Insurance, we all need it right? Well, not if you’re a goldfish… (sorry Mr. Gold) But if you have a family then you definitely need to have some kind of life insurance. The last thing you want to do is leave them in the dark when you croak unexpectedly.
If you are single, then investing in a life insurance policy is another thing as you can use that as an investment portfolio of sorts. Borrowing against it later on when you need it. Could be a lot safer than putting all your cash in the banks these days.
Getting a life insurance quote is easy today, just remember to compare a few companies and policies before you commit to anything and talk to your insurance agent and see what plan best fits your situation.
Whether or not having life insurance is worth the price is up to you and what is the main reason you are getting it for is. Not all situations are general, so it is hard for us to say either yer or no. But we will say this, do homework on various insurance companies that offer life and term life policies on the stock market. See how their stock is doing – this may help you make the final decision as to whom to go with in the end.
The standard payday loan has an interest of about 400% – which sounds crazy and insane, but look closer…
OK, so 400 percent is high, but let’s look at a standard payday loan versus a standard mortgage loan at the average 6.5% for a minute.
- Payday loan: borrow $100 and payback $30 in interest with a loan that lasts about 2 weeks on average.
- Mortgage loan: borrow $250,000 at 6.5% over 30 yrs and payback a total of $568,861.22… that’s $318,861.22 in INTEREST alone!
As you can see by simple math, that 6.5% grows exponentially by over 100% while the measly payday loan you just got so you can eat something besides those disgustingly tasty ramen noodles has you feeling ripped off cause the news “said” so.
They trick you by the commodity of time – 2 weeks vs 30 yrs. The shorter the loan time, the higher the interest appears to be even with the lowest and best home mortgage rates you can get… but it’s just smoke and mirrors folks.
Just by looking at this in it’s purest form – the bottom line cash value and out of pocket it seems the grumbling is moving in the wrong direction. So what this is that the big banks who grant huge loans and move big money around are trying to squash payday loan businesses by manipulating the numbers and the media is buying it hook, line, and sinker.