What are differences between term and whole life insurance policies?

Term life insurance is the most basic type of life insurance, and it only pays if the insured dies during the term of the policy. Whole life insurance, also known as permanent life insurance, pays benefits whenever the insured dies, whether it is ten days or ten years from the date of purchase of the policy.

Each type of life insurance has benefits, and each type can be a good choice for an individual depending on many specific factors. In addition, there are different sub-types of both term life insurance and whole life insurance, which can further complicate the choice.

Read more: Term vs. Whole Life Insurance

Are you considering purchasing a life insurance policy? Compare life insurance quotes now or visit our life insurance tips and advice center for answers to questions that may arise in the research process. And be sure to try out our life insurance calculator for help estimating how much life insurance you may need.

Posted in Insurance, Personal Finance | Permalink

What elements factor into the calculation of a credit score?

Your credit score is based on the various information that is present in your individual credit report. The score is based on the different categories, which vary amongst different scoring models. In addtition, how much weight each category holds in a specfic scoring model also varies.

However, there are a handful of core elements that most likely factor into any type of credit scoring model. These are important components to keep in mind when attempting to get a better understand of and/or improve your credit score.

Elements of your credit score include:
- Payment history
- Amounts owed
- New credit
- Types of credit used
- Length of credit history

A clean payment history without missed or late payments is something to strive for. In addition, paying attention to total amounts owed versus total available credit is recommended. It is generally a good idea to not utilize a large portion of your available credit if at all possible.

Closing accounts is a complicated topic. Closing an account can reduce your length of credit history and can also reduce the ratio of credit used versus credit available. But in some cases, closing an account can be beneficial. It is important to examine each account carefully to determine whether closing it or keeping it open is the right choice.

For more detailed information on the topic of credit scores and what factors into the credit scoring equation, be sure to read our recent article, How a Credit Score is Calculated.

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Business Insurance Advice Center

Our new business insurance tips and advice center serves to answer many frequently asked questions about the basics of business insurance. In addition, the center examines the subtleties of small business insurance, and digs into topics such as different types of insurance coverage and plans that are available to small businesses.

Topics include:
- Business Insurance Explained
- Choosing Business Insurance Coverage
- Business Insurance Terminology

Whether you are looking for a simple, basic business insurance policy or a more advanced, special-needs business insurance policy, this area, as a whole, can help you in the decision-making process.

This new area is one of more than 10 advice centers available on e-wisdom.com. Make your next insurance decision a knowledgeable one. Get answers to questions before choosing an insurance company and plan.

Posted in Site Updates, Insurance, Small Business | Permalink

New Home Insurance Tips and Advice Center

Home insurance: If you own a home, then it is a good bet that you have some form of it. Even if you don’t own a home, you may already have another form of home insurance, such as renters insurance. As with most things insurance-related, there is a lot to know about home insurance and what to look for when choosing a policy.

Our brand new Home insurance tips and advice center can help to provide clear explanations about different types of home insurance coverage and can also help to give answers to common questions about the subtleties this type of insurance.

Get answers now: Home insurance tips and advice

Topic Include:
- Home Insurance Explained
- Choosing Home Insurance
- Home Insurance Terminology

This new home insurance tips and advice area is only one of more than ten tips and advice centers available on e-wisdom.com to help you get detailed explanations and real answers and, in the end, make more knowledgeable decisions.

Posted in Site Updates, Insurance | Permalink

Home Budget Analysis Calculator

Managing your monthly budget can be a frustrating experience. And if you don’t currently have a monthly budget, creating one can be difficult and time consuming. Yes, these tasks can be difficult and frustrating, but they don’t have to be. Our home budget calculator can make budgeting a much easier process.

One of the most important aspects of controlling your home budget is to determine exactly where your money is being spent each and every month. The budget calculator can help you do just that and more.

By entering your income details and typical monthly expenditures, you can easily see where your money is being spent and you can also calculate how much money you may have left to save, on average, at the end of each month.

In addition, you can alter the net monthly pay amounts and other miscellaneous income that you currently receive or may receive in the future. Once this information is entered, you are able to view your income breakdown alongside your monthly expenditures breakdown.

This calculator is one of more than 25 financial calculators available on e-wisdom.com to help you save time and money. Make your next financial decision a knowledgeable one, visit our knowledge center for tips, advice, tools, resources and more.

Posted in Site Updates, Credit Cards, Loans, Miscellaneous, Insurance, Personal Finance | Permalink

New Life Insurance Tips and Advice Center

Our new life insurance tips and advice center is the latest addition to our ever-expanding knowledge base.

Whether you a novice, an expert or somewhere in the middle when it comes to understanding life insurance, this new area should be able to help you make the right decision for you and your family.

Topics Include:
- Life Insurance Explained
- Life Insurance Terminology
- How to Choose Life Insurance

In addition to finding answers in this new informational area, you can also estimate how much life insurance coverage you may need with our life insurance calculator and then compare life insurance quotes from multiple insurance companies to complete the research process.

Make your next life insurance decision a knowledgeable one. Choosing an appropriate life insurance policy is a difficult and important decision that can be made much easier when the right information is at your disposal.

Posted in Site Updates, Insurance, Personal Finance | Permalink

What are the three primary types of health insurance?

When choosing a health insurance provider, it can be beneficial to start with the basics and gradually work your way into the more complicated aspects before making a final decision. A good place to start is with a list of the primary types of health insurance.

Understand the differences and similarities between different types of plans and then see which types of plans may be suitable for you. And once those aspects are clear, you can move on to researching which types may available to you.

Main types of health insurance:
- Health Maintenance Organizations (HMOs)
- Preferred Provider Organizations (PPOs)
- Fee-for-service Plans

Full answer: The Three Primary Types of Health Insurance Plans

Before choosing a health insurance provider, it is recommended to fully research all options that may be available to you. Visit our knowledge center for answers to questions that may arise in the research process. Our health insurance tips & advice area is filled with useful information that can help make your next insurance decision a knowledgeable one.

Posted in Insurance | Permalink

How much life insurance do you need?

One of the latest additions to our growing financial calculators collection is our fully customizable life insurance calculator. With this calculator, you can simply enter your current assets, expenses, income to get an estimate. You can also adjust the inflation rate and your expected rate of return to personalize the results even more.

Try it now: Life Insurance Calculator

Once you have a reliable estimate of the amount of life insurance that you many need, you can compare life insurance quotes from multiple insurance providers. Consider as many options as possible before making a final decision.

We now offer more than 25 financial calculators to help make financial decisions easier. At the very least, these adaptable calculators can help you to paint a clear picture of your current financial situation, which can ease the decision-making process.

Posted in Site Updates, Insurance, Personal Finance | Permalink

What does the lowering of interest rates mean for borrowers?

The Federal Reserve lowered interest rates once again on March 18, 2008. This marked the sixth time since September 2007 that interest rates have been lowered by the Fed. So, what does this mean for borrowers?

According to a Wall Street Journal Online article, the new, lower interest rates will only help with certain kinds of borrowing. According to the article, rates on many auto loans, credit card accounts and home equity lines of credit and adjustable rate mortgages have fallen. But borrowers looking for a new mortgage or looking to refinance a current mortgage may not see the benefits.

See full article: Why Only Some See Benefit From Fed’s Cuts

The article goes into great detail about different perspectives and strategies for homeowners who are either seeking a new mortgage loan or are looking to refine their current home loan situation. There are a lot of factors to consider before making any major financial decision right now, and understanding how the current interest rates affect your specific situation can be beneficial in many different ways.

Make your next financial decision a knowledgeable one. Learn more about any of our financial topics at our knowledge center and be sure to utilize our financial calculators to assess your current situation before deciding on your next move.

Posted in News, Credit Cards, Loans, Insurance, Personal Finance | Permalink

FICO credit score uses a new scoring model

A recent article detailed changes that Fair Isaac Corporation, the creator of the well-known FICO credit score, made to it’s credit scoring model. The article talks about how the new scoring model for the FICO credit score, which is used by many lenders to judge applicant quality, will attempt to better predict those who are more likely to default on a loan.

Full article: FICO Credit Score Gets Makeover

The new scoring model should be in use by Spring of 2008, and, once the new model is in place, some consumers could feel the changes when applying for a credit card or a new loan.

It’s always wise to stay on top of your finances and be fully aware what is and is not listed on your credit report. Keeping tabs on the overall state of your credit as well as your current credit score can greatly benefit you when the time comes to apply for a new loan. If there is an error or mistake you can correct it before it has a chance to affect your next loan terms.

Did you know that once per year, consumers can request a free copy of their credit report? Read this for more information about this guaranteed right.

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