Life insurance can fulfill a broad array of requirements, such as covering up the finite years of your mortgage or meeting the expenses of your children and spouse who require financial aid when you are gone.
Approximately 63 percent of Americans regard life insurance as an absolute necessity, while 30 percent think that they aren’t adequately covered. Unfortunately, 43 percent of Americans have no life insurance coverage at all, according to recent statistics.
Here’s a guide that will evaluate your situation, helping you determine whether you need life insurance. We’ve also explained which type would suit you best.
Breadwinner Of The Family: In this case, you definitely should invest in life insurance. It offers people like you the benefit of income replacement. This will enable your family to continue paying for daily expenses. The term life insurance is the best way to cover your working years.
Non-Working Parents: If you do not have any monthly income but execute daily chores, life insurance will cover the expenses for the services which you provide for free. This may include child care, cooking, performing household tasks, running errands and so on. You can choose term insurance cover for covering the years till your kids become self-reliant.
Divorced Or Separated Parent: Investing in life insurance can offer support on payments made by the divorced parent. The term life insurance can provide coverage for the years of support payments.
Parent Of A Child With Special Needs: Life insurance can give you the assurance that your child won’t face financial trouble when you aren’t around anymore. In this case, permanent life insurance can offer the payout regardless of when you die.
A Homeowner With The Burden Of Mortgage: By investing in life insurance, you ensure that your mortgage is paid off. This will prevent your family from having to move after your death. You can buy term life insurance, keeping in mind the remaining years of mortgage payments.
Individual With Cosigned Debt: If you are paying for a student loan or a credit card, life insurance would also cover for your debt. Here as well, the term life insurance can be chosen to end with your debt.
People With A High Net Worth: You will need life insurance to providing funds to your heirs for paying inheritance and estate taxes. Opt for permanent life insurance if you have concerns regarding property revenues.
Business Owner: Life insurance can also pay for your business debt upon your death. It may also fund a buy-sell agreement so that a business partner can buy your shares. You can choose any of the options on the basis of your unique situation.
This guide, and a clear idea of your financial condition, will help you select the best option when it comes to life insurance.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.