Your credit score influences your ability to secure financial products. A higher credit score could mean a more affordable mortgage or a better rate on a credit card. A lower score can affect your employment eligibility or cause a landlord to turn away your rental inquiry. Your credit score has a way of sneaking into other areas of life where you might not expect it to matter, and since the mid-1990s, your car insurance premium is one of them. Credit Score and Car Insurance Auto insurance companies see a statistical correlation between creditworthiness and the frequency of auto insurance claims.…

A clogged toilet that backs up all over your bathroom. A sump pump breakdown that leaves your basement full of water. These scenarios can turn into a huge headache — and your insurance policy likely won’t pay for the damage. That’s why you might want to consider buying water backup coverage.Get home insurance quotes in minutesAnswer a few questions to see custom quotes and find the right policy for you.What is water backup coverage?Water backup coverage is an optional type of insurance you can add to a homeowners, condo or renters policy. Because standard home insurance generally won’t cover water…

Picture this: You’re sitting on the beach, sun on your face, cold drink in your hand, with the soothing sounds of the wind and waves lulling you to relaxation. Or at least you would be, but you got sick right before your vacation, so you’re just in your apartment. Oh, and you’re out a few hundred bucks because your flight was non-refundable. It’s one of our biggest vacation fears – something goes wrong either before or during a trip, ruining the whole experience and costing a lot of money – and there’s nothing we can do about. Or is there?…

If you have Medicare, you know that the Annual Notice of Change (ANOC) you receive every fall describing upcoming changes to your Part D prescription drug plan isn’t usually scintillating reading. But this year’s ANOC might be more action packed than most — there could be big coverage changes in store for 2025.Here are five Medicare Part D changes coming next year and what you need to know about them to be an informed shopper during Medicare open enrollment (Oct. 15 through Dec. 7).1. Many plans are merging or endingMedicare Part D plans for millions of members are being discontinued…

Summary Many health insurance and auto insurance companies are providing some type of financial relief due to COVID-19. Check to see what your insurance companies are offering. Reductions may be retroactive to March. Some insurance companies, specifically health insurance and auto insurance companies, are providing some type of financial relief, such as reducing premiums, due to the COVID-19 pandemic.  As a result, we recommend you contact your insurance companies to determine what type of relief they may be offering. If it’s not enough, try to work out an individual payment plan with your insurer. It’s important to note that what…

Thrivent5.0NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.Thrivent is a fraternal benefit organization that sells term and permanent life insurance to Christian consumers.Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.ExceptionalOnline purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.NoNAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and…

Smart Spending Tips on the difference between term and whole life insurance. Life insurance is a way of ensuring that the people who depend on you are provided for financially should you die unexpectedly.  Deciding what type of insurance to get can be challenging. Your choice affects the cost and benefits of your life insurance. The difference between term and whole insurance is primarily how long the policy lasts. However, there are also differences in policies provided. How Does Life Insurance Work? Basically, life insurance consists of two components: Premium. The amount you pay, typically monthly, for the policy Death…

Smart Spending Tips discusses whether a health savings account is the right choice for you. Americans have an important financial choice to make at this time of year. It is open enrollment period for health insurance plans. What is open enrollment? Open enrollment is a period in late fall when individuals can sign up or change their health insurance without a qualifying event such as getting married, having a baby or losing other health coverage. During this period, you can change to plans that cover even pre-existing conditions. In 2022, the open enrollment period runs from November 1 through January…

Smart Spending Tips on insurance credit score. How and why do insurance companies check your credit score? In most states, it’s legal for insurance companies to check your credit score when you apply for coverage. And 95% of them do. It’s a practice called credit-based insurance scoring, and many insurers believe that a consumer’s insurance credit score predicts how likely they are to file a home or auto insurance claim. What is an insurance credit score? Insurers don’t pull the same report that banks or credit card companies see. Instead, they use a special insurance credit score to decide whether…

Take Smart Spending Tips’s quick quiz to test your life insurance knowledge if you are considering taking out insurance. Life insurance is a contract between you and an insurance company designed to provide financial protection for your beneficiaries in the event of your death. Policies come in various types with different features and costs. How good is your life insurance knowledge? 1. What is the primary purpose of life insurance? A. Save money for retirementB. Cover medical expensesC. Provide financial protection for loved onesD. Invest in the stock market 2. What is a beneficiary in a life insurance policy? A.…