Millennials Get the Best Rates on Life Insurance & They Don’t Even Know It

When you hear the term “life insurance”, what comes to mind? Is it your parents’ and grandparents’ generation? Is it a sad thought like death or the process of planning a funeral? Or, is it something that you have on your to-do list to understand when you are “older” because you are not in that headspace right now? For many millennials, life insurance is just not high on their priority list, which is evident from the 2015 study from Life Happens and LIMRA that found that “60% of millennials prioritize mobile phones, internet, and cable over life insurance”. I believe that millennials are not jumping on the life insurance bandwagon because the idea of death seems so far away. More than that, millennials do not understand what life insurance is, what it does, and how we, as a generation, are in the best position to get the most affordable rates. Cell phones, internet, and cable are all elements of one’s day-to-day life whereas the need for life insurance is so far out, right? Wrong. Having life insurance provides a day-to-day safety net that financially protects the people who depend on your income, like family and in some cases friends, in the event that something happens to you.  How to Get Affordable Life Insurance | from Money & Career Blog, She Makes Cent
Of the living generations, millennials are in the best position to take advantage of the best rates on life insurance. That is because insurance companies view millennials as low risk because of their youth and presumably good health. Those “low-risk” statuses are one of the main reasons that millennials save more money and are able to lock in a lower, more affordable rate as compared to older generations. To take the savings potential even further, millennial women, in particular, generally receive the lowest quoted rate. That is because women live longer and are perceived to be less likely to partake in risky hobbies such as skateboarding, skiing, and sky diving – all hobbies that insurance companies consider dangerous, cause premium increases and are often attributed toward experiences men enjoy more by insurance companies. When you think about it in those terms, it should not be so surprising that millennials get the best rates on life insurance.

Why Do Millennials Get the Best Rates for Life Insurance?

The benefits afforded to the “avocado toast” generation and their ability to lock in an affordable rate is evident to Generation X (1965-1981) and the Baby Boomers (1946-1964) and not millennials, according to data collected from this Health IQ quiz.  When asked this questions, “Which of the following generations is most likely to get the best rate for life insurance?” the results were eye-opening. Of the generations represented, 80% of Generation X and 62% of Baby Boomers answered correctly, in comparison to only 33% of millennials understood their own savings potential. That’s right, 67% of millennials do not know they are in the best place to lock in the cheapest premiums.  The point of life insurance is to protect those people who are financially dependent on you. Traditionally, that includes a spouse or children, both of which represent life stages that millennials are delaying until later in life. However, life insurance also covers parent beneficiaries who may have co-signed on a loan for you and would be held responsible to pay off debts like your student loans should the worst happen. 

Related Post: 5 Things Every Millennial Should Know About Life Insurance

YES! Millennials Need Life Insurance | from Money + Career Blog, She Makes Cents
For a generation with information at their fingertips, who comparison-shops and lives for the deal, it is surprising to find out that we are missing such a great savings opportunity. Life insurance for millennials is affordable because of their presumed good health and youth. It can be even more affordable when you find a life insurance company, like the Health IQ, that celebrates people like runners, cyclists, high-intensity interval training athletes, vegans, and more with exclusive rates. These special rates reward one’s healthy lifestyle with financial gains that leave more money in your wallet. Many millennials are embracing a health-conscious lifestyle anyway, so why not tap into the full benefits that come with it. Life insurance is something that every adult should have, so why not consider one that rewards habits that keep you healthy, and for being a She Makes Cents reader, I am able to offer you this special rate. You will never be as young as you are today, so it is time to lock in a rate now while it is cheaper. Trust me, it is A LOT cheaper than you expect and your future self will thank you for it.

This post was first featured on the Health IQ blog and the Froogal Student.

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

Equifax Data Breach: How To Find Out If Your Personal Information Was Stolen

Equifax, one of the three largest US consumer credit reporting agencies, announced this week that they were victims of a cyber-security data breach that will potentially affect 143 million U.S. consumers. The cyber hackers got access to names, Social Security numbers, birth dates,  addresses, and driver’s license numbers to nearly half of the U.S. population, with potential breaches also affecting consumers in Canada and the United Kingdom. Although the official statement from Equifax was released this week, the unauthorized access occurred from mid-May through July 2017. Chairman and Chief Executive Officer, Richard F. Smith maintains, “We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations.  We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident.” Just because you are not a consumer of Equifax doesn’t mean that this breach won’t directly affect you. According to CNN, Equifax gets its data from credit card companies, banks, retailers, and lenders who report on the credit activity of individuals to credit reporting agencies, as well as by purchasing public records.

How Can You Find Out If You Were Affected By the Equifax Data Breach?

Equifax will send direct mail notices to consumers whose credit card numbers or dispute documents with personal identifying information were impacted. Additionally, Equifax has established a dedicated website, http://www.equifaxsecurity2017.com, to help consumers determine if their information has been potentially affected. As a consolation, Equifax is offering one year of credit file monitoring and identity theft protection, copies of Equifax credit reports, the ability to lock and unlock Equifax credit reports, identity theft insurance, and internet scanning for Social Security numbers for all U.S. consumers.

Equifax Data Breach: How Can You Find Out If You Were Affected By the Equifax Data Breach?

What You Should Do In the Event of Identity Theft

    1. Review your financial accounts daily
    2. Check your credit history at least twice a year
    3. Immediately report any errors or disputes (click here to see how to get the process started)
    4. Destroy all inactive and expired credit cards
    5. Contact your bank and/or credit card company to set up fraud alerts
    6. Change your passwords
    7. File a formal report with the Federal Trade Commission (FTC)

Ibotta Review | How To Make Money with Cash Back Apps

Ibotta Secrets | Get Cash Back Every Time Your Shop | Money Saving Hacks

I am always researching ways to save more money and I kept coming across this app called Ibotta. I would see it most on blogs where bloggers shared their income reports and I noticed that they were getting more money from cash back apps than they were with some of the sources of income associated with their respective blogs. I thought it was interesting, but I put it on the back burner… something to check out for another day. Well, that day came last month when I was researching ways to save more money on the category that I spend the most frequently- groceries. So what did I do? I decided to give it a try for a month and share my review with you. So sit back, grab your cell phone because you are going to need it and get ready to save.

This post may contain affiliate links at no cost to you.  This keeps our lights on.  See our disclosure policy for more info.Ibotta Review | How To Make Money with Cash Back Apps from personal finance blog, She Makes Cents | Team Debt Free

So What is Ibotta Anyway?

Ibotta is a free app that you can download on apple and android that pays you for everyday purchases. It collects rebates from grocers, retailers, and experience brands like Uber, Groupon, and Amazon and pays you according to the rebate terms. It’s all in one place so no need to spend time searching around for coupons and discount codes. Since downloading the app, I have a balance of $22.87 that can be redeemed via Paypal, Venmo, and gift cards. The first $10.00 came from the welcome bonus for signing up (get your $10.00 welcome link here). I was so excited about how easy it was that I even got hubby on board to try it out.

How Does Ibotta Work?

Before I go shopping, I check out the app and add rebates on the brands and items that usually make it onto my shopping list. I shop as I normally would and then scan my receipt(s) to redeem the cash, which usually shows up on my account after about 48 hours. After about 2 weeks of doing it this way, I found it easier to scan my items as I shop instead of after I have made my purchases.   PRO TIP: Do not buy things that are not on your list just to get the cash back. You will not save or make money by doing it.

How Do You Join Ibotta?

 1. Create an Ibotta account using this referral code.  This will allow us to be teammates so we can earn bonus cash together.
2. Log in on a unique mobile device that has not been associated with another Ibotta account.
3. Redeem your first rebate. (Any Brand and Any Item rebates do not qualify for the referral bonus.)

Things You Should Know About The Cash Back App

  1. To redeem the $10.00 welcome, you must download the app and use my promo code tahbinu. Once you claim your first rebate (any brand and any receipt offers excluded) you will get $10.00 added to your account.
  2. You can start redeeming your money after you have $20.00 on your account (which is super easy to do).
  3. The highest paying opportunities that I have seen come from beer, wine, and liquor sales. Think $3.00 – $5.00 per bottle. So, if you need to stock your bar, this is a good time to get paid to do so.
  4. You can use Ibotta along with your store rewards cards.
  5. Teams are utilized to complete teamwork bonuses, of which there is a new teamwork program each month.  By working as a team, we can all earn more cash back together!!

Long gone are the days where you sit around and cut coupons to save money. Now are the days for cash back apps, digital coupons, and automatic promo codes that make the things we buy every day, more affordable. If you are not saving a little money on your everyday purchases, you are missing out. Last month, I was trying to think of ways to save some extra money in on groceries. This month, I have created a new habit of redeeming money by scanning my receipts. I’m not really the coupon cutting type but when technology makes things so darn easy, I’d be crazy not to use money saving apps like Ibotta.  She Makes Cents | Get a $10.00 Welcome Sign Up for the Ibotta Cash Back App