If someone’s going through the day without life insurance, they may be just like the person in the scary movie who goes into the dark basement alone. Leave those financial nightmares to Hollywood producers. You can help protect your loved ones from the financial headaches they can encounter should something happen to you. 

Protect the people you love against all things spooky

Life insurance can shield your loved ones from a sudden loss of income if you die, by offering a payout to the person, or people, that you designated in your policy. These people are called beneficiaries. 

This year changed the way we do everything, including how we celebrate Halloween, it can be especially important to reflect on how your beneficiaries rely on you. Think of the many expenses your loved ones may need to face alone if you’re not around: 

• Funeral expenses. Funerals can be expensive. In fact, the average burial in North America costs between $7,000 and $10,000. If your loved ones aren’t prepared to cover the costs of your funeral, life insurance can help them afford to give you a proper ceremony.
• Day-to-day costs. Think of the people who depend on you and your income. Or the people who count on your spouse’s income. Even after you’re gone, they’ll still need to pay for groceries, clothes, medical care, and more. Life insurance can allow your beneficiaries to maintain their way of life. 
• Unexpected emergencies. Think of how you react when someone you love gets hurt or experiences another emergency. If you’re not around to take care of them, you want to help ensure that they’re still getting the help they need. A life insurance policy can do just that. A payout after you’re gone can help beneficiaries when they’re in a jam. 

If you purchase term life insurance, you can pick a certain time period of coverage, such as 10 or 20 years, and our beneficiaries can receive a payout from your policy if you pass away during that time. 

No tricks, just treats with Bestow life insurance

This Halloween, get ahead of the scary things that go bump in the night. With Stash’s partner Bestow,* you can apply for a term life insurance policy quickly online. 

With Bestow, you can get a quote for life insurance right from your home. Before you start handing out candy this Halloween, grab your own treat: a quote from Bestow.*

The post Don’t Let Life Creep Up on You. Help Protect Your Loved Ones with Life Insurance. appeared first on Stash Learn.

School is likely to look a little different this year as a result of the ongoing Covid-19 pandemic. Whether your kids are headed back to the classroom in masks or whether they’re staying home and learning remotely, you probably want to do everything you can to make sure they’re safe and taken care of in the event that something happens to you or your spouse. Life insurance can be part of ensuring your dependents’ wellbeing. 

If you don’t have kids, now could still be a good time to reflect on your life insurance needs. Maybe you have student loans or other debt. Life insurance can be an important way to shield your family from the potential burden of your debt in the event that you pass away.

Meanwhile, the back-to-school season can be overwhelming. We’ll help you understand life insurance and how you can quickly get a quote from your home before you get swept away by your never-ending to-do list.

The ins and outs of life insurance

Life insurance is a type of insurance that can give a payout to a person of your choice if you pass away. This can provide your beneficiaries and through them your children and dependants with resources they may need every day, or to pay for future expenses. Good to know: A beneficiary is the person(s), trust, charity or estate you name on your life insurance policy. The beneficiary will receive the payout of your policy in the event of your passing. But minors cannot legally be beneficiaries of your policy, so it’s important to carefully decide how to name your beneficiaries if you have children who are minors.

There are two major types of life insurance: term and whole life insurance. Term life insurance is a life insurance policy that offers a specific time period of protection, or for a set “term”. Most commonly, you can purchase policies that last for 5, 10, 20, or 30 years. If you pass away during the term, your beneficiaries can receive a payout from your insurance policy.

Whole life insurance, on the other hand, can provide a cash payout to your beneficiaries regardless of when you die. Whole life policy monthly premiums are typically more expensive than those of term life policies.

How life insurance can help

Think of how much your kids depend on you or your spouse on a given school day. Here are some of the many ways life insurance can help your family after you’re gone: 

Every day expenses. If your family loses your income or your spouse’s, it could make it difficult to pay for daily needs such as groceries for lunch, new school supplies, and clothes, just to name a few. The payout from a  life insurance policy can help your family maintain their standard of living and cover those day-to-day costs.

Emergencies. Say your kid falls on the playground and breaks their leg or has an allergic reaction in the cafeteria. The payout from a life insurance policy can make sure that your family doesn’t drown in medical debt when they need care. 

Childcare. Your family might need to hire extra help to manage runs to and from school and extracurricular activities if you or your spouse passes away. Or they might need to hire someone to help out with online learning. The payout from a life insurance policy can help your kids and your spouse afford the help they need.

Education and extracurriculars. Education can be expensive, especially higher education. The cost of a college education has increased by more than 25% in the last decade and as of 2019, 43 million Americans owed federal student loan debt, amounting to a total debt of $1.5 trillion. The payout from a life insurance policy can help your family afford your kids’ education. Plus, if your kids play a sport or take music lessons, the payout from a life insurance policy can help them continue to do the things they love.

If you have student debt

Again, life insurance isn’t just for parents. If you have student loans (or other debt) from your undergraduate or graduate education, you might have taken on those loans with your parent or a loved one as a cosigner.

While it’s unpleasant to think about, your cosigners will be liable for paying back that debt if you were to pass away. 

Having life insurance can make sure that your cosigners will be covered (provided that you named your co-signer as your beneficiary) if something happens to you and they suddenly become responsible for your debt. A life insurance policy can cost a small amount of money per month and can protect your cosigner from taking a huge amount of debt.

Term life insurance with Bestow*

You can cross getting term life insurance off your list in minutes without even leaving the house to do so. Stash’s partner Bestow allows you to apply for term life insurance coverage virtually and quickly. 

With Bestow, you can get a quote for term life insurance easily. Bestow has partnered with two of the biggest life insurance companies so that you can apply for a policy from a trustworthy source. Get a quote now so that you can get back to packing pencil cases and helping with math homework.

The post Back-to-School Basics: Consider Getting Life Insurance for Your Family this Fall appeared first on Stash Learn.

Life insurance may be important for everyone, but it can be especially important for people with families who depend on them. No one wants to think about what their spouse or kids would do without them, but it’s something every parent should keep in mind. 

This Parents’ Day, reflect on what your loved ones may need should something happen to you. Life insurance can be one way to secure your family’s future. 

What is life insurance?

Life insurance is a type of insurance that can pay out when you die, providing your dependents with resources they may need¹. It can be especially important for parents who are the primary earners in the family to have life insurance. 

There are two major types of life insurance: term and whole life insurance. Term life insurance is a life insurance policy that offers a specific time period of protection, or for a set “term”. Most commonly, you can purchase policies that last for 5, 10, 20, or 30 years. If you pass away during the term, your beneficiaries can receive a payout from your insurance policy.¹ 

Whole life insurance, on the other hand, can provide a cash payout to your beneficiaries regardless of when you die.¹ Whole life policy monthly premiums are typically more expensive than those of term life policies.

Why parents should consider life insurance

If you’re on the fence about whether or not you need life insurance, think of all the ways in which your kids could need insurance if something happened to you or your spouse. Life insurance isn’t just for covering funeral expenses. 

A loss of income(s). Think about how your family would manage should they lose you or your spouse. Having insurance can make it possible for your family to maintain their standard of living—from getting groceries to paying off a mortgage—should they lose you and your income. 

Healthcare and emergency expenses. Consider how your family will cover unexpected expenses and emergencies without you. Emergencies happen. And while you might have money set aside for those instances in a rainy day fund, insurance can add extra financial protection for your family. A payout from life insurance can be a safety net for your family after you’re gone, for instance if your child breaks a bone or your home needs a sudden repair.

Childcare and education. You want the best for your children and their future. The average cost of childcare in the U.S. is $11,666 per year. Plus, the cost of a college education has increased by more than 25% in the last decade and as of 2019, 43 million Americans owed federal student loan debt, amounting to a total debt of $1.5 trillion.

If you get life insurance, you can help make sure that your child will get the education they deserve affordably. 

How parents can get life insurance with Bestow²

If you don’t have life insurance yet, you might be wondering how quickly you can fix that. With Bestow, you can sign up for term life insurance easily. Bestow has partnered with two of the biggest life insurance companies so that you can get a policy from a trustworthy source. 

This Parents’ Day, you can get a quote from Bestow, and help stabilize your family’s financial future.

The post It’s Parent’s Day! Consider Getting Life Insurance If You’re a Parent. appeared first on Stash Learn.

Still, life insurance can be an important building block for your financial plan. And It can help you and your family achieve financial stability, while giving you some peace of mind. Also it may not be as expensive as you might think.

Life insurance could be for anyone who:

• Has a spouse or partner, dependents, or aging parents who depend on them financially.
• Has a mortgage or some other big financial obligation to pay off.
• Is a stay-at-home parent who provides unpaid but essential childcare, transportation, and household work that keeps your family functioning.

Read on and we’ll explain.

What is life insurance?

Life insurance is a contract between you and an insurer that can pay money, usually a lump sum, when you die, to your beneficiaries. Just as auto insurance covers you in the event of a crash, life insurance can cover your spouse, partner, and dependents in the event that you pass away. 

You can think of life insurance as a life raft. It can provide your dependents and loved ones with financial resources to stay afloat, which is especially important if you were the primary earner in your family.

There are multiple types of life insurance, with two of the most popular being term life and whole life.

What’s term life insurance?

Term life insurance is a life insurance policy that offers protection for a specific period of time, or for a set “term.” Most commonly, you can purchase policies that last for 5, 10, 20, or 30 years. 

So, If you have a term life policy for 20 years and die within the 20 years, your beneficiaries can receive the payout from the term life policy. There are no restrictions on what your dependents can use the payout for, such as funeral or housing costs, or for day-to-day expenses.

Term life policies generally have lower monthly premiums than whole life policies. However, term life policies do not accumulate in cash value and expire at the end of the term.  That means you forfeit the funds that would have been paid out if you had died. Some policies may give you an option to renew for a new term when the old term expires, but the monthly premium is likely to be higher, because you will be older. 

Good to know: The payout for term life insurance is typically tax free.

What’s whole life insurance?

Whole life insurance, on the other hand, provides a cash payout to your beneficiaries regardless of when you die. (To help you remember how it differs from term, think of it as being valid for your  “whole life.”) Whole life policy monthly premiums are typically more expensive than those for term life policies.

In contrast to term life policies, whole life policies accumulate cash value over time from the premiums you pay, and this money typically grows tax-free. Some whole life insurance plans may even pay dividends as a distribution of the insurance company’s profits¹.  What’s more, policyholders can also borrow against the cash value of their accounts during their lifetimes. Assuming the account is current, there may be a payout when the policy holder dies. That payout will vary from policy to policy, according to state regulations, and depending on the cause of death.  Like term-life payouts, whole life policy payouts are also tax free. 

What do term life and whole life policies cost?

The cost of your policy can depend on the type and amount of coverage you want, how old you are, and where you live, among other factors. Term life policies for a healthy 35-year-old can average about $40 a month for several hundred thousand dollars worth of coverage. Whole life premiums, on the other hand, can cost significantly more for the same person.

The key differences

While both term life and whole life insurance have some obvious similarities, here’s a rundown of some key differences:

• Term life policies are for set durations of time, or “term”
• Whole life policies cover you for your entire lifetime.
• Term life policies are generally less expensive.
• Whole life policies accumulate cash value over time.
• Whole life policies can pay out dividends¹.

Which should you choose?

How should you decide between a term or whole life policy? The answer will depend on your particular situation and goals.

If you want to make sure your family is covered in the event of your death for a specific period of time, and prefer lower premiums, then a term life policy could be a good choice. Some life insurance experts say that because term life insurance is cheaper, it can allow you to take the money you save and use it to invest in stocks, bonds and funds.

If you want life insurance with coverage for your entire lifetime, and you want to use your policy as an account that gains value over time, and you are comfortable with possibly higher fees, then a whole life policy may be a better choice for you.

Why Stash partners with Bestow²

With prices starting at $8 a month and coverage starting at $50,000 (up to $1,000,000), Bestow has term life insurance options for Stash users as they look to continue their journey to making personal finance a source of hope. 

Bestow’s application and underwriting process is 100% online and requires no medical exam³, which can make shopping for life insurance easy and affordable. It’s as simple as filling out a form, and there’s no need to speak with an agent. But, if you do need to speak to someone for some guidance, the Bestow team can easily be reached on the phone, email, or chat.

You can go to Bestow’s website, and literally walk away from your computer with a quote for term life insurance coverage.

The post What’s Life Insurance and Why You May Need It appeared first on Stash Learn.

The truth is, it’s important to consider what your family might do without you and what you can do now to protect your family’s future, especially if you’re a mother.  Life insurance can help.

Why Do Moms Need Life Insurance?

Moms need life insurance, whether you have a 9 to 5 or stay at home or an expecting mother. A common misconception about life insurance is that it pays for funeral expenses and not much more. That’s true if you only get a small amount of coverage, but we’ll get to that later. But with a little planning ahead of time, moms can ensure that their families are taken care of.

If you’re currently employed, you may already have a basic life insurance policy through your job. That typically ranges from $25,000 to $100,000—roughly equal to your annual salary. That’s a good start, but probably not enough to cover your family’s needs (more on that later).

What about stay-at-home moms? Do they need life insurance? Absolutely! From cooking, cleaning, nursing, teaching, bookkeeping, chauffeuring, and more, studies have shown that if stay-at-home moms earned a salary, they’d make $178,201 a year¹! 

Our partner, Bestow, recognizes these contributions, and is proud to offer coverage to stay-at-home spouses who don’t have a traditional income to report. Your partner and kids would definitely feel the financial effects of your loss, and a life insurance policy from Bestow can help offer them some protection.

What Can Life Insurance Cover?

Life insurance is a federal income tax-free² benefit paid directly to your beneficiaries. There are no limits to what it can cover, but here are some things moms should consider in determining how much you’ll need, aside from funeral expenses.

Loss of income

A Pew Research Center study found that in 46% of households, both parents work full-time jobs, and 17% of households have one parent working full time while the other works part time. A life insurance policy can help maintain your family’s current lifestyle, even on one income. And if you’re a single mother and are the only source of income in your household, life insurance can replace your annual salary for years to come.

Childcare

The average cost of childcare in the US is $11,666 per year. With only one parent, your kids might need more hours of childcare (whether it’s daycare, after-school care, or a nanny) to help your spouse maintain a full-time job. This is especially important if your spouse doesn’t have a flexible work schedule.

Housekeeping

There’s no shame in having help. Household chores are time consuming, and if hiring a housekeeper means that your spouse can spend more quality time with the kiddos and less time doing laundry, dishes, and dusting those ceiling fans, this is definitely worth considering.

Extracurricular Activities

The cost of sports, music lessons, and other activities is steadily increasing. The average cost of extracurricular activities per child is nearly $739 a year. And if you have a kid in high school, the number is even higher. Expect to pay about $1,124 annually. Dios mio!

Emergencies

Medical expenses, car repair costs, job loss—it’s important to pad your savings account for rainy days. A healthy savings account can turn a financial emergency into a minor inconvenience, reducing or completely eliminating stress. And who doesn’t want that for their family?

Bestow³: Fast, Affordable Life Insurance You Can Trust

There’s barely enough time in the day for you, let alone for soccer games, piano recitals, and homework assignments. No wonder moms put life insurance coverage on the back burner even though they plan to buy it.

Bestow can make shopping for life insurance easy and affordable. They’ve partnered with two of the largest insurance companies to get moms like you to confidently secure your family’s financial future. Their data and technology-driven approach removes the unnecessary hassle of buying term life insurance. It’s as simple as filling out a form. No more pushy sales calls or invasive medical exams — no time for that! (But, if you do need to speak to someone for some guidance, the Bestow Team is just a phone call away.)

Get a quote from Bestow now, and literally walk away from your computer with coverage, confidence, and peace of mind (or at least until someone spills something on the kitchen floor, again!).

*This post was originally written by our friends at Bestow. For more life insurance content, check out their blog⁴.

The post A Mother’s Guide to Life Insurance appeared first on Stash Learn.

Why should I even consider life insurance?

In times like these, life insurance can provide you and your family some peace of mind and necessary protection. Life insurance also should be an important component of your financial plan, helping you meet your future goals by providing financial support when you might need it most.

Why you might try applying now…

With 1 in 4 Americans ordered to shelter in place or to practice social distancing, getting life insurance coverage from traditional brokers can be a process. The process of applying for coverage with many traditional insurance companies requires doctors appointments, labwork, paperwork, in-person meetings, and you usually cannot purchase a policy instantly.

Bestow,* an insurance technology company, is disrupting the industry and making it incredibly easy to apply for life insurance online, from the comfort of your home. For you, that means:

1. No medical appointments
2. Instant decisions
3. Flexible coverage
4. No paper forms

So while you’re cooped up at home and adding items to your spring cleaning list, you might want to consider adding life insurance to your list too. Applying is quick and easy!

The post Don’t Forget This Item on Your Spring Cleaning Checklist appeared first on Stash Learn.

Life insurance can help protect your loved ones against loss of income and other financial uncertainties in the event of your death. In fact, purchasing life insurance can be an essential part of a smart financial plan, according to some experts, which should also include regular saving and investing.

And purchasing life insurance while you’re young can have particular cost benefits.

Here are five reasons why looking into life insurance is likely to be a good idea.

1. Your premiums can be lower.

The younger you are when you purchase life insurance, the lower your monthly premiums are likely to be. When considering term life insurance, your monthly premium is a fixed amount that stays the same for the term of the policy.

2. It can help replace lost income.

Your wages and salary are essential to your family. Life insurance can help your spouse, partner, or children replace the income you contributed when you were alive. That can include day-to-day expenses, monthly bills, and other common financial obligations.

3. It can help with burial costs.

It may be unpleasant to think about, but the average funeral costs up to $10,000 today. Life insurance can help offset some of those costs.

4. Paying for educational expenses.

If you have children, you’ll want the best for them, especially after you’re gone. A life insurance policy can help fund their educational expenses, whether that’s in a custodial account, or some other educational account, such as a 529. The money can also cover the cost of your remaining student loans, which can be really helpful if you had a cosigner.

5. Paying outstanding debts.

You and your spouse or partner may have a mortgage or other debts, such as credit card or other loans you co-signed together. Life insurance could help with those loans.

Planning your financial future is always a challenge, and the future is filled with unknowns. Life insurance could help your family manage their expenses without you. And the sooner you consider a policy, the cheaper it’s likely to be.

Ready to get covered? Click here to learn more from our partner Bestow.¹

The post How Buying Life Insurance When Young Can Help You Plan Your Future appeared first on Stash Learn.

Regardless of the progress you’ve made (or haven’t made—we’re not judging!) on the goals you set for the new year, we think there’s one more goal to consider adding to your list: getting life insurance. It’s easy, affordable, and could be an important part of your financial plan.

Term life insurance can help protect your family from financial loss and can supplement lost income, as well as provide funding for education and everyday living expenses in the event you’re no longer around to provide for your loved ones.

Here’s why you should consider buying life insurance this year:

1. If you have debt

If you have a cosigner on your loans, whether it’s student or personal loans, they could be liable to pay off the outstanding balance.

2. If you’re buying a home (or you currently own one)

Don’t forget your home! If you have a mortgage, a life insurance policy can help pay off the remaining amount you owe so your family can continue living in their home.

3. If you’re making a major life change

Did you recently get engaged? Are you planning on getting married? Starting a family? Regardless of your family situation, if your loved ones depend on your income, your loss could cause financial hardship.

If you are a one-income family, your family would lose its income without the primary breadwinner. Even in a two-income family, the loss of one income source can make it difficult to maintain your current standard of living.

4. If you’re hitting a milestone birthday

The younger (and healthier) you are, the more affordable it can be to buy insurance.

In life insurance underwriting (the process that determines whether you’re eligible for coverage and at what cost), your age is a major factor. Generally speaking, the younger and healthier you are, the less you’ll pay for life insurance premiums.

Consider getting insurance now, so you can lock in better monthly pricing on a life insurance policy that lasts ten to twenty years and save money on the cost of your monthly premium.

Bestow*, our life insurance partner, makes it easy to apply for coverage in minutes. That way you can check this item off your list for this year, the next, and the years after that.

The post Life Insurance: A New Year’s Goal Worth Having appeared first on Stash Learn.

Seem a little too far fetched? If predicting the future isn’t your biggest strength—which we suspect it may not be—life insurance may be a smart move for you and your family.

Term life insurance can provide a financial cushion if something unexpected happens to you in the next two, ten, or even 20 years. It can help with things like living expenses, mortgage payments, even funeral costs. It can also help your family continue saving for your children’s education, or the dream house you planned to buy.

Life insurance is a (tax free¹) backup plan, and it can be an affordable plan B to your plan A, as well as an essential part of your financial roadmap. It can give you confidence, knowing that it will help your family stay afloat, and your loved ones are looked after if something happens to you.

Who knows what the next decade may hold, but you can head into it with peace of mind, protection, and a policy tailored to your needs.

Try getting started today with our partner, Bestow*.

The post You Don’t Need a Crystal Ball With Life Insurance appeared first on Stash Learn.

While it’s easy to get lost in the bustle of day-to-day life, it’s important to take a step back and take stock of everything and how fortunate we all are.

But while you give thanks for the best things in your life, it’s important to plan for difficult times as well.

Life insurance policies help provide necessary protection for the people who depend on us the most. They’re an important part of a financial plan, and can be a meaningful way to show your loved ones how thankful you are.

The loss of a loved one, particularly if that person is a family’s primary breadwinner, can be compounded by things like financial loss and mounting pressures to pay for funeral costs, outstanding debts, housing expenses, food, and education costs. Life insurance can help ease these potential burdens for your family.

Give thanks for your family and check out a term life insurance policy from our friends at Bestow.

Bestow makes it simple and affordable to buy life insurance, so you can get back to living in the moment and giving thanks.*

The post Give Thanks with Life Insurance appeared first on Stash Learn.

Did you know the Halloween we know and love today may have had its roots in an ancient pagan festival that occurred at the end of the harvest season, right before the start of winter when the days were becoming shorter? During the festival, ancient pagans made sacrifices and burned ceremonial flames to ward off death, evil spirits, and misfortune.

While your Halloween traditions may be a little different from the ancient pagans, you may share their wish from 2,000 years ago, to protect your loved ones.

So how do you protect yourself from the things that go bump in the night?

Two words: life insurance!

The loss of a loved one, particularly if that person is a family’s primary breadwinner, can be exponentially compounded by things like financial loss and mounting pressures to pay for funeral costs, outstanding debts, housing expenses, food, and education costs.

Life insurance can help:

• Preserve your family’s lifestyle
• Protect against the impact of long-term debt
• Complement your long-term financial plan

So, whether you plan to spend Halloween trick-or-treating with children, watching scary movies with friends, or seeing which of your co-workers has the best costume, Halloween presents us all with a unique opportunity to embrace the things that scare us most.

For about the cost of a pumpkin spice latte each month, you can protect your family for decades to come with a life insurance policy.

Rest in peace of mind with a life insurance policy from Bestow.

The post Protect Yourself From the Things That Go Bump in the Night appeared first on Stash Learn.

We’ve rounded up a few partners that can help you save and can make sure you’re covered, no matter what comes your way this year.

Protect your loved ones

We get it. Buying life insurance seems like a really big decision, but term life insurance policies are cheaper and easier to qualify for than you think. Check out Bestow.

Life insurance can provide a financial safety net for your partner and children in case anything happens to you, giving them income to meet expenses.

For example, life insurance can help your family pay the bills, deal with outstanding student loans, medical debt, or other everyday expenses. Getting life insurance could be one of the most important financial decisions you make for your family and the ones you love.

Don’t have kids or a spouse? If you have a cosigner on your loans they could be stuck paying off your unpaid debt.

Protect your home and your belongings

Renters insurance allows you to rest easy, knowing your stuff is covered and giving you financial protection in the case of unexpected events. Check out Lemonade for quick and affordable policies.

Renters insurance is one of the most cost-effective ways to protect your belongings. In addition to fire and theft, most policies also cover damage from vandalism, windstorms, lightning, and certain types of water damage.

Here’s something else you may not know: your renter’s policy can also help protect you outside the home. Did your bike get stolen? Renters insurance can cover that. Phone was snatched at the coffee shop? Renters insurance can cover that. Did someone injure themselves on your property? Renters insurance can cover that.

Protect your car

Car insurance is something you have to have if you own a car, but did you know that switching your policy provider could help you save money?

These days, some companies, like Root, are using mobile technology to help you save even more than you would with a traditional insurance company. See how much you could save with Root.

The post Easy Money Moves to Make appeared first on Stash Learn.

Item #1. Automate your savings

We have the best intentions when it comes to putting money aside for the future. We promise ourselves we’re going to put money aside every week. But often, we don’t.

Automation can make saving easier. Recurring Transactions puts it into action for your investments. It’s part of The Stash Way.

You can also now schedule recurring transfers into your debit account! You choose the amount of money to transfer into your Stash debit account and the frequency. 

By automating sums of money into your savings or investments, on a regular basis, you’re reinforcing good money habits.

Item #2. Get rid of hidden banking fees

A dollar here, $20 there—these bank fees can really add up. In 2016, for example, consumers were charged $34 billion in overdraft fees—and that’s just one of many kinds of fees many banks charge.

Stash debit doesn’t cost you anything to set up, there are no minimum balance requirements, and we won’t charge you any monthly or annual fees to maintain the account1.

Item #3. Start saving for retirement

There’s a wonderful life to be led after you stop working. You don’t need a lot of money now to start saving for retirement. Worried you don’t have enough money (or that you’re too young to get started)? Trust us, the best time to start is today.

Consider your retirement savings are a love letter full of cash for when you need it most.

Item #4. Protect your family

We get it. Buying life insurance seems like a really adult decision. But a long-term life insurance policy can provide a financial safety net for partner or kids. in case of your unexpected passing.

It can help your family pay the bills, outstanding student loans, medical debt, or other outstanding expenses. It could be the most important decision you make for your family.

Item #5. Give a child you love a financial head start

Send a child you love into the world with money in their pockets and a solid financial education.

With a custodial account, you can start contributing to it when they’re young–and teach them all about investing along the way. Once they’re over 18 (or 21 in some states), they can use it for college, a down payment for a home or they can take it over and keep contributing to it.

Item #6. Protect your stuff

Good news for homeowners and renters: It doesn’t cost a lot of money to protect your stuff. You can insure all your valuables in case disaster strikes (think fire, busted pipe, or burglary). It can even pay for a hotel if you have to be out of your apartment or home for a while.

The post Change Your Financial Life With These 6 Steps appeared first on Stash Learn.

Let’s start with the basics.

What is life insurance, anyway?

A life insurance policy can provide a financial safety net for your dependents or loan cosigners. 

Who are dependents?  Dependents are anyone that depends on you financially (your partner, kids, an elderly parent, younger sibling). A life insurance policy can help pay the bills if anything should happen to you.

What types of life insurance are there?

There are a few different types of life insurance, including term, universal and whole life, and variable life insurance. Each policy differs in regards to how long it covers you for (your entire life vs. a set period of time) or potential financial benefits in addition to your monthly premium. But all provide coverage in the event that something happens to you.

What is term life insurance, anyway?

It’s called term life insurance because it insures you over a particular period of time, and typically pays out upon your death.

Term life insurance may be a good option compared to whole life for those who are looking for an affordable way to obtain a policy that covers you for a set amount of time. Generally, this can be 10 years, 20 years, or more, depending on what you choose. 

I’m young and healthy. Do I really need life insurance?

If you’ve got dependents or loan cosigners, life insurance can be a good idea.

Here’s the positive news: The younger (and/or healthier) you are, the more affordable your life insurance is likely to be. Plus, you can lock in a good rate that will stay the same for the entire term, or time period, of your policy.

What can my dependents use the money for?

There are no restrictions on what the money can be used for. Your family can use the proceeds to cover funeral costs, mortgage payments, child care, and day-to-day living expenses. It can also help you settle unpaid medical bills or any tax debt that would ultimately be the responsibility of your co-signer.

Is it really expensive?

People generally tend to overestimate the cost of term life insurance. For example, a healthy 35-year-old could get $500,000 of coverage for 10 years for $26 a month from Bestow. 

I like it, but I hate paperwork

You can get a term life insurance quote online in seconds and apply in minutes for an instant decision.

Ready to get covered? Click here to learn more from our partner Bestow.

The post A Quick Guide to Term Life Insurance (And Why You Should Consider It) appeared first on Stash Learn.

This handy checklist can help you achieve short and long-term money goals, help protect your loved ones from the unexpected, and start the next generation off on the right path to financial success.

Consider making these money moves now.

Make saving and investing automatic

Whether you want to save for a rainy day or for a longer term goal (like a down payment on a home), automatic beats manual. By automating money from your checking account toward your goals, you’ll take the pain out of saving and get into the habit of putting money away.

Turn on “Set Schedule” from the Auto-Stash tile and save automatically.

Take care of the ones you love

Don’t stay up nights worrying about what could happen to your family if something should happen to you. A term life insurance policy, which covers you for a set period of time, is generally more affordable than a permanent life insurance policy, which covers you for your entire life. A bonus: The younger you are when you get a life insurance policy, the more affordable it is likely to be.

Start saving for retirement

Did you know that one in three Americans has less than $5,000 put aside for retirement? You can break away from the trend by opening an IRA today. And best of all, your money will grow tax-efficiently until you’re 59 1⁄2.

Got a 401K through your work? You can open a Roth or traditional IRA in addition to your workplace retirement account. All you need is $5 to start. The best time to start saving for retirement is today.

Want to learn more about what you expect to have saved by retirement? Check out our retirement calculator, then get Stash Retire.

Help your favorite kid

Wouldn’t it have been nice if someone had handed you money when you were first starting out?
Now you can do it for a child you love.

A custodial account lets you open an investment account that you can contribute to (while teaching your child about how compounding works along the way). Best of all, when the child grows up, he or she can use the money for just about anything.

Open a custodial account on Stash.

Congratulations! Take a victory lap, you deserve it.

The post 5 Responsible Money Moves You Can Make in Less Than 1 Day appeared first on Stash Learn.