims are these, so-called, death interviews, which are supposed to make the infirm feel as if they are taking up to much space. But what is really true about health reform and Medicare?
The Great Senior Scare
I borrowed senior scare from factcheck.org. They outed one of the misleading (totally untrue!) ads from 60 plus.
Myth: Health reform will cut 500 billion dollars from Medicare.
Truth: Health reform will trim about half that from projected growth over the next 10 years.
Do you see the difference between cutting half a trillion dollars, and cutting a quarter of a trillion dollars from growth over the next decade?
Don’t Panic Yet – About Health Reform, That IS
This is a preview of Obama Health Reform and Medicare: Fact vs Fiction . Read the full post (309 words, estimated 1:14 mins reading time)If you enjoyed this post, make sure you subscribe to my RSS feed!
Are you Thinking About Buying a Home?
Like many people over 50, I have been a renter and an owner. I am here to tell you that both have advantages and disadvantages.
When you rent, you may feel as if you give up some freedom, privacy, and pride of ownership. On the other hand, you have less responsibility. Beyond paying the rent and keeping the place livable, you can pass many problems on the your landlord.
The landlord needs to pay taxes, pay for major repairs, and probably even do some of the major upkeep. You pay your rent, perhaps have renters insurance (which is usually cheap) to protect your personal belongings, and you are done!
The Cost of Home Ownership
However, we are seeing some very inexpensive mortgages advertised these days. It may seem Wcheaper to own than to rent, and that way you get to build equity in a major asset. Right?
Well, I am not sure that owning is usually cheaper than renting when you consider everything. Consider the monthly mortgage payment. But also consider property tax, homeowners insurance, repairs, and upkeep. You wil also probably need a down payment to qualify for a mortgage these days.
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Do you Need Long Term Care Insurance (LTCI)?
While most adult Americans are giving some thought to retirement planning, especially with these tight economic times, many have not really thought about the need for long term care planning. In my experience, people who have had to go through the experience of having a family member need long term nursing care tend ot think about it more than others.
The Need for LTC Planning
But experts predict that along with longer lives will come the increased possiblity that half of us will need nursing care at some point in our adult lives. And the cost of that nursing care, if it is extended for months or years, will not be paid by Medicare as it is right now. Medicaid may kick in, but only after a person uses up most of the assets they have spent a life time building up! The cost of private long term care insurance may be a good bet compared to the cost of extended nursing care. And many plans allow for choices in how that care is taken, be it a nursing home, assisted living facility, or home nursing care, or even care by family members. Either way, this extended care will cost plenty.
This is a preview of Who Needs Long Term Care Insurance (LTCI)? . Read the full post (384 words, estimated 1:32 mins reading time)If you enjoyed this post, make sure you subscribe to my RSS feed!
Can Older People get a Good Deal on Term Life Insurance?
Lots of people, even insurance pros, assume that only younger people should apply for term life insurance. Of course, all things being equal, a younger person will get a better rate than a younger one since age is one big determinate of rate bands. However, since Americans have been living longer and healthier rates, top life insurance companies have dropped rates to stay competitive.
Visit Here: Term Life Rates for Older People
In fact, term life insurance rates are dropped 50% or so over the last decade according to major online premium rate surveys! This is great news for consumers. You may find that your premiums are surprisingly affordable! Let’s say you took out a 30 year term policy 10 years ago. Now you only need to replace 20 years of coverage, and that should be less because it is a shorter term. So even though you are 10 years older, the shorter term combined with lower rates today may save you a lot of money!
Can Older People Always Save Money On Life Insurance?
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