3 simple money moves to make in 2018


As we welcome 2018, it’s a great time to do a look-see ahead and make sure your finances are in order.

Have you done these things yet?

Shop for level-term life insurance

Buying what’s called “term life insurance” is simple and costs practically no money at all. It’s not uncommon for a healthy 45-year old man to get a $500,000 level term policy with a coverage period of 20 years and only pay about $50 a month. The rate never changes which is why it’s called “level term.”

You can comparison shop at HealthIQ, HavenLife.com, Quotacy.com, PolicyGenius.com, 1stOptionInsurance.com, AccuQuote.com and QualityTermLife.com. By shopping online, you avoid an insurance salesperson trying to up-sell you from level term coverage to whole life.

Certain health conditions make insurance more expensive or even unavailable to you. If you have such a condition, you’re what’s known as “rated” in the industry, which means you will pay more money than the example for the 45-year-old guy.

RELATED: How to shop for term life insurance

Get disability insurance

You’re three times more likely to become disabled than die during your working lifetime. Yet people have historically been more likely to buy life insurance, not disability insurance.

You can visit WhatsMyPDQ.org to assess your “personal disability quotient” (PDQ). This a free service of the Council for Disability Awareness. Your PDQ will predict the likelihood of you needing to use disability insurance during your working lifetime.

Money expert Clark Howard now recommends that you only buy your own disability insurance policy if you make north of $200,000 a year.

For everyone else making less than $200,000, you want to take the group disability policy through your employer. Sites like PolicyGenius can help get you quotes from several different insurers.


RELATED: 9 things most people forget about when buying disability insurance

Have a will in place

The best guess is that 50% of us don’t have a will. For some folks, that may be OK — especially if you’re single, have nothing and own nothing.

But if you do have kids, you need a will for the simple fact that if you don’t have one, the state will decide who raises your kids.

That’s the reality in the absence of any written direction from you. The same holds true if you’re in a different circumstance, such as living together without the benefit of marriage. In many cases, your partner will not be considered to inherit your estate unless you put it in writing.

People automatically assume that all assets would go to their spouse upon death. But it doesn’t play that way. The reality is that the law varies by state. When you die without a will, the state decides who gets what.

RELATED: Cheapest and easiest ways to do a will

Easy, affordable way to buy life insurance

[anvplayer video=”4029043″ station=”998267″]

Welcome bonuses can be a great way to boost the value of a credit card. Best Credit Card Signup Bonuses for 2021 - If you're in the market for a new credit card, you may be hoping to cash in on the hundreds of dollars in signup bonuses offered to new customers. Signup bonuses and offers are a marketing tool that credit card…
The best cell phone plans include Tello, Mint Mobile, Visible, T-Mobile, Consumer Cellular and more Best Cell Phone Plans and Deals in 2021 - Team Clark ranks the best cell phone plans and deals! See our favorites for unlimited data, families and cheap plans starting at $10/month.
  • Show Comments Hide Comments