5 Things Every Millennial Should Know About Life Insurance

A few weeks ago, a company called HealthIQ that celebrates health-conscious people with social and financial rewards, contacted me to create a quiz about millennials and life insurance. Yes, I can now add professional quiz writer to my resume! Since then, I have been reflecting on what happens to our loved ones financially when we pass on. This also came around the time a classmate of mine from high school passed away suddenly from a random heart complication leaving his fiancé and young daughter to pick up the pieces. One day you are living life and YOLOing and the next moment….well, you know how that goes. I am no longer in the headspace of thinking I am invincible, which means it is time for me to get a plan for my family in case the worst happens. Apparently, that means I’m growing up. While doing my research for my quiz, which you can take here, I realized there are several benefits to buying life insurance at an early age and right now millennials are in the best position to take advantage. While it is not a cheerful conversation to have, it is a necessary one and one that can protect those who depend on you and your income should the worst-case scenario happen. Since many millennials are delaying marriage and children, it is easy to say that there is no benefit of buying life insurance; however, that is not the case.  Other dependents such as parents who co-signed a loan or business partners for the millennial entrepreneurs out there also depend on you and your income and will be left with a great financial burden of debt, your funeral expenses, and trouble covering living expenses if proper measures are not in place.

5 Things Every Millennial Should Know About Life Insurance from Top Millennial Finance Blogger, Danielle YB Vason of She Makes Cents

What Is Life Insurance?

If you ask my new insurance agent, he would tell you that life insurance is a “love policy”. I, however, prefer the explanation from Fidelity, which explains that, a life insurance policy as “a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death”. To bring it to terms that we can all understand, it is what GoFundMe has become when loved ones pass. I have to say this, but GoFundMe should not be your go-to plan to cover the funeral expenses of a loved one or to cover the financial burden that you may leave to your family.

Do Millennials Need Life Insurance?

Yes and yes. It will be easier to understand once you break things down into life stages. Millennials make up the awesome generation of people who are born between 1982-2002 which means that older millennials could be in the home buying, marriage, and kids stage while younger millennials are in the college life and first real job stage. So do all millennials need life insurance? The answer to that will depend on whom you ask. I believe everyone should have life insurance that at least covers one’s funeral expenses. Now in terms of a larger payout, known as a death benefit, I think that depends on who relies your income. To determine if you need life insurance, financial expert, Suze Orman, presents this question for you to ask yourself: “If I were to die today (or if my spouse/partner were to die today), will those I/we support be able to take care of themselves? If the answer is no, then you need life insurance”. Let’s be honest here, the subject of life insurance is morbid, boring, and a bit off-putting, but it is a necessary conversation that needs to be had by all.

5 Things Every Millennial Should Know About Life Insurance

  1. If Your Parent Is a Cosigner On Your Student Loans. A few years back, I remembered hearing a story about a grieving father who was struggling to pay his dead son’s student loan debt. During the height of his grief and after paying for funeral expenses, debt collectors began to harass him regarding his son’s missed student loan payment. That was the first time I remember learning that your debts don’t always go away when you pass. I thought about that Dad and then I thought about my own. So what happens to your student loan debt if you pass away? If you have Federal student loans, your loans will be discharged and your family will not be responsible for your debt. Parents with Parent PLUS loan borrowers are also eligible loans to have their loans discharged in the event of the student’s death since it is also a Federal loan. To receive the discharge, the surviving cosigner must submit a copy of the death certificate to their loan provider. However, if you have private loans, your family may inherit your debt, which for the class of 2016 is an estimated $37,172 and growing. According to this article from CNBC, “Even if your spouse doesn’t co-sign for you, he or she can also be held liable for a private student loan if you borrow while married and you reside in a community property state”.

  2. If You Are a Single Parent.
    While millennials are delaying getting married, a recent poll from Gallup reveals that almost half of surveyed millennials age 34 have children although they have never been married. Because of their single status, many parents elect their minor children to receive the death benefit to financial protect their children if something were to happen. Making a minor a beneficiary will cause major problems since life insurance companies do not payouts to children under the age of 18 or their guardians. If you are a single parent, you should consider setting up a trust to benefit the child and naming that trust as the beneficiary. This way, you can avoid costly court fees and you can have things managed based on the directions you have left in your trust.

  3. If You Have Life Insurance Through Your Employer.
    Congratulations, you have a real job with real benefits! I am so proud of you. Now it is time to go through and fully understand the scope of your benefits package. Many employers offer life insurance as a part of their benefits package, but is that enough? Something else, I would like you to consider is how long you plan to stay with your current company. According to a Gallup report, 21% of millennials have changed jobs within the past year.  Employee life insurance is provided as a group life plan and when you leave your job, you are no longer a member of the “group”.  Your former employer is no longer obligated to pay the premium; therefore, your coverage is terminated unless you convert your policy to an individual plan, often at a higher rate. Your best bet is to get an individual term policy in addition to your employer-based policy so that you will be covered.
  4. If You Think Life Insurance is a Financial Investment.
    Life insurance is NOT a financial investment. Let me say that again. Life insurance is NOT a financial investment But what about cash value life insurance, you ask?
    That’s not what your agent told you, is it? The good folks over at
    Investopedia define cash life insurance as “a type of life insurance policy that pays out upon the policyholder’s death, and also accumulates value during the policyholder’s lifetime”. Sounds good, right?
    Well not so fast… The idea of investing is appealing… even sexy to most millennials (or is that just me?) but insurance as an investment is a terrible idea that yields a very low return. If you are looking to invest your money or save your money, there are much better options out there like mutual funds, Roth IRAs, stocks, and bonds. Suze Orman maintains, “Under no circumstances do you want ‘cash-value insurance’ no matter how fabulous the agent makes it sound”. My financial guru, Dave Ramsey, agrees. Ramsey argues, “It is a horrible product that makes insurance companies the most money, which means insurance salespeople get the best commission on this trash”. I am inclined to agree with them both. Insurance is insurance and your investments are investments. Does life insurance provide financial protection for your family? Yes. Is the “investment” component of a cash life policy, also referred to as whole life, universal life, and variable life, a good investment? Absolutely not. If you have this type of policy, you should cancel it and thank me later.
  5. If You Don’t Know Where to Start.
    Many people know the importance of life insurance but have not taken the plunge. For the millennials out there, you will never be as young as you are right now in this moment.  Why not take advantage of the financial benefits of buying life insurance while you are young and in presumably good health. Millennials with a clean bill of health will find qualifying for coverage easier and more affordable, think less than $300.00 for the year for a $500,000 policy. So what type of policy do you recommend? Millennials looking to buy into a life insurance policy should consider a term insurance policy because the policy length can be tailored to your needs, it’s affordable, and you can lock in your rate while you are young. The maximum term for a life insurance policy is generally 30 years.  Since premiums never get cheaper, millennials can get an upper hand on their finances by locking in a lower rate for the maximum term.

I recently read something from Dave Ramsey that completely changed how I think of all of this… adulting. “The death rate for human beings is 100 percent. You are going to dies someday! None of us know when that’s going to happen, but that doesn’t mean it should catch us totally unprepared”. Yes, you can still enjoy your youth while protecting your future. That’s why I have recently jumped on the life insurance bandwagon and you should too. Last week the Mr. and I met our agent in person to talk about our options and I encourage you to do the same.  In fact, through a collaboration with Health IQ, I am now able to offer readers of She Makes Cents and exclusive discounted rate for life insurance (for more information, click here).

Do you have life insurance questions or want to tell me about your experience with life insurance, please comment below or leave me a message via Twitter or Facebook.

She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

Nighttime Beauty Routine to Start Your Week Off Right

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With a plenty of beauty hacks on the internet, it is easy to feel like a guinea pig to expensive products and extensive beauty practices. I want to have that Beyonce’ “I woke up like this” experience, especially when kicking off the workweek. So how do I do that? A good night’s sleep and a several glasses of water for starters. There are several benefits of getting a good night’s sleep but before I even make it to bed, I have to get through my bedtime routine. In the past two years, I have started to really put an emphasis on self-care and investing in oneself. As goal crushing women who are busting career barriers, making smart money moves, living the fab life, and trying to thrive in their relationships, sometimes it is hard to take a moment for oneself. I wanted to share my beauty routine that costs less than $100.00 and takes less than an hour.

Nighttime Beauty Routine for the Best Night's Sleep via Atlanta Blogger, Danielle YB Vason of She Makes Cents

  1. Take Off Your Day. I start my wind down process by washing my face with unscented activated charcoal soap that does wonders for my eczema since it is also loaded with moisturizing oils like avocado and jojoba. The soap I use is about $8.00, but it lasts so long, especially when you cut it in fourths and use a section at a time.     I then put on a rose infused face mask and let that sit while I prepare myself for my relaxing bath.

    Activated Charcoal Soap $8.00 |FreshRose Face Mask  $57.00                 

  2. Take A Relaxing Bath. During the hustle and bustle of the week, I don’t have time to take a long relaxing bath, but on weekends, I make the time. I run a long hot bath and let 2 cups of Dr. Teals Soothe and Sleep Lavender dissolve into the water while I pull my hair into a top knot. Since Epson salt is known to relieve sore muscles and lavender is used in the treatment of anxiety, restlessness, and insomnia, all of which I experience from time to time, it is the perfect relaxing combo to add to my beauty routine. With all of the lights turned off and nothing but candlelight, I soak in the tub while watching bad reality television.

    Dr. Teals Soothe and Sleep Lavender $4.00

  3. Oil Up. I have been obsessed with growing my eyelashes naturally and I started brushing my clean natural lashes with Argan oil every other night.  I use an old mascara wand (that has been cleaned, of course) and carefully moisturize my lashes.  After that, I drink one last glass of water and then put on the best lip balm I have ever tried. It is a citrus balm for the brand, Oh Honey and it leaves my lips feeling moisturized throughout the night for less than $4.00.  After applying the balm, I usually kiss the Mr. good night so he can feel how soft the lip balm makes my lips.

                    Argan Oil $11.00Oh Honey Lip Balm $3.50

  4. Positive Vibes Only.  While it may sound counterintuitive, I have to fall asleep with the television on.  To increase the chances of good dreams, I try to go to sleep to something fun and lighthearted like my favorite show, Modern Family as background white noise.  It is part of the process to help me fall asleep faster. 

After a relaxing bath, a face mask,  along with moisturized lashes and lips, I am ready to get a good night’s sleep.  Although these are not the traditional beauty hacks that people usually share, these are my go tos that keep my skin supple and healthy.shemakescents.com (7)

3 Organic Products That Will Change Your Beauty Routine

I wanted to take a moment and share three game-changing organic products under the $15.00 price point.  Not only have I personally sampled each recommended product, they have now replaced other beauty staples in my daily routine.  While some organic products can be more expensive than their chemically treated counterparts, these are a splurge, if you can even call it that, that is worth the upgrade.  Be good to your body and it will be good to you!

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Charcoal Soap

I’ve been wanting to try charcoal soap for a while after hearing that it removes toxins, pulls all the gross stuff from your pores, and helps with skin issues like my eczema, which conventionally flares during the winter months.  While walking through Atlanta’s  Krog Street Market, I came across this lovely handmade soap shop called Mama Handmade Bath & Body that has since become one of my favorite places to explore there.  While playing with sample oils and inhaling the fabulous scents of the different types of soaps, I found several bars of raw handmade charcoal soap.  I purchased a bar for $8.00 so I could give it a try.  For almost 3 weeks, I have washed my face with this vegan soap and follow-up with the Cerve moisturizer every morning and night.   I knew that it was a naturally anti-fungal and antibacterial soap but was pleasantly surprised to learn that it was loaded with moisturizing oils like avocado, jojoba, and wheat germ.  My face is so clear and smooth and  I have gotten so many compliments on my skin (check out my IG for my Jan 19th selfie…no foundation at all with a little blush!!!) I love that I am not clogging my pores with unnecessary ingredients. 

Raw Charcoal Soap.jpg

Organic Argan Oil

Argan oil, produced from the kernels of the Argan tree, is becoming very popular in the cosmetic world because of the restorative benefits for hair, skin, nails.  I hear it also does wonders for pregnant women with stretch marks.   I was asked to try out a sample of 100% pure Moroccan Argan oil from a brand called Actually Organic and I wanted to see what the hype was all about.

Around the same time the 1 oz bottle of  Argan oil arrived, I have weening myself off gel manicures and was suffering from soft and brittle nails that would break if you just looked at them.  I started moisturizing both my cuticles and my nails and guess what happened… my nails started to grow again. I could even look at them and they would not break.  I then started to use the oil to help heal dry eczema patches on my body and I have really enjoyed the results of smooth nourished skin in these dry winter months.  I originally thought that $12.00 a bottle was a little steep for a 1 oz bottle, but I quickly learned that a little product goes a long way.  This bottle will last me through the August, which is perfect considering Argan oil in its pure form has a 12-month shelf life.  I apply oil to my nails about once a week and I use the oil on my skin to heal specific problem areas like my elbows, inside of my ears (strange, I know), and the crease of my hands. ~ Thank you to the Actually Organic team for providing the She Makes Cents team with this product ~

 Argan Oil.jpg

Organic Nail Polish Remover

I will be honest, I have had a sample bottle of organic nail polish remover from an old Birchbox for a few months now.  I was cleaning out the house in one of those Kondo Method type of purges when I decided that I would do one of two things with the stockpile of unopened beauty products- use it up or donate to a local women’s shelter.  My 4oz bottle of Soybean and Tea Tree Oil organic nail polish remover from Karma Naturals was on the chopping block because I have always used a standard nail polish remover.  Yes, traditional removers are full of all sorts of harsh chemicals but they always got the job done.  As it was going into the pile of products that would soon be donated, I decided to keep it to see how it removes pink nail polish from my toes.   Compared to traditional removers, it takes a little longer to remove nail polish but that was okay with me once I felt how moisturized my bare toenails were.  It was amazing!!!  I now even take my own bottle of organic remover with my when I go to the nail salon so that they don’t use the harsh remover that I was used to.  This is a vegan and cruelty-free product that has replaced my previous brand FOREVER.

Organic Nail Polish Remover.jpg

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{Splurge or Save} Hourglass Vanish Seamless Foundation Stick & Brush Review

Vanish Hourglass Foundation StickA few weeks ago, I received the Vanish Foundation Stick & Brush from Hourglass Cosmetics via Influenster for testing purposes.  Its claim to fame is having the coverage of a concealer, fluidity of a liquid, and the weightlessness of a powder for undetectable full coverage.  Well….I put that to the test.  First, I selected the color from a computer screen so I worried if the foundation would even match my skin tone.  If you are a frequent reader of shemakescents.com, you know that I never leave the house without mascara or a spritz of perfume. PERIOD.  Those are my beauty standards and I take them very seriously.  Lately though, with the surge of regular women rocking fully contoured faces on the daily, I have been compelled to add to my makeup repertoire.  In the past few months, I have spent a good bit of money for drug store foundations/concealers in an attempt to discover a perfect color match and consistency.  The sad part is, I spend money on those foundations that I use   occasionally  since foundation isn’t normally in my daily routine.

Related Post: {Kiss & Makeup} The Shelf Life of the Makeup in Your Bag Right Now

Yesterday, the Mr. and I went to Sephora to pick up my birthday freebie and I decided to play with more Hourglass cosmetic products in person. As the Mr. patiently waited for me to finish, he took notice of the $46.00 price tag for the makeup brush and another $46.00 for the foundation stick.  Astonished and confused, he questioned me about who in their right mind would pay those prices.  Well, let’s look at the two products separately.

Related Post: :{Bday Swag} How to Get FREE Stuff on Your Birthday

Foundation Brush

I knew I was going to be reviewing foundation, but I was pleasantly surprised to find a complimentary Hourglass Vanish foundation brush.   I used it with the Vanish Seamless Finish Foundation Stick in Almond and the “seamless finish” advertised came to life on my face.  The first week, I exclusively used the brush with the Vanish Foundation Stick and then I branched out to see if I would get similar results with brands under the $10.00 price point.  The brush created a flawless finish regardless of the foundation used with it.  Since #selfies and #usies are the millennial standard, having a secret weapon in your makeup arsenal that makes your skin look impeccable in photos and in person is worth the splurge.

Splurge or Save? : SPLURGE

Foundation Stick

As a woman of color, I often find it difficult to find makeup that doesn’t make me look chalky, too light, or too dark.  Nude doesn’t mean the same thing for everyone, you know. Like I mentioned before, I had to pick my color from a computer screen and magically, I picked the perfect color.  This is mind-blowing considering it takes me almost 20 minutes in Target to find something “close” to my skin tone.  I love that it is a foundation stick because I can use it right as I am running out the door and I don’t have to worry about a mess like what you have when you use liquid foundation on the go.  Instead of using it on my entire face, I have used it daily under my eyes to fake a “refreshed and youthful” look when I have been consistently running on 6 hours of sleep (not cool). Is it worth the $46.00 price point?  I think this one could depend on what you look for in a foundation.  I will be buying this foundation again, but it won’t be my exclusive foundation.  At a $46.00 price point, it is too expensive for daily use so I will mix it in the rotation of my drug store foundations.  

Splurge or Save? : SAVEHourglass Vanish Foundation Stick and Brush Review

cropped-logo-twitter2014.jpgWhat’s Your Go To Foundation Brand? Please share below.

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{2015 Vision Board Preview} I Resolve Not To Be Cheap, Easy, Fast, or Fake!

A Vision in the Making

Happy 1st Saturday of the year lovelies!  I hope that it has been a good one thus far.  Hopefully you have had a chance get your Bingo Style Money Sheet and have crossed off your first box.  This morning, I am live blogging to you about a “vision in the making”.  With PJs on and a laptop in the bed, I have decided it is time to get my vision board together.  Instead of doing one large board, I have decided to break mine down into six categories and refine my focus in those areas of my life- Danielle Y. Boler as a Brand, Vocation, Health, Personal Relationships, Social, and Wealth.  I will have them printed and I plan to frame them in my office, closet, and in my day planner.  This morning I am focusing on being mentally, spiritually, and physically Healthy.  This photo below is just a glimpse of what I am thinking and positively projecting for this year and beyond:

fruit infused voss water

For me, this photo is a reminder to be more conscience of what I’m putting into my body.  Be knowledgeable about where my food is coming from, but most important to remember that you are what you eat.  That being said, I resolve to not be cheap, easy, fast, or fake!cropped-logo-twitter2014.jpg

What are your more healthy resolutions?

Please share below!

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{Splurge or Save} Christian Louboutin Nail Polish


christian-louboutin-nail-polish

Anyone who knows me personally, knows that I have an affinity toward nail polish. The Mr. once described my behavior in a Sephora on the Las Vegas strip as a “lioness approaching her prey”. With that being said, I have tried it all and I must say, nail polish should not be a splurge. Take the Christian Louboutin nail lacquer that was released yesterday. For $50.00 a bottle, that is smaller than the average nail polish bottle I might add, what are you getting?- A nice rouge polish that can be replicated with OPI or even NYX polish (which is becoming my new favorite because of how long it lasts). You see, you are paying for a name, cool branding with the spiked top, and for people to see you wearing Christian Louboutin. But unlike his shoes, which can be readily identified by their distinctive red bottoms, no one is going to recognize your Rouge Louboutin polish. Think about it like this, 12 bottles of polish could buy you a pair of Louboutin heels…which I would consider a better investment, by far.  

Splurge or Save? : SAVE

Danielle

cropped-logo-twitter2014.jpgWould you spend $50.00 for nail polish?

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{Beauty Cents} Have We Forgotten What True Beauty Looks Like?

Real Women, Real Reactions!

BuzzFeed asked women to take part in an experiment where they were treated to hair and makeup by a glam squad and then modeled in a professional photo shoot. After the shoot, a Photoshop expert retouched the photos to make the women look like the glamorous cover models we see on magazines.  They were thinner, lighter in complexion, and smoother. Each woman was shown the picture of their “transformations” and their reaction was not what many would expect.

I recently read a comment someone posted in reaction to the picture below of models and their “before” look (no makeup and pre-photoshop).  The person tagged the picture with the comment, “this should make you feel better about yourself”. I personally do not resonate with this reaction. As women we have to stop chasing perfection and start embracing ourselves and each other for the things that make us beautiful and unique. What is perfect, anyway? Beauty is the opposite of perfection; it’s about confidence, charisma, and character!

She Makes Cents

What makes you beautiful?

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