Posts filed under ‘Insurance’

5 common mistakes new parents make

Let’s face it: Children aren’t the only ones who need to be taught proper money habits. Sure, their money plan may be simpler (saving to buy that Barbie or Tonka truck, or buying that Barbie or Tonka truck), but the basic principles of living on less than you make and saving for purchases with cash is something that adults struggle with. And you can’t afford to do that when kids come into the picture.

Here are 5 common mistakes that new parents make, and tips for avoiding them: (more…)

August 26, 2008 at 12:02 pm 4 comments

6 Money Matters to Stop Worrying About

I’m not a huge fan of Suze Orman. In fact, not much of one if I’m being honest. But, her latest feature in O at Home was one of the few Orman tidbits I can’t argue with. Simply put, it’s the soundest advice I’ve heard from her in a long time. Here’s how the article starts: (more…)

June 30, 2008 at 10:43 am Leave a comment

Mutual funds run by insurance companies aren’t very good

Don’t take my word for it, that’s a key line in an article on SmartMoney Magazine’s most recent issue titled When Insurers Don’t Protect You. It’s hard to argue with one of the nation’s leading financial magazine’s, and I’ve said the exact same thing about how poor the earnings are in mutual funds included within an insurance product. Let’s dig in. (more…)

January 14, 2008 at 1:36 pm Leave a comment

4 questions to get and keep you on track with retirement

If you can’t answer yes to these 4 questions, you’ve got some work cut out for you. (more…)

July 18, 2007 at 8:47 am Leave a comment

Life insurance is a bad investment product

I’ve always looked as life insurance as a replacement for income lost if I die. But, some folks also see it as a means of investing for retirement. Most insurance agents will push any type of life insurance that will benefit their pocket book while convincing customers that it’s a ‘good’ product. I couldn’t disagree more. I like to keep my insurance and investments clean and separate. Looks like Money Magazine senior editor Walter Updegrave feels the same way. (more…)

July 5, 2007 at 9:21 am 16 comments

Seven Steps to Riches

Warning: This is not a get-rich-quick scheme. These steps, if practiced, will bring prosperity and wealth, guaranteed. They require patience and consistency. Do you have what it takes? If so, read on.

February 21, 2007 at 7:33 pm 3 comments

How much life insurance do you need?

If you’re struggling to find the right amount of life insurance for you, here’s a quick post to help you out. This post deals mainly with term-life policies, not whole, universal or any other cash value product.

February 16, 2007 at 7:32 pm Leave a comment

10 Components of A Healthy Financial Plan

Here at MoneyTalk, we’ve talked a lot about the importance of financial planning and management. Without planning and good money management, the odds are pretty low in reaching financial success. This post is a break down of the ten major components of a healthy financial plan and how they can help you get back on track with your finances and life.

February 12, 2007 at 6:42 pm 46 comments

When should you buy life insurance for your child?


Life insurance is not for children. The purpose of life insurance, of all types of insurance, is to transfer risk from us to the insurance company. Life insurance serves one purpose, to replace income if it is essential to daily living. Don’t get sucked into buying life insurance for kids.

November 28, 2006 at 1:48 am Leave a comment

Measure 42

It’s just a few days before voting day, and, like you, I’m sick and tired of all of the political garbage littering my t.v. I can’t wait for it to be over.

Of course, if you’ve been paying any attention to what’s going on in Oregon, you’re well aware of Measure 42. Maybe not by name, but definitely from conversation.

Measure 42, if passed, would prevent insurance companies from setting rates based on credit scores.  I’m not a big fan of credit, so it would be safe to assume that I would support this legislation. I’ll tell you why.

First and foremost, according to insurance industry research , there is a correlation between poor credit scores and possibility of payment. Basically, there’s a probability that an individual will not pay their insurance premiums if they have poor credit scores. I believe the percentage is around 54% or so.

So, I think it’s wise for insurers to use credit scores as a part of determining rates. However, I think it’s idiotic to set rates based SOLELY on credit scores. Major mortgage companies look at other factors before approving loans, so why are insurance companies excempt? They shouldn’t be.

I believe this practice is harmful to consumers because it doesn’t discriminate from individuals who don’t pay their bills and those who just don’t borrow money. To place just those two groups in the same category is just plain stupid.

Insurance is an essential part of your financial plan, that’s why I think these companies should look at other aspects of an applicant’s history. Don’t you think it would be wise to look at the claims history? Yes. What about the amount of time the person has had insurance and on what? Yes.

Unfortunately, I live in the Midwest and can’t vote on this legislation. But, if I had the opportunity, I’d write it in big, red letters: Y-E-S!

Maybe I’m wrong, maybe I’m not, what do you guys think?

November 2, 2006 at 4:34 pm Leave a comment


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