The cost of health insurance for single coverage is approximately $393/month and the cost of premiums for family health insurance $1,021/month says statistics. And, that is affordable individual health insurance for you! Irrespective of whether you have employer insurance, are self-employed or are unemployed, look no further. Here is a brilliant guide to finding cheap health insurance plan for you or your loved ones. Gather knowledge Spend time learning about what cheap health insurance really is, whether you will qualify for it, and will the cheap health insurance plan serve the purpose of covering your medical expenses? Do you fill the bill? Are you eligible to enroll for Medicaid, a program that provides medical aid for low-income residents? Do you need to invest in health insurance at all? If the answer to that is yes, then read on. Balance requirement and affordability What is the cheap health insurance plan you are looking for, going to cover? Is it going to meet the cost of treating a chronic ailment, dental or vision care, prescription drugs, or is it just a precaution for future health needs that might arise? Being specific about the need for cheap health insurance will help you decide how much money you need to spend on it.

When you are skeptical or undecided about investing in a term life insurance policy, understand what it entails and list out its advantages to help you make a wise decision. For a term life insurance to be profitable, the insured person must be dead before the end of the term of the policy, so the beneficiaries can receive the policy amount or the death benefit. If the insured person lives through the specified term of the insurance policy, then no payment is made out by the insurer. Also, the insurance policy terminates automatically at the end of the term mentioned in the policy document. If you want to renew it, you must make an effort to change the term or convert it into a permanent life insurance policy. For both short term and long term needs of the family of the insured, term life insurance is very helpful. College fees or mortgage payments, for example, are short-term expenses that could be met with the payout from the term life policy in the event something happens to the primary earner during the term of the policy period. And, being affordable and uncomplicated, it is a feasible option as a temporary life insurance policy.

Loans contribute to form a significant part of the funds that come under financial aid. As all loans do, the financial aid loans also need repayment. However, as they are being offered to a student who hasn’t yet started full-fledged earning lifestyle, the government makes sure to provide them with the best possible terms. For a student receiving these loans, it is important to understand how these prices could be cut-down, forgiven or changed according to convenience. Quite a few repayment plans are available that offer flexibility. Initially, once you’ve signed up for a loan, you would be asked to choose a repayment plan of your choice which when not done in stipulated time will lead to you being placed in a standard repayment plan. The standard repayment plan is set to have your loans paid off in a span of 10 years. This plan can be changed by you at any point of time to suit your needs and conditions. The amount to be paid per month would be decided on the basis of how much you make. All the money to be repaid regarding your student loan will be handled by your loan servicer to whom payments are made directly.

Floods are one of the natural disasters which are capable of causing a lot of destruction and ruining the general order of life. It is capable of destroying our homes and all the possessions. As such it is important that one be prepared for such disasters financially, irrespective of the improbability. It would be surprising to learn that about 20 percent of claims for the flood insurance comes from moderate to low-risk areas. Hence it is important for one to have flood insurance. It should be known that the standard homeowner’s insurance does not provide any flood insurance coverage. The most common and usual option for flood insurance would be the National Flood Insurance Program (NFIP) which consists of two policies out of which you can choose either one or both. The first policy provides you coverage for your actual home or building property up to about $250,000 while the second policy provides coverage for your personal property up to about $100,000. In case you would need a flood insurance coverage of more than $250,000, you would possibly need to purchase it. While taking up a mortgage on a property in high-risk zones, the lender would need you to buy a policy in order to issue a loan.

A checking account, also known as a transactional account, is one that can be easily opened and allows easy access to money. This type of account is essentially used to make quick bill payments and make the most out of financial transactions. The money from checking accounts can be accessed through the setup of an automatic account, by writing a check, or by using a debit card. Checking accounts are commonly confused to be the same as saving accounts, but they work very differently. Factors to consider when picking the right checking account There are several options to choose from when selecting a checking account. It is essential to consider several features that are important to you when choosing the right one. The minimum balance requirements must be considered, and you must evaluate if you will be able to maintain the same. Being unable to maintain the minimum account balance will mean paying a low balance fee every month. There are also some checking accounts that have a limit on the number of checks and debit transactions that can be made in a month. Also, there may be further restrictions on the number of bill transactions, and this can affect your effective spending ability.

Banks and financial institutions provide their customers with a direct line of credit to pay for goods and services. It can be a credit card or a loan which is taken to fulfill your personal and business needs. The line of credit is determined by a numerical representation of all relevant information to collectively determine your credibility. This number is commonly known as a credit score. It is one of the most influential factors when it comes to applying for any form of credit. You must understand the credit scoring model designed by credit rating agencies before you can explore ways to build your credit. Take a quick look at the following breakup provided by one of the leading credit scoring models in the industry. FICO credit rating FICO considers applicants in the range of 350-579 to have a poor credit rating. According to recent statistics, 16% of the citizens cannot avail great credit facilities and services due to a poor score. Applicants who score in the range of 580-669 are classified as subprime borrowers. They are eligible to avail some credit facilities and benefits owing to a fair credit rating. Approximately 17% of citizens are subprime borrowers. A good credit score in the range of 670-739 helps customers avail better terms on your mortgage, credit card or any other borrowing.

Automated investing services or Robo advisors are becoming popular by the day, and financial experts around the world only expect to see a surge in their usage. This is because these intelligent services offer one crucial advantage that many investors benefit from: low-cost financial advice. With many top financial services companies jumping in the race to provide customers with the best automated investing services, there are plenty of great options available for every kind of investor. What is a Robo advisor and how much does it cost? A Robo advisor is a digital platform that provides algorithmic-driven money management services that require virtually no human supervision. It does this by collecting client data like financial situation, future goals, and other details through an online survey. This data is then used to automatically manage clients’ assets and provide them with the most suitable financial advice. Robo advisors are immensely cheaper than human financial advisors. Most services only charge an annual management fee that is anywhere between 0.25% and 0.5% of the account balance. Depending on your need, you can even find good Robo advisors that offer services free of charge and low minimum balance value. Top Robo advisors in the market There are several low-cost Robo advisors that you can choose based on your needs and preferences.

Investment of any nature and for any goal is always a good idea, apart from saving for your retirement. The rising rate of inflation coupled with reduced pension plans demonstrate the need for retirement-focused investments, which will not just deliver value over an extended period of time. That being said, not all assets are capable of delivering high returns at low risk and have their own set of importance to investor portfolios. To help you make an informed investment decision, here are some best retirement investments and their pros and cons. Cash-balance plans Similar to pensions, a cash-balance plan offers a fixed amount of return at the time of retirement. However, unlike pensions, every employee has a cash-balance account where the lump sum amount is mentioned. Employers credit this account with a set percentage of the employee’s yearly compensation plus interest charges. Pros: A defined-benefit is a major attraction of cash-balance plans. Additionally, you don’t have to pay a single penny for it and yet it offers a tremendous certainty of retirement funds. In case of a job switch, these accounts can be transferred to your new job. Cons: Should you choose to retire early, the plan wouldn’t benefit much.

ETF or Exchange-Traded Funds are a type of mutual funds that trade in stocks, securities and track various indexes. Exchange-traded funds often invest in a broad range of industry sectors and use various strategies to yield maximum returns. One of the biggest advantages of investing in high dividend ETFs is they have lesser fees than other indexed funds, thereby costing you less in taxes. Although ETFs help in diversifying your portfolio, it is important to choose the right funds that compliment your current investments. Here is how you can choose the right high dividend ETF funds. Consider tracking difference One of the factors that set high dividend ETF funds from other market investments is tracking differences; that is, the difference between ETF performance and index performance. The lower the tracking difference, the better the ETF fund. This ensures that the ETF fund is reasonably priced and trackable. Define your investment goals Identify your investment objectives to pick the best ETFs. Ask yourself if you want to invest in companies with specific characteristics, diversify your portfolio, or find a lower-cost alternative to mutual funds. Furthermore, consider how long you plan to invest. Financial experts suggest not investing if you will need the money within the next five years.

A reverse mortgage is a loan taken against the value of the home (equity) to meet certain expenses, debt obligations, and even supplement income during a financial crisis. It allows homeowners to convert a part of their home value into cash for expenses and retain the ownership of the property simultaneously. However, reverse mortgage eligibility and feasibility are quite complicated and there are times when it is not a good option, especially for seniors (common applicants for a reverse mortgage) above the age of 60. Here are a few reasons why. Home eligible for inheritance Senior homeowners can benefit from reverse mortgage eligibility only if they can take a loan against their home and repay the same in a timely manner. However, in case the homeowner passes away and the property is inherited by their children, who might not be in a financially sound position to repay the impending mortgage. The inability to do so can result in selling the property to repay the outstanding debt and in the process lose complete ownership. So before taking a reverse mortgage, homeowners must account for the financial status of the people who will inherit the home in the future. Sharing owned property People living on the property are forced to vacate it in case the owner is unable to repay the reverse mortgage.

Though debt such as student loans, car loans, and mortgage on the house is part of life, it does become a hindrance that affects your savings and future financial goals. As per the Federal Reserve, Americans owe more than $4 trillion in consumer debt, and this number does not account for mortgages. So, if you’re facing crushing debt and want to avoid bankruptcy, you can always engage the help of debt settlement companies. Here is a list of top 10 debt settlement companies that can help you in a financial crisis. National Debt Relief The National Debt relief offers a debt settlement service that lasts for around two to four years and charges a 15% fee. They cover all kinds of debts, including unsecured debts. Freedom Debt Relief With average fees and AFCC accreditation, Freedom Debt Relief is one of the oldest debt settlement companies in the country. They are present in 37 states and have been in operation for over 17 years. Guardian Debt Relief Guardian Debt Relief specializes in working with customers who have a debt of more than $10,000. They usually charge a 20% fee and a monetary fee of $200, which goes into the settlement account.