Author Archives: Team Dinks

[The following is a guest post]

Getting declined for life insurance can be a thoroughly frustrating affair; especially when you truly don’t understand what it is that you did wrong with your application. Under most circumstances, it was some small oversight; even more frustrating right?

Here are 4 common reasons for life insurance application declines, how they can be avoided, and what you can do to make sure that you don’t make the same misstep on your next application. Don’t forget to click this link to find out about organizing your own life insurance.

1. You Didn’t Read Through the Exclusions

At the very least, you didn’t read through them well enough and the exclusions section is really the only fine print that matters when applying for a new life insurance policy. Even if this policy was one of those “no exam” type policies, there are still plenty of exclusions and typically an individual only goes for one of these policies if they have a certain medical condition. Well, guess what, the insurance company is still going to look into your medical history; regardless of if there’s an exam, or not.

Now, if you were matched to this policy by a life insurance agent, here’s the thing – you don’t want to use that agent again. Obviously, they just wanted to make a sale. Next time, make sure you go with an agent who’s not only reputable, but who doesn’t work for any one agency; these are the agents who really know the market and aren’t just a cog for their company.

Good Tip: Always call the insurance company after you send in an application and ask to speak with a representative who will skim over your application with you over the phone. They can catch anything that needs to be fixed, or anything that might not be covered, and you can fix it before that application is sent in, declined, and shows up as declined on your medical records.

2. You Omitted or Incorrectly Listed Something

This happens all the time and it’s a huge part of why enlisting the assistance of a life insurance specialist can be invaluable. After all, you don’t want to get declined for a reason like these:

• You left something blank
• You incorrectly answered a question
• You asked for too much coverage
• You incorrectly signed the application, or did so from another state
• You didn’t sign the application at all
• You didn’t put down a street address, but a P.O. Box number

As you can imagine, all of these are very easily avoided. Sometimes, all it takes is a trained eye; one that knows the typical missteps of an individual filling out a life insurance application for the first time on their own.

Good Tip: This is going to be the same tip. Simply call the insurance company and double check the application with them, or sit down with a life insurance specialist prior to sending anything in and let them go through it with you with a fine tooth comb.

3. Your Records Know Something You Don’t

Dun dun dun – this is always a scary one. There’s something showing up on your MIB records (Medical Insurance Bureau) that you’re unaware of, or it might very well be in your Pharmacy and/or MVR records. All of these are looked through by the insurance company, even if it’s a “no exam” policy. If anything at all doesn’t match up, you will be declined.

Good Tip: Before you fill anything out, order a copy of all records the insurance company is going to be looking at. Make sure you know everything and won’t be unintentionally putting down inaccurate information.

 4. A Doctor Dropped the Ball

While doctors seem to be the utmost responsible of individuals, they have a lot going on and sometimes, things fall through the cracks. It’s very possible that your doctor didn’t provide the insurance company with the medical records they needed in time, and you were none the wiser. It’s also possible that there’s a discrepancy in your medical records due to doctor error.

Good Tip: Make sure that all of your doctors, with all of their contact information, are thoroughly listed on your application – if the insurance company is missing something, they can use this information to contact the doctor directly. Also, it certainly helps to call and check with the insurance company regularly during the application review process – if you can catch them before they slap a big ole’ rejection on your application, you might be able to save yourself a substantial amount of time and grief.

By Chris Henry – a personal finance advisor that has been helping people understand their finances for over 15 years.

With today’s financial uncertainties, everyone is looking for a way to make cash fast. If you look online for a matter of just minutes, you will see a vast array of options to make hundreds or even thousands of dollars quickly. Unfortunately, there is no magic instant antidote for major financial burdens of this kind. These frauds most often request money in advance to even get started. However, there are a handful of legitimate and realistic ways to accumulate cash quickly online and we will discuss them today in this article.

Odd Job Apps:

Individuals or businesses will post odd jobs or small varieties of tasks on such apps and sites such as Fiverr. These sites and applications offer a vast marketplace of small jobs. For instance, Fiverr posts small tasks that are each worth $5, hence the name. These simple jobs include activities like installing WordPress plugins, minor computer programming, translating, designing business cards and so much more. Another site featuring similar minute tasks is called Micro workers. This site offers the ability to make “micro money” by completing small tasks via a simple internet connection. Some of these “micro jobs” include just signing up for websites and setting up site links.

Utilize Your Talents:

Online tutoring has been around for some time. However, with the new gift of mobile devices and their bonus applications, there are several sites dedicated solely to this type of service. One of your tutoring service options is called Student of Fortune. This particular site is usual in the fact that it is a tutoring and homework help platform. The difference between this website and other tutoring site options is the unique order of operation. The students who require help simply post their questions along with their particular cash incentives. Dependent upon how well you answer the question, you can receive the cash reward. Some other sites for tutors looking for additional income include Craigslist (linking you to local needy students) and Care.com, which has an option for tutoring.

For those who are more technically inclined than others are, sites like Expert’s Exchange can be another option for your talents. By answering questions about hardware, software, and programming, you can earn rewards. On the other hand, if you find you possess more literary talents, there are wide ranges of content sites that pay for quality articles like Constant-Content. So identify your abilities, put your talents to use, and profit from them. If all else fails you can go the route of many and apply for quick cash online on sites like FastCash.org.  You will have to repay back the money but at least it is another good solution for getting fast money.

(The following is a guest post from Crystal at Budgeting in the Fun Stuff.  That’s where she writes about her bills, saving for the future, and making sure that they fit in fun stuff along the way.)

I am a financial blogger that likes her credit cards.  In fact, I rarely use cash.  If you won’t spend more with plastic than you would with cash, then why not earn some rewards for your normal spending as you go?

Choosing Our Discover

The main card that my husband and I use is a Discover.  I’ve had one since I was 18, and I will stay with them as long as they keep their great customer service, good cash back rewards, and no annual fee.

My husband and I use the Discover whenever we can when checking out, and then we use the $300-$500 in rewards every year to pay for some fun gifts cards for us at a discount, presents like movie tickets for friends, and even have simply applied some of it to our balance before.  Discover reps are easy to contact and the rewards are straight-forward on each month’s summary.  The only change we’ve ever made with Discover is to switch from Discover More to Discover It, so now we earn 1% all of the time and 5% on rotating categories.

Choosing Our Visa

My second card changes as needed.  We always want a Visa as a backup for anyone that doesn’t accept Discover, but finding the Visa for us requires a little time.

We started with a Visa with Amazon rewards, but the percentage towards the rewards kept changing.  Then we switched to one from PenFed, which had a solid 5% back for gasoline and 1% on everything else.  But they just notified us a couple of months ago that there would now be a $25 annual fee and the gas rewards were dropping to 3%.  We refuse to pay an annual fee for a credit card, so we went on the hunt again.

Thanks to some card comparison sites like TotallyMoney.com, I found our most recent addition.  We ended up going with the Chase Freedom Visa.  It seems to work just like our Discover with one extra thing – 1% cash back on everything, 5% on rotating categories, and an extra 10% back on our rewards at the end of every year since we have a Chase checking account.  It doesn’t seem to have as many discounted gift card options, but it still hits all of my requirements.  It’s a Visa with solid rewards and no annual fee.  Done.

Given that cash flows out of our wallets like water, I’m glad we’ve found credit card companies that fit our needs.  What do you use for your purchases?  Are you a cash or credit kind of person?

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Photo by Philip Taylor PT

Purchasing insurance can be expensive and many people have no idea why they are paying the amount that they are paying for their policies. The calculations used by many insurance companies are proprietary and include a multitude of factors that result in people paying widely different prices for the same types of coverage. Fortunately, there are some things that you can do to get a better price on your insurance products and save some money. By following these tips, you can avoid overpriced insurance products and reduce the cost of the acceptable insurance policies that you find.

Compare Prices

When deciding what types of coverage you are going to purchase, it is important to compare prices to see which policy offers you the best value. When comparing prices, you must compare policies with similar features to get an accurate estimation of the costs. Make sure you compare private health insurance based on the co-pays, deductibles and coverage options available with each plan. For most types of insurance, you can change providers at any given time, so continue to search for the lowest prices and do not be afraid to switch if you find a better deal.

Keep Your Credit Score High

Many people do not know that their credit score is used in the calculation of the premium price for their insurance products. The insurers use the credit score as insight into the person’s responsibility and riskiness. People that have a lower credit score are generally charged a higher price for insurance than people that have high credit scores. If you want to keep your insurance costs as low as possible, make sure that you do everything you can to prevent harm to your credit score.

Make Claims Sparingly

Making a lot of claims against your insurance policy will result in you being charged higher prices for insurance in the future. Insurance companies offer customers low rates to draw customers in, but the rate only stays low as long as the insurance company does not have to pay out any money. In some cases, the rate for the insurance product rises as soon as a claim is made against the policy. To keep your insurance costs inexpensive, only make a claim against your insurance policy when you have no other options available to you.

Know What Is Not Covered

Most insurance policies have exclusions that say that they do not have to pay a claim if it matches certain criteria spelled out in the terms and conditions for the insurance policy. It is important for you to know what is not covered by your insurance policy before an incident happens so that you are not unpleasantly surprised when you have to pay out of pocket to fix the situation at a later date. If you go over the terms and conditions and find that something is not covered that you absolutely need covered, your options are to purchase an additional insurance rider or choose another insurance policy that offers all of the coverage you need.

The internet has made buying and selling stocks easier than ever. There are now a number of online trading platforms available that let investors buy and sell stocks from the comfort of their own home. Using an online trading platform is a good idea for investors of all experience levels. Using these platforms, beginning investors can learn to buy shares online and find up to date information on the stocks that they are interested in. Experienced investors can use the platforms to bolster their positions and to gain easy access to news about various companies. Here are some good tips for using an online trading platform.

Choose A Reputable Company

If buying and selling shares online, you will want to make sure that the company that you are using to execute the trades is a trustworthy company with a good reputation. Using a trading platform from a reputable company lessens the risk that you will be scammed out of your money at a later date. In recent years, the news has been full of stories of people who have lost significant amounts of money allowing the wrong company to broker their trades. Research the company online before you part with any of your hard-earned money and if you find a lot of complaints about the company, choose a different trading platform to use.

Have A Plan Before You Begin

Investing on a whim is rarely ever a good idea for an investor that is trying to build wealth for the future. Before you begin a session on the online trading platform of your choice, have a plan for what you plan to do when you are there. You may want to look up information about a company that you are interested in investing in or checking to see if it is time to sell some shares that you have been holding on to. Write a short note about what you plan to do when visiting the website of the online trading platform and stick to that plan once you are on the site. If you are planning on buying any shares during your session, you should write down the amount that you intend to spend and stick to this amount while you are purchasing new shares.

Go Through The Frequently Asked Questions

If you have a question about how to use something on the online trading platform, chances are that someone else has had that same problem in the past. The Frequently Asked Questions section of the website will have the answers to the questions that are asked the most often by users of the website. It is a good idea to go over these questions before you start using the website so that you have a general idea of what problems people are facing and will know how to handle most issues before you ever encounter them. Knowing these things will also make you more comfortable using the website for buying and selling shares and give you the peace of mind of knowing that the transactions are being conducted correctly.

Purchasing a new home can  be a complicated task. There is a lot of paperwork to go through and you have to deal with a number of different professionals during the course of the process, including auditors, assessors, and representatives of the lender. While going through the process of buying a new home, it is important to keep some things in mind. Here are the things that you must take into consideration when purchasing a new home.

The Amount You Can Afford

There is nothing that real estate agents love more than to talk someone into spending more than they intend on their new home. The agents do not really care if you will be able to afford the payment for the home in the future because they will have already received their commission on the sale and moved on to the next client on their list. It is up to you to make sure that you are purchasing a home that you can afford. Use a home loan repayment calculator to calculate how much you can afford to spend on a home based on your savings, your income, and your credit score.

The Amount Of The Closing Costs

Many people are surprised at the amount of the closing costs that they are expected to pay when they are closing the loan. The amount of the closing costs can be quite substantial, totaling thousands of dollars when all of the fees are added in. If the homebuyer is not prepared for this expense, it could cause a problem. In many cases, the homebuyer ends up rolling the closing costs into the loan for the home, increasing the amount of the initial loan and the amount of interest they will pay over the life of the loan. When planning for the costs of buying a new home, be sure to include the cost of closing costs in your calculation to avoid an unpleasant surprise.

How The Fees Are Calculated

Another thing that is important to know when seeking to purchase a new home is how the fees will be calculated to determine the amount that you are required to pay for obtaining the loan. Different lenders will use different calculations to determine the amount of fees they will charge the borrowers that obtain loans from them, so you can obtain a lower rate by choosing the right lender for your loan. Before getting deep into the process of obtaining the loan and purchasing the home, obtain a list of expected fees and the amount of each fee from the lender in writing. This will give you something to refer to at the end of the process when you get the bill for the fees.

Educate Yourself

Because purchasing a home is something that most people do not do very often, the terms used and the information available about mortgages can be confusing. You must educate yourself before you begin shopping for the new home to reduce the risk that you will get taken advantage of. There is a wealth of information available on the internet that can help you distinguish between the different types of mortgages available and teach you what kind of interest rate you can expect with your credit score. Learning this information can help you get the best deal on the home you desire.

This article was written by Jane Kennedy, a Social Media Marketing Manager for ComFree who writes about home and finance topics for their real estate advice blog.

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On average, most people take between fifteen and thirty years to completely repay their mortgages. It is however important to note that the longer it takes for you to repay your mortgage debts, the more the amount of money that you are going to use. For instance, if you were issued with a $200,000 mortgage at an interest rate of 5% you will repay more money if the repayment duration is thirty years than if the repayment duration is fifteen years.

Therefore, in order to reduce the total cost of mortgages, you have to effectively manage your personal finance issues so that you can increase your monthly repayment. You have to put in place austerity measures that will ensure you save the maximum amount of money so that you can clear your mortgage debts quickly.

It doesn’t matter how little you think you can save, every dollar that is saved will contribute a lot towards the principle. By implementing the following personal finance tips, you can reduce your mortgage repayment duration by several years and hence save a lot of money.

Cut Down Your Expenditure

One of the simplest ways of saving money is by cutting down on your monthly utility bills. For example you can start by switching off all your home sockets and switches whenever they are not in use. Remember all electronic gadgets use some energy when plugged into a power source. You might think that the power consumed is negligible but just think of how much money you can save for maybe one or five years.

You also don’t need to leave your tap running for prolonged durations. The amount of money you spend on entertainment is also something that you need to watch closely. When you are out with your friends or colleagues, you need to be careful so as not to spend more money than what you had expected.

Distinguish what you want from what you need

Before you take out your credit card to pay for something in your local store you need to ask yourself one simple question: Do you need it or can you survive without it? Most people waste hundreds of dollars every month buying junk goods that end up in a trash bin. You should always remember to buy only those things that you are going to use. You can use your savings to increase your monthly contribution towards repayment of mortgages.

Avoid impulse buying

Some people end up having huge debts simply because they go to an outlet and then start spending money on things that were not planned for. You don’t have to buy something that you have just seen at a store simply because you like it. For maximum mortgage repayments, you need to always write down a list of everything you are going to buy from that store. It is also important that you stick to your list of goods-to-buy.

Mortgage Repayment Tips

Now that you know how to save money, you just need to know how to leverage your new savings to pay off your mortgage quickly.

Ensure that the extra cash is credited to the principle balance

This means that you should not keep the saved money in liquid cash just waiting for next month so as to repay the mortgage. Always ensure that the extra money is paid directly to the lender so that the principle balance is reduced.

Refinance your mortgage

Refinancing mortgage means seeking another mortgage to pay for your current mortgage. The idea behind this personal finance strategy relies on the fact that interest rates vary each year, depending on the prevailing market conditions. For example, the average mortgage interest rate could be 5.5% this year and then increase to 7% next year. If you took a mortgage last year at an interest rate of 6% and then the average interest rate falls to 4.5% this year, you should refinance. This means you will take the 4.5% mortgage and then use the money to pay the 6% mortgage that you took last year. You will therefore reduce the total money that you will repay because your interest will now be calculated at a rate of 4.5%.

Consider shorter-term mortgages

This means that you should consider increasing your monthly repayment and hence reduce the total repayment duration. This personal finance measure will help you pay off your mortgage debts because the cumulative interest will be significantly reduced.

The bi-weekly technique

In order to understand this mortgage repayment strategy you should note that each year has 12 months but 52 weeks. This means that if you decide to repay your mortgage debt after every two weeks, at the end of the year you would have made a total of 26 deposits. If you divide this by two, then that will be an equivalent of 13 months. At the end of the year, you would have paid your mortgage by one extra month. Within twelve years you would have paid for an extra one year.  You can clearly see that the bi-weekly strategy will help you pay off your debt quickly.

(Guest Post)

When it comes to choosing a home loan, you can basically put mortgages into two piles: fixed rate loans and variable rate loans. Deciding which home loan is the best home loan for you really depends on your spending habits and personal circumstances.

What is a fixed home loan?

A fixed rate home loan means that the interest rate does not move over the agreed terms of the loan. The rates are based on the current market, and the rate cannot change after the fact. This is a good option for borrowers who want peace of mind around their ongoing mortgage repayments.

It is best to choose fixed loans when rates are low and you think they are about to rise. While you may pay a bit more in interest as fixed rates are typically higher, you’ll be insulated from any upswing in interest rates in the short to medium term.

What is a variable home loan?

Variable loans are the most common type of loan in Australia. The home loan’s interest rate is dictated by the lender and normally follows any movements in the Reserve Bank of Australia’s (RBA) official cash rate decision (though not always). If rates rise, so do your repayments, but if they fall so does the interest on your mortgage.

If you have a variable interest rate loan, be prepared for the fact that the rate will rise and fall over the life of your loan.

Which type of loan is best?

There are advantages and disadvantages to each loan type. More importantly, there is no one right answer when it comes to choosing a home loan product.

Variable loans tend to be more flexible, offering you the option of making additional loan repayments, while fixed loans protect you from sudden rate rises.

So how do you choose? Ultimately, if you think interest rates will fall, it may be best to opt for a variable rate product. If you believe the next rate move will be up, it might be a good idea to consider fixing your home loan.

Unfortunately, no-one can predict what will happen with rates. As such, it is important to seek expert advice from a professional mortgage broker, like Mortgage Choice, to find out what home loan type will best suit you and your needs now and into the future.

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Photo by woodleywonderworks

[Guest Post]

Are you a lottery winner? If you are, then you are one of the luck few who played the game and came out on top. Although, for so many lottery winners, it does not always feel like the life changing experience they’d hoped. After the initial excitement, they discover that choosing the annual payments might not have been the best choice. Some lottery winnings even require the annual payments rather than the lump sum payments. The annual payments may not be what you really want though. Work with a company to change those annual payments to a single payment so you can start living the life that you want.

Getting the Lump Sum Payment is Easy

You do not have to worry about it being a huge hassle to get a single payment for your lotto winnings, as long as you are working with a high quality company for the task. Most of the companies will offer a free consultation and quote, so you can determine whether it really is the best choice for you or not. You can see what the cost will be for the service, so you know how much of your winnings they take. Most of the time, it is a relatively miniscule amount.

In most cases, it will not take more than a day or two in order to provide you with an offer for the buyout. Once you decide to sell, you can start the process of selling. The entire process can take between one and two months in most cases. Of course, this will depend on your state, as well as the company you are using for the service. During the initial consultation, it is a good idea to get a bit more information on the entirely of their process and the length of time it could take.

Is a Lump Sum Payment Really the Best Choice?

When you are considering and weighing the pros and cons of choosing a lump sum payment over annuities, take your time. You need to make sure you are getting the best possible deal. Winning a state lottery means the state will hold onto your money until they make the annual payment to you. With many states in financial trouble, it might not be a good idea to keep your money in the state coffers. This is one of the fears that some people have, and it is one of the many reasons people choose to transfer to a lump sum payment with a third party.

When you take a lump sum payment, you will have the financial freedom that you really want and that you thought you got when you won the lottery. You can use the money to pay down your debts and to make your life a bit easier from here on out. Of course, you still need to make sure you are using your money wisely. If you have a problem with impulse control and you feel as though you might overspend and buy things that you do not need, it might not be a good idea to take the lump sum payment. You need to think about your future as well as how to make the money work for you.

It’s true that the lump sum can cause trouble to those who do not know how to save and spend wisely. However, those who are willing to invest and to stick to a budget may find that it is the best option. Take the time to mull over the decision so you can be sure you are doing what is right for you and your financial future.