The Best Payday Loan Alternatives of 2017

It doesn’t matter your financial situation: There’s almost always a better alternative to taking out a payday loan. So, if you’re facing an emergency and you need money fast, ask yourself three questions:

• What type of expense are you facing?
• What type of debt are you already in?
• What is your credit score?

Depending on your answers, we’ve found three of the best payday loan alternatives available today. Each offers quick funding to cover your debt, much lower interest rates than payday lenders, and can help get your finances back on track.

The Simple Dollar’s best payday loan alternatives:
Answer	Alternative
Emergency costs No long-term debt Good to excellent credit score	Credit Cards
Emergency costs Existing long-term debt Good to average credit score	Personal Loans OneMain Lending Club Prosper
Emergency costs Existing long-term debt Average to bad credit score	Payday Alternative Loan (PAL)

Before we take an in-depth look at each, here’s a quick overview of payday loans and lenders.

What is a payday loan?

The Consumer Finance Protection Bureau (CFPB) defines payday loans as a “short-term, high-cost loan, generally for $500 or less, that is typically due within two weeks. Basically, payday loans are designed to float borrowers that are in between paychecks but need cash fast.

The average repayment date is anywhere from two weeks to a month — or whenever the borrower gets his or her next paycheck. It’s almost always agreed upon beforehand by both lender and borrower.

Payday loans are so attractive because so little is required in order to receive one. As long as you can provide an address, proof of employment, and maybe some references, you’ll be able to take out a loan.

Instead of using FICO or other credit scores to determine creditworthiness, many lenders often use custom scores based on information aspiring borrowers provide.

But, because payday lenders don’t use traditional creditworthiness methods, they don’t assign traditional APR. These are short-term, high-interest loans that are designed to be paid back within two weeks to a month.

Whether you have good or bad credit, payday loans charge a flat rate of anywhere from $15 to $30 per $100 borrowed. Even the best payday loans average around 400% APR per loan.

But in 2013, the CFPB found that the average payday borrower remained in debt for almost 200 days. That means a short-term crisis will likely turn into a long-term debt nightmare that you’ll struggle to pay off for months.

If you don’t have the money when the payment comes due, payday lenders are likely to:

• Send harassing phone calls and emails
• Hurt your credit score
• Add additional fees (on average $15 per $100 borrowed)

So if you take out $400 and you don’t have $460 to spare when payment comes due, you’ll owe even more money and receive threatening calls.

The best option for payday loans is to avoid them if at all possible.

Luckily, there are alternatives, even if you have bad credit. Here’s some options to explore based on your possible situations.

Using a 0% APR or balance transfer credit card

If you need money fast, but you’ve got average to excellent credit and a paycheck on the way, using a credit card to cover emergency costs is one possible alternative to payday loans.

It’s not an ideal choice — last year the Federal Reserve listed the average credit card APR at 12.24%. But when compared to the 400% APR on payday loans, credit cards are clearly the less painful choice.

While it typically takes a week to get a credit card in the mail, some companies — such as Discover — will ship you a card overnight (so long as you’re willing to pay the extra fees). Once you’re approved, you’ll have immediate access to your card.

If you want to apply for a new credit card, many offer an extended 0% APR period, perfectly suited for bigger purchases.

If you have existing credit card debt, however, consider using a balance transfer credit card, which offers a long window for cardholders to transfer and pay off outstanding debts.

Discover it® Cashback Match™ – 14 Month 0% Intro APR

If you know you’ll be able to pay off your credit card debt within 14 months, the is a strong credit card alternative to payday loans. The introductory 0% APR period ensures that you won’t receive any interest on debt owed for your first year of card ownership. (After that ongoing APR is 11.99% – 23.99% variable.)

As a bonus, you’ll be able to earn 1% cash back on all of your payments, and Discover will match your cash back dollar-for-dollar at the end of your first year of card ownership.

Discover it® – 18 Month Balance Transfer Offer

If you already have existing credit card debt and you’re in need of emergency funds, but you have average to good credit, consider the card. The card offers an extended, 18-month window for you to transfer and pay off existing debt. And cardholders even enjoy 0% intro APR period for their first six months on purchases.
(After both introductory periods end, ongoing APR is 11.99% – 23.99% variable.)

Both cards give access to Discover’s credit scorecard, where you’ll be able to monitor your credit score and credit history. It’s a great tool for repairing credit.

Note: Taking out cash advances on a credit card is also an ineffective alternative to payday loans. Cash advances tend to come with higher APR than purchases. Both of the above cards come with a 25.99% variable cash advance APR.

Applying for personal loans

If your credit score makes qualifying for a new credit card difficult, then a personal loan from either a bank, credit union, or peer-to-peer (P2P) lender will help cover emergency costs.

Personal loans differ from payday loans in two key ways:

• Loans are paid back in installments
• Loans are paid back over time

So, instead of paying back the entirety of the loan by your next paycheck, you’ll have the opportunity to make smaller payments over more time with a personal loan or payday alternative loan — which will help improve your credit score as you pay down your debt.

We recommend going to your local bank or credit union for a personal loan first, but only if you have good to average credit. A personal loan is only a good idea if you can get a decent APR. It becomes harder to get a loan from a traditional bank or credit union when you have average or bad credit. You may not qualify, or your APR may be too high to justify the loan.

P2P lenders (lenders that connect investors with borrowers directly) tend to offer more generous lending requirements than banks or credit unions, while still providing the security of paying in installments.

Each of our recommended P2P lenders come with an A+ rating from the Better Business Bureau, and offer fixed rates and payment plans.

Apply Now

OneMain Highlights

• Borrowing Limits:
  Between $1,500 – $25,000
• APR Range:
  17.59% – 35.99%
• Term lengths:
  12, 24, 36, 48, 60 months
• Minimum credit score:
  None

If you’re considering a payday loan and you have bad credit, OneMain Financial may make the most sense for you.

OneMain Financial specializes in offering personal loans to those with bad credit. While there’s no minimum credit score, the beginning APR on personal loans is much higher than other P2P lenders.

If your credit’s a little on the rocky side, OneMain Financial offers both secured and unsecured loan options for borrowers. They also offer the most versatile loan term options, allowing borrowers to choose anywhere from 1-5 years to repay their loans.

OneMain Financial’s primary downside is its APR. They offer the highest APR of our recommended P2P lenders, which is likely to affect borrowers with the poorest credit. While a near 36% APR isn’t ideal, it’s still much better than a payday loan’s 400%.

Apply Now

Lending Club Highlights

• Borrowing Limits:
  $1,000 – $40,000
• APR Range:
  5.99% – 35.89%
• Term lengths:
  36, 60 months
• Minimum credit score:
  600

LendingClub is the ideal choice for borrowers with decent credit who are in need of emergency funds but still have some wiggle room. (LendingClub can take up to a week to approve and fund a loan.)

They offer personal loans with solid APRs, starting at 5.99% for those with better-than-average credit.

If you have other outstanding loans, you may even be able to consolidate your debts into one loan with LendingClub’s Direct Pay. To qualify, borrowers must be able to use up to 80% of their loan to pay off outstanding debt.

Apply Now

Prosper Highlights

• Borrowing Limits:
  $2,000 – $35,000
• APR Range:
  5.99% – 35.99%
• Term lengths:
  36, 60 months
• Minimum credit score:
  640

With a minimum credit score of 640, Prosper is only a strong choice for borrowers with good to excellent credit.

Prosper does business a little differently than other P2P lenders. Instead of funding loans with their own money, Prosper attracts independent investors and underwrites them. Prosper utilizes an internal scoring system based on a borrower’s past behavior, and combining it with credit history to determine a unique creditworthy grade for borrowers.

If you need your loan funded quickly, Prosper’s got one of the shortest turnaround times out there — an average of 1-3 days.

And they have a strong mobile presence, a nice perk that often goes overlooked. Borrowers can check their loan details and their FICO score on the go.

What is a payday alternative loan?

A payday alternative loan (PAL) is the ideal payday loan alternative for anyone with existing debt and average to poor credit. If your credit history isn’t the greatest, but you still need emergency funding and don’t want to take a payday loan with bad credit, consider a PAL.

A payday alternative loan is a loan backed by the United States Federal Government, and is available through chartered National Credit Union Association (NCUA) members.

They are designed to help borrowers that are either caught or about to be caught in the debt trap of payday loans. Each loan offers the following features:

• Offers amounts between $200 and $1,00
• Loan terms from one to six months
• Processing fees up to $20
• Offer lower interest rates of up to 28%

In order to qualify for a PAL, borrowers must be members of the federal credit union for at least one month. In addition, the PAL must be repaid by the payment date, and cannot be rolled over. Lastly, borrowers may not take out more than three PALs within a six-month period.

Poor credit scores don’t affect a credit union’s willingness to grant a PAL. Instead, they’re more interested in consistent income and ability to repay.

PAL APR varies by credit union. You can find and contact your local credit union here.

Considering bankruptcy

If you should find yourself unable to pay back your debts, have a poor or bad credit score, and unable to pay an emergency cost without derailing your finances, it may be time to think about bankruptcy.

Bankruptcy has a bad reputation, but if you’re in a cycle of debt that you can’t get out of, it may be the most financially healthy decision you can make.

There’s no definitive time to know when it’s right to declare bankruptcy. The only sure sign is if you know that your current situation is going to harm your financial future or that of your children.

The bottom line

Simply put: Payday loans are predatory, and it’s all too easy to find yourself trapped in a debt cycle that can last for months or even years.

If you have the ability to avoid a payday loan, do so. Seek help from family or friends, use credit cards to your advantage, take out a personal loan, or apply for a payday alternative loan. Even declaring bankruptcy may be better than taking out a payday loan.

However, if all of these options fail you, be sure to shop around for the lowest interest rates and best terms you can find. Be wary of online payday loan lenders, and never borrow more than you can repay.

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Chestnuthill Twp. man Pineiro stands up for small businesses

Angel Pineiro of Chestnuthill Township visited the White House this week. And he wasn’t on a tour.It was an official visit, his second in two years on behalf of small and medium-sized businesses, and he hopes to make his voice heard.Pineiro was invited to meet with deputy secretaries of labor and domestic policy on Wednesday to address the need to fill the skills gap in small- and medium-sized businesses.Pineiro was part of a delegation from the Task Force on [...]

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Flexible Jobs That Pay $19 or More Per Hour

By Holly Reisem Hanna Whether you want to work from home and be your own boss, or you’re looking for a flexible job option that pays well, there’s a lot of opportunities out there—especially if you know where to look! In fact, depending on your skills, schedule, and willingness to work away from home, there […]

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Double up on Your Holiday Cheer (and Caffeine) With This Starbucks Deal

Between now and Monday, you can feed your caffeine addiction every afternoon while doing something nice for a friend, all at the same time.

When you buy one holiday-inspired drink you can get a second one free with the new Give Good campaign at Starbucks. The deal is available now through Nov. 13 from 2 to 5 p.m.

You can order any holiday-inspired beverage hot, iced or blended and claim the deal.

Qualifying Starbucks holiday drinks include two new offerings: Toasted White Chocolate Mocha and Chestnut Praline Chai Tea Latte. Also available are the old favorites: Chestnut Praline Latte, Peppermint Mocha, Caramel Brulée Latte, Gingerbread Latte, Eggnog Latte, Holiday Spice Flat White and Teavana Joy Brewed Tea.

Not a caffeine junkie? All Starbucks cake pops are also included in the BOGO deal.

This event is valid only at participating Starbucks locations, so make sure you call before you stop by to make sure the location nearest you is participating.

Desiree Stennett (@desi_stennett) is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Loosen Your Belt: Carl’s Jr. Has a BOGO Thickburger Deal Through Dec. 31

There is some debate over what genius first created a ground-beef patty, cooked it and put it on a bun with some other goodies.

Whoever did it first, I sincerely thank you. Hamburgers are fantastic. Add cheese, and you have something truly magical.

And what could be better than a nice, big, juicy cheeseburger? You guessed it: two cheeseburgers.

BOGO Thickburgers at Carl’s Jr.

Right now, Carl’s Jr. has an online coupon for a buy one, get one free ⅓-pound original Thickburger. The coupon is valid through Dec. 31, so you have plenty of time to practice finishing two of those bad boys.

Seriously, we’re talking about nearly a pound of beef and all of the trimmings that truly make a burger great. Leave your belt at home — you won’t need it.

Unfortunately, this offer is not valid at Carl’s Jr. sister restaurant Hardee’s.

By the way, what’s the deal with Carl’s Jr. and Hardee’s? Here it is. A guy named Carl started hamburger joints out west. A guy with the last name of Hardee started similar places in the Midwest and Southeast. Eventually, Carl bought the Hardee’s franchise and slowly melded the two together, but kept the name for some reason. Weird, right?

But I digress. Now through the end of the year, you can get double the Thickburger from Carl’s Jr. Just grab the coupon and go get your burger on!

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. He orders his burgers “ketchup only” and is not ashamed of that. Catch him on Twitter at @Tyomoth.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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This Company Will Pay You $10K a Month to Live in Cancun (Seriously!)

If you hate free vacations, on-the-house, five-star hotel stays and exploring tropical destinations, you should probably stop reading right now.

We’re serious. If you absolutely despise the sun, and prefer being chained to a cubicle, tapping away at your keyboard eight hours a day, this job isn’t for you (though there are plenty of other opportunities on The Penny Hoarder Jobs page on Facebook).

Now that we have that out of the way, are you ready to hear about the heckin’ most kickbutt job on the dang planet?

The travel technology company behind the website Cancun.com wants to pay you $10,000 a month to document excursions and the culture of the charming Mexican city for six months. You’d be the CEO — chief experience officer. *Adjusts tuxedo shirt*

So What Exactly Does This Dream Job Entail?

Okay, so as chief experience officer you won’t technically be getting paid to take a vacation in Cancun. There is actual work involved. (I mean, depending on what you consider work.)

The CEO is expected to cut videos, snap photos, write about their experiences in the city and share that content on social media channels. (See?)

You’ll also become a subject-matter expert who will interact with local media, attend marketing events and give honest reviews of the area and its attractions. Consider yourself Cancun.com’s brand ambassador.

The gig runs from March of next year through August — that means you’ll pocket a total of $60,000. Plus, everything, including hotel and resort stays, excursions and equipment are paid by the company.

Oh, and if this seems like too much heavy lifting for one single human, you can apply as a team.

Here’s How to Snag This Vacation Dream Job From Cancun.com

You don’t have to be Steven Spielberg, but if you’re an ace with Snapchat video stories, you’ll probably have an edge in landing this gig as Cancun.com’s CEO.

That’s because to apply, the company wants you to submit a one-minute video that shows why you’d be the ideal chief experience officer. I’m guessing they want something exciting, so don’t just set up a tripod in front of your hammock (although, we have nothing against relax-core arthouse cinema).

The application requires a profile picture, and they ask for links to all of your social media accounts. Cancun.com also wants a 140-character elevator pitch — remember what Shakespeare said: Brevity is the soul of wit.

You have until Dec. 17 to apply. But try to submit that video ASAP, because voting has already started for the top 100 candidates.

Voting runs through Dec. 24. Another round runs from Jan. 5 to Jan. 13 to narrow the pool of applicants to 50.

A panel of Cancun.com representatives will then choose the top five for a live interview event that includes physical and skill-based tests.

Now, I’m off to dust off my old video camera. Adios!

Alex Mahadevan is a data journalist at The Penny Hoarder. He’s proud to have invented a film genre in this post.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Ready to Ditch the Cigarettes? These Free Resources Will Help You Quit

November is Lung Cancer Awareness Month.

In the U.S., lung cancer is the leading cause of cancer-related death and the second most common cancer in both men and women. More people die from lung cancer every year than from colon, breast and prostate cancer combined.

Unfortunately, while lung cancer screenings do exist, lung cancer is often fatal for those who are diagnosed with it.

Fortunately, however, there’s a way to dramatically lower the risk of ever being diagnosed with lung cancer — and that’s to quit smoking. (Note: Not all lung cancer diagnoses are linked to cigarette smoking, but smoking is still the number one risk factor for lung cancer.)

The Benefits of Quitting Smoking

Just in case any of you are new to the “Quit Smoking Spiel,” a brief overview: Quitting smoking leads to decreased risk of heart attack and blood clots, a stronger immune system, fat loss, clearer skin, better vision, prevention of long-term lung damage including emphysema and general scarring, lower cholesterol and lowered risk of developing lung cancer (along with so much else).

People who smoke cigarettes are 15 to 30 times more likely to be diagnosed with or die from lung cancer than those who do not, according to the Centers for Disease Control.

In addition, those who continue to smoke after a lung cancer diagnosis nearly double their risk of dying.

Five years after quitting smoking, your risk of developing various cancers of the mouth, nose and throat is cut in half. Ten years after quitting smoking, your risk of dying of lung cancer later in life is half that of someone who is still smoking.

Free Resources for Smoking Cessation

No one ever said quitting smoking was easy, pleasant or that it happens overnight (in fact, you may have to quit more than once), but the immediate and long-term health benefits of quitting are huge and will eventually feel so worth it.

If you’re ready to quit smoking, these free resources can help:

• Smokefree.gov is probably going to be your number one resource. The website helps you with every step along the way, from deciding on a quit date to staying smoke free for years to come. The site also features information and resources specific to women, teens, veterans, Spanish speakers and those over 60 who want to quit.

• If you’re overwhelmed and just need to start somewhere, check out Smokefree.gov’s free “Build My Quit Plan” tool that will help you take the first steps toward quitting and create a plan you can return to while you work toward staying smoke free.

• The site also has a whole page of free reading material and guides to help you quit smoking and stay quit, including downloadable resources for those at every age and in every stage of life.

• After the initial quitting process, you can return to SmokeFree.gov again and again for help with staying smoke free, slips and relapses, adjusting to life without cigarettes, healthy living and so much more.

• Contact your insurance provider to see if they offer nicotine replacement products at no cost to you. The methods found here are often covered by insurance companies.

• Many states offer free smoking cessation programs that provide you with free nicotine replacement patches, gum or lozenges (provided you are over 18 and it is medically appropriate). Google “your state” + “free nicotine patches” to find out more information about free nicotine services where you live. You can also find a list of states offering free nicotine replacement products here.

• If you need an accountability partner or group, BecomeAnEX offers a free program that allows you to connect with others who are trying to or who have successfully quit.

• If you’d rather talk to an expert, you can go here to find out how to contact counselors from the National Cancer Institute or from your state’s quitline. For anyone who would rather not talk on the phone, there’s also an option for connecting with an information specialist via an online chat.

• If you need a more frequent stream of support and tips, you can sign up for SmokefreeTXT, a free text messaging program that will deliver tips, advice and encouragement three to five times a day. You can even text keywords to the number to receive in-the-moment help.

• QuitGuide and quitSTART are free smartphone apps available on both Apple and Android devices. Both apps can help you track your habits and create a plan for quitting and staying smoke free. QuitSTART is geared toward teens who want help quitting smoking, but both apps can be used by anyone.

Listen: I know you’ve heard it all before. I know you know the risks.

But if you’ve thought about quitting, are ready to quit or have been trying to quit but just haven’t known where to start, this might be a good jumping off point.

Grace Schweizer is a junior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Have Stories to Share? These 6 Parenting Blogs and Magazines Pay Up to $700

Are you a parent who wants to share your parenting tips and stories with the world?

Research has shown 81% of moms turn to blogs for advice and entertainment. If you’re a parent who likes to write, there’s a market for what you have to offer — and better yet, a paying one.

Here are some parenting sites that pay per article.

1. BabyFit

SparkPeople’s BabyFit site covers fitness subjects including fitness during pregnancy, pregnancy-specific nutrition and postpartum topics.

Articles for BabyFit should range between 500 and 1,200 words. SparkPeople will pay you anywhere from $25 to $90 for each article, depending on your credentials and experience.

2. Lies about Parenting

Lies about Parenting wants articles that are research-heavy yet relatable. If you have tips that can help readers parent better without being over-involved in their kids’ lives, Lies about Parenting is a good place to pitch.

The site wants “surprising advice, grounded in research and daily life” for its featured pieces. These posts pay $50. It doesn’t specify a word count, but the site asks for 400 to 700 words for other types of articles.

Your article will be promoted across the website’s social media channels (Twitter, Facebook, Pinterest) and to its email subscribers, giving you some exposure.

3. Adoptive Families

If you want to write about infertility and adoption in all its forms, consider “Adoptive Families.” The site covers everything from transracial adoption to perspectives of adoptees.

If you have a personal adoption story, you can submit your essay for consideration. For reported articles, you should query first.

Writers of published personal essays will receive a one-year subscription to “Adoptive Families” magazine and its website. Payment for reported articles varies, so prepare to negotiate your rate.

Take note: It could take eight to 10 weeks before you hear anything regarding your article or query.

4. PTO Today

If you have experience as a parent-teacher organization (PTO) volunteer and have something to say to like-minded parents, consider writing for PTO Today.

The site is geared toward an audience of mostly women in their late 20s to mid-40s, who are PTO members in K-8 schools. PTO Today wants writers to tackle topics including parental participation in schools, leadership, playground projects, fundraising, group management and organization, and education.

The magazine pays by assignment, not by  word. Department pieces (600 to 1,200 words) can net between $150 and $400, and pay for features (1,200 to 2,200 words) ranges from $200 to $700.

You will be paid upon acceptance or within 30 days after you send an invoice.

5. Freelance Mom

Freelance Mom is an online community for mothers who strive to carve out an identity separate from motherhood. The blog places an emphasis on freelancing and entrepreneurship.

The site looks for actionable and in-depth content from all parents. You can submit personal stories, well-researched articles with stats and expert opinions, and educational articles revolving around useful tools and processes.

Make sure your guest post article is 900 to 1,500 words long and contains a 30-minute action plan at the very end. If your article is accepted, you will be paid anywhere from $75 to $100 via PayPal.

6. A Fine Parent

A Fine Parent operates on the theme that “great parents are made, not born.” Articles are geared toward helping readers become better people and parents.

You don’t have to be a professional writer, just nuggets of wisdom to offer based on your parenting experience. A Fine Parent is the place to share them.

Before you pitch, take a look at the site’s current topics. Most articles range from 1,500 to 3,000 words, and payment is $50 per article.

Editor’s note Nov. 2017: The site has content to last through early 2018 and is closed to submissions. However, you can sign up to be notified when submissions are open again.

The above list is by no means conclusive, but it’s a good starting point. Remember to read the writer submission guidelines before you pitch and be smart with the money you make.

Ellie Matama is a Kenya-based freelance writer. When she’s not writing, she’s reading, watching cooking shows and fantasizing about global travels.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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11 Best Ways to Boost Ecommerce Sales Fast

Whether you’re a new business or have been in business for several years, getting more ecommerce sales will benefit your company.

Unfortunately, businesses go through plateaus and declines.

These things happen, but don’t get discouraged.

If you’re having trouble coming up with new ways to get more customers and increase revenue, I can give you some pointers.

Your previous methods may have worked at one point, but eventually, the same old strategies can grow stale.

It’s essential your business is constantly keeping up with new trends.

Consumer habits have changed, especially in the ecommerce industry.

As a marketing expert, I’ve analyzed these trends and come up with a list of tips that will actually work.

Here are the top 11 ways to generate more sales on your ecommerce site.

1. Target your existing customers

When businesses have trouble growing, they immediately think it’s because they don’t have enough customers.

This is a common misconception, so don’t jump to conclusions.

Instead of focusing all your effort on customer acquisition, you should improve your customer retention strategy.

Look at the impact loyal customers have on an ecommerce site:

Compared to new customers and customers who only made one purchase on your website, loyal customers:

• add more items to their shopping carts
• have a higher conversion rate
• generate more revenue each time they visit your site

Don’t get me wrong.

Obviously, it’s great for your business if you can keep getting new customers.

But that’s a more expensive marketing strategy.

It’s much more cost efficient to go after your existing customer base.

Why?

These people are already familiar with your brand.

They know how to use your products, and there’s no learning curve.

So focus on ways to improve their experience.

Try to come up with a customer loyalty program that gives people an incentive to spend more money each time they shop.

Each dollar spent can translate to a rewards point.

When a customer accumulates a certain number of points, they can redeem them for discounts or other promotions.

2. Display icons that show your site is trustworthy

Nobody will want to shop on your ecommerce site if it appears sketchy or otherwise untrustworthy.

One of the first things you need to do is make sure your website is secure.

Check out this example from Foot Locker:

Cyber security is a major concern for shoppers these days.

In the last five years, 46% of Americans have been the victims of credit card fraud.

Security of their information is a priority for online shoppers.

You need to recognize this and make the necessary adjustments.

But what can you do to prove you’re trustworthy?

Proudly display any security badges your website is using.

These are some examples of popular choices.

I know this should go without saying, but I want to be clear. Make sure you’re not lying or misleading your customers.

Don’t just go slapping these badges all over your website unless you actually have a relationship with these companies.

Otherwise, you can find yourself in some legal trouble as well.

Which one of these security measures is the best?

I don’t want to talk about performance, but I can tell you which one speaks to customers the most.

Norton Antivirus won by a landslide in terms of public perception.

So if you’re using Norton and don’t have the badge displayed, you need to change that as soon as possible.

For those of you shopping for new potential website security providers, it’s not a bad idea to check them out as a top consideration.

3. Use video demonstrations

Consumers love videos.

In fact, over half of marketing experts across the globe say that video has the top return on investment compared to other marketing tactics.

Websites that have videos can get the average user to spend 88% more time on their pages.

In addition, videos do as well as ads. That’s how the ecommerce brand Robo generated $4.7 million in revenue running video ads.

This creates an increase in engagement as well as interest in whatever you’re trying to sell.

Videos resonate more with people, so it’s likely that they’ll remember what they watched as opposed to just reading about it.

What’s a reasonable way to include relevant videos on your ecommerce site?

Create product demonstrations like Nato does with their smart mount:

The video shows users how they can use this product in their daily lives.

Their website explains that the mount works for smartphones, tablets, GPS devices, and lightweight laptops.

Listing this is one thing, but showing customers how it works through video demonstrations is much more effective.

The video shows a demonstration of the product in the kitchen, car, bedroom, boat, office, and even bathroom.

So it appeals to a wider range of people.

This strategy won’t necessarily work for all products.

For example, if you’re selling a shirt, you won’t need to demonstrate how to put on a shirt.

But if there’s something special about your clothing in terms of usage and functionality, a video is a great way to convey that message.

It’s also an ideal strategy for ecommerce sites selling new products that may be unique or creative.

4. Use photos when you include customer testimonials

User reviews and testimonials are a great way to show proof of concept.

But reading text from some nameless and faceless person isn’t really that convincing.

Take your testimonials one step further.

Add a photo and include the person’s full name and title (if relevant to your product).

Here’s a great example from Pangea Organics:

Autumn Bree Fata is an integrative health coach, so her title establishes some authority and knowledge for this product.

Including a picture of her face shows she’s a real person and not just somebody you made up.

What do you think looks better and more professional?

The example above or:

“This product is great!” – Daniel L.

It’s obvious. The example from Pangea Organics will resonate more with the people visiting your website.

This testimonial can encourage others to make a purchase and drive more sales.

Here’s another example from Naturally Curly:

This ecommerce store sells beauty products designed specifically for customers with curly hair.

Their website allows users to share their story and includes a picture as well.

If your product is solving a problem, customers will be happy to share their story.

I’ve explained before how storytelling can engage and persuade people.

Combining storytelling and photographs with your testimonials will help drive more sales on your site.

5. Recognize your customers want to shop from their mobile devices

Just because you have an ecommerce website doesn’t mean you can assume your customers are shopping only from their computers.

The reality is that people use mobile phones and tablets to shop online.

Research shows 40% of mobile users have bought something online from their devices.

Furthermore, 63% of Millenials shop on their phone.

These numbers can’t be ignored.

Make sure that your website is optimized for mobile devices.

If your site isn’t mobile friendly, it will turn potential sales away.

So for those of you without an optimized mobile site, it could be one of the reasons you’re seeing a decline in sales.

I’d make that a top priority on your to-do list.

Something else you can consider is building a mobile app.

Look at why customers prefer apps compared to a mobile website.

All of these reasons make things easier for the customer.

Improving the customer experience will help you get more sales increase your revenue.

Find a way to focus on what customers want.

• Convenience
• Speed
• Saved preferences and settings
• Benefits and rewards
• Personalization
• Entertainment

If your website, mobile site, and mobile application can provide these things, you won’t have an issue getting more sales.

6. Offer more discounts

It may sound simple, but not enough companies are offering discounts to their customers.

If you’re worried about your profit margins, just use a marketing strategy that’s as old as time.

Jack up the base price of each product and then put it on sale.

It’s simple.

Take a look at this example from Express.

They are offering 40% off of everything on their website.

So many times I’ll see websites offer “up to” a certain percent off of “select items.”

Sure, that works too.

But that’s nothing compared to 40% off everything site wide.

Everyone loves getting a good deal, so this is a great way to drive sales.

7. Showcase your top selling items

Give your customers some direction.

Show them what people are buying the most of.

I like it when websites include a “best seller” category on the homepage.

Not everyone browsing your site will know exactly what they’re looking for.

If your company sells a wide range of different products, it can be overwhelming, especially for a new customer.

So when someone stumbles upon your site, they may get drawn to products that are popular.

Here’s how Black Yeti does this on their ecommerce site.

You can also take this opportunity to promote products with the highest margins.

Even if they aren’t actually your top seller (nobody needs to know that), you can put them on your homepage.

In a perfect world, your top selling products are also your most profitable products, so try to make that happen if you make adjustments to increase profit margins.

8. Ramp up promotions for the holidays

Special events are a time when people are looking to shop and spend more money than on a normal day of the year.

That’s why I always tell ecommerce sites to actively promote holiday sales.

You’ve got a small window of opportunity to get massive sales during these events.

Take a look at these statistics for ecommerce sites during cyber week.

So break out your best offers during this time of year.

The shopping malls are packed, so it’s more convenient for consumers to shop from home.

Use that to your advantage.

I said this earlier, but here’s another opportunity for you to target your current customers.

Send out emails to your subscriber list to entice them to buy during the holiday season.

Keep in mind; people are buying gifts for friends and family as well as themselves.

So make sure you promote your products accordingly.

Market items as “the perfect gift” or “the best ways to show someone you care.”

Phrases like that should do the trick.

9. FOMO (fear of missing out)

You’ve got to create a sense of urgency when you’re selling products on your ecommerce site.

This will get shoppers to act fast, instead of waiting to complete the purchase at a later date (which they may never do).

So tell your customers that you have a limited quantity of items remaining, even if that’s not necessarily the case.

Airlines do this all of the time.

Check out this example from Delta.

4 out of the 6 prices on this page show a limited quantity remaining.

The lowest ticket price is for $303.20, but there’s only one ticket left at this price.

This strategy can get a price sensitive customer (so most people) to make an impulse buying decision.

It creates a fear that if they don’t buy it now, they’ll end up spending more money if they wait.

Another way to do this is by running flash sales.

Here’s an example of something you could email your customers or put directly on your website.

Again, this creates a sense of urgency.

The sale ends at midnight, so if the customer doesn’t act now, they could miss out on getting a great deal.

It’s much more effective than sending out a coupon that expires at the end of the month.

Doing that just gives people an excuse to put it off.

Make sure your marketing campaigns are actionable, and you’ll get more sales.

10. Accept different payment options

You’ve got to give people different options to pay for the products and services on your website.

If you only accept Visa and MasterCard, you’re alienating lots of potential customers.

Make sure you have the capability to accept debit cards in addition to credit cards.

Look at this checkout page from Best Buy.

Best Buy accepts 6 different types of credit cards on their website.

They also give customers the option of paying through their PayPal accounts.

The last thing you want is a customer who wants to make a purchase, but can’t because you don’t take their primary payment method.

Continue to adapt to the new trends as well.

Alternative payment options such as Apple Pay are growing in popularity too.

If you have a mobile application, like I suggested earlier, customers can easily pay for items via Apple Pay with just a few clicks.

Making the checkout process as simple as possible will help you get more ecommerce sales.

11. Focus on your value proposition

What’s the customer see when they get to your website?

Is it your phone number?

Your company’s mission statement?

Those aren’t effective.

Instead, put more emphasis on value.

Tell your customers what separates your product from similar items on the market.

Look how effectively Square does this with their point of sale systems.

Their value proposition tells you everything and anything you’d need to know about the product.

It has a headline that captures the consumer’s attention.

Next, a brief description explains exactly what the product does.

They include a bullet list of their top features for customers to focus on.

Square also included a photograph of their POS system to show customers what it looks like.

If you can create a highly effective value proposition, you’ll be able to drive more sales on your ecommerce site.

Conclusion

If sales are starting to slow down or get stagnant, it’s time for you to come up with some new and creative ways to market products and services on your ecommerce site.

Rather than trying to find new customers, focus your marketing efforts on your existing customer base.

Make sure your website is secure, so customers feel comfortable entering their personal information as well as their credit card numbers.

Use video demonstrations to show customers how to use your products.

If you’re currently using customer testimonials, that’s great.

But if you want to improve those testimonials, add a photograph to them as well.

Offering lots of promotions and advertising during special times of the year, such as the holidays, can help you improve sales as well.

Create a sense of urgency to entice customers to make an impulse buy.

Don’t forget about mobile users.

At the very least, your website needs to be optimized for mobile devices.

If you want to go the extra mile, consider developing a mobile application too.

Promote your top selling items.

Come up with a unique and actionable value proposition.

All of these tips will help you boost sales on your website.

What methods have you used to help you grow your ecommerce site fast?

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Best Life Insurance Companies for 2017

The best life insurance companies typically offer unparalleled financial strength and a few key policy provisions including disability protection and end-of-life care. In order to make sure you’re getting the best life insurance, you’ll need to shop around and compare rates. Luckily, we’ve put together a handy quotes tool to help take some of the heavy lifting out of the shopping process.

Find the Best Life Insurance Plans Enter your ZIP code below to find and compare the best life insurance rates for you.

The Simple Dollar’s Top Picks for Best Life Insurance

• Best Overall: TIAA Life
• Most Customizable: New York Life
• Honorable Mentions: Amica Life, Transamerica, Lincoln Financial, State Farm

Something else that’s important to grasp right from the get go: You should only buy life insurance if you actually need it.

I don’t need life insurance right now, but I’m going to need it soon: I don’t have any dependents and, as depressing as it is, if I were to die, everyone would be OK, financially. But, I’m looking into the future — one that’s full of kids — which means life insurance is also in the cards.

It’s no fun to contemplate the fact I could die before my kids are grown, but I want to make sure they are financially supported, no matter what. I definitely don’t (and won’t) have enough money saved to do that on my own. Even if I were a one-percenter with millions in the bank, though, life insurance would still make sense for me: It’s a way to make sure there’s some money available for them down the road.

If your death, like mine right now, wouldn’t cause a financial shake-up for someone else (your spouse and kids, business partner, special-needs sibling, etc.), then you’re better off saving your money in a 401(k), an IRA, or an index fund where it can grow faster and eventually exceed the value of a life insurance policy.

If you’re like the future-me though, and you do have someone depending on you — you need life insurance. There are two basic types of life insurance: term and permanent. I’ll discuss the specific differences between them later, but for now just know that term offers better value for the vast majority of life insurance needs (including future-mine).

How I Found the Best Life Insurance

I assembled a list of 67 nationwide life insurance companies using the Insurance Information Institute’s “Find an Insurance Company” tool and A.M. Best’s Consumer Insurance Center. After talking to experts, reading up on the industry, and scrutinizing policy details like term life insurance rates, it turned out that only six of the 67 offered all the features I’d want in a provider.

That said, I only included companies in my search that don’t have special membership requirements. There are plenty of excellent regional insurers, as well as great membership carriers like USAA, and if you’re eligible for those, you should get quotes from them too.

Last caveat: I didn’t factor in premium amounts. Of course, cheap life insurance seems better, but it’s only actually better if you have the coverage you need. Also, even if you and I both purchased the exact same policy from the same insurer, it’s unlikely we’d pay the same premiums, since there’s so much person-specific data that goes into determining those amounts. It’s impossible to evaluate a provider on their premiums alone — you’ve got to get quotes.

How life insurance rates are determined

Mortality and interest. These are the two primary factors that are taken into consideration when determining your premium rates for life insurance. Using these factors, insurers are able to put together a basic estimate of how much money they will need to pay out for death claims each year. The expense of running the life insurance company as a whole is another factor that can impact rates.

The best life insurance companies have five things in common.

They underwrite their own policies.

It turns out that not every life insurance company actually owns the products it sells. Some, like GEICO, merely service others’ policies, making them unnecessary middlemen. I don’t like the idea of an extra layer of separation if I want to change or cancel my policy. The last thing I want is for someone I love to have to jump through extra hoops to collect my death benefit, or for there to be confusion about who is cutting the check. Direct contact with the company underwriting my policy should eliminate those concerns.

There’s zero doubt about their ability to pay on a claim.

This is a no-brainer, but it needs to be said: You should only buy a policy that you’re confident will be honored when it comes claims time. Financial Strength Ratings (FSRs) from independent agencies are the best indicators of which companies will still be around decades from now. The Insurance Information Institute recommends getting ratings from two or more, and all of my top picks score high across the board. They each have at least a “Superior” (A+) rating from A.M. Best (the insurance industry’s number one rating agency), as well as a “Very Strong” (AA-) from Standard & Poor’s, or an “Excellent” (Aa1) from Moody’s. My two top picks have even higher ratings than that: TIAA and New York Life have an A++ from A.M. Best and an AA+ from S&P.

You’ll be able to renew your policy past its original term without another medical exam — guaranteed.

“Guaranteed renewability” means you can renew your term policy for additional years beyond the term limit, without being forced to take another medical exam. This provision becomes crucial if you develop a serious illness near the end of your policy’s term, since it guarantees you can maintain coverage even if no one else will insure you.

It doesn’t mean your premiums won’t go up. In fact, they will — and dramatically — for two reasons. First, you’re older, and therefore a higher risk of needing to use your life insurance. Second, the fact that you’re renewing tells your insurance company you have concerns about your health — if you didn’t, you could get a cheaper rate on a new policy with a medical exam.

If you do choose to renew your term policy, it operates on a year-to-year basis, and your premium can jump with each successive renewal. Still, for the folks who need it, guaranteed renewability is a godsend.

You can convert a term policy to a permanent one.

Even though term life insurance is the only type most of us need, there are some cases where permanent can make sense. If you start out with a term policy, but end up needing permanent coverage — to secure care for a disabled family member, say, or to offset estate tax for your heirs if you become wealthy — convertibility can be a valuable feature to have.

Similar to guaranteed renewability, the important thing here is that you can extend coverage (in this case, for the rest of your life) without having to take a new medical exam. If you’re in good health, you probably won’t ever use the option because you can qualify for a better rate on a brand-new permanent life policy. But if you’re sick, converting your existing policy could be the only way to keep your coverage in force for as long as you need it.

While all my top picks will let you convert during the first part of your term, most take the option away at some point. Among my top picks, only TIAA and New York Life allow conversion at any time during the term, another reason they lead the pack.

And, it’s easy to customize your coverage.

Since everyone’s life insurance needs are different (and can change over time), the best policies allow a high degree of flexibility in your coverage, whether standard or as a rider.

• Cost certainty — The option for a Guaranteed Level Premium is nearly standard across term policies. The option ensures that your premium won’t rise — it’ll be the same every year of your term. Level premiums make it easy to budget, and therefore easier to keep your coverage in force since you know what you’ll owe. (That said, you do pay more in the early years compared to a policy without level premiums to offset the increasing costs of insuring you as you age.)
• Lots of options for term lengths — Most companies offer multiple term options: 10-, 15-, 20-, 25-, and 30-year terms are common. But it’s rare to find a policy as flexible as New York Life’s; it lets you select a term that’s any number of years long from 10 to 20 years. And even though New York Life doesn’t technically offer terms longer than 20 years, the “Policy Purchase Option” allows you to start a new replacement term at specific dates without another medical exam. So, you can buy an initial term of 20 years, have a surprise baby in year 12, and replace the existing policy with a new 18-year term policy (or 19, or 20). In effect, that’d be like buying a 30-year policy, except for the fact that you’ll be older when you buy the second term, so your premiums might be higher. However, those same premiums would be based on the medical data from your first policy, which could save you significant money compared to buying a brand-new policy.
• Few, if any, conversion restrictions — I mentioned that some companies only allow conversion during the first part of the term, so if you wind up wanting to convert in the latter half of your policy, you could be out of luck. A big reason why I like TIAA Life insurance is that in addition to allowing you to convert at any time, it also lets you convert a term policy to any of its permanent products, not just the one or two it likes best (read: the more expensive ones).
• Disability protection — If you become disabled during your term, a Waiver of Premium Rider will forgive your premiums and keep your policy in force. While it won’t replace lost income (like disability insurance), it will at least keep your life insurance from lapsing if you can’t pay for it.
• End-of-life care — An Accelerated Death Benefit Rider lets you draw on your policy’s death benefit to help cover end-of-life costs. It can help pay for a potentially lifesaving treatment, or ease the financial burden of hospice care, making an extremely difficult situation a little bit more manageable. Keep in mind, though, if you elect to use this option, it’ll be deducted from your death benefit.

What You Need to Know When Buying Life Insurance

There are two basic types of life insurance: term and permanent.

The fundamental difference is right there in the name: Term life insurance is only in force during a set period or “term,” while permanent life insurance is yours for your entire life. So why doesn’t everyone just get permanent? Because it’s much more expensive — 10 times more than term, on average. The higher cost makes sense, since the insurance company knows it will be paying out eventually (whereas with term, there’s a good chance you’ll outlive the policy and cost the company next to nothing). However, it also means that most people can’t afford permanent life.

For most people, term is the way to go.

Term life insurance is way simpler than permanent. You pay a (much lower) premium for a set period of protection, which typically coincides with your prime working years. You can think of it as insurance on the income you haven’t yet earned. The advantage is pretty obvious: You can guard against uncertainty by securing a large death benefit for relatively little money. And if you invest the money you save by not going with a permanent insurance policy, you can wind up with more cash at the end of your life than a permanent policy would’ve paid anyway (of course, the tricky thing is actually putting aside that difference rather than spending it).

But even if you don’t invest the balance of what you’d pay for a permanent policy, term life insurance still offers a ton of value by safeguarding your dependents when they’re most vulnerable. You can buy a 20- or 30-year term policy with the expectation that your kids will be able to provide for themselves by its end, and when you and your partner will also hopefully be reaping the rewards of prudent investing, not to mention Social Security and pensions. Sure, your term policy has no value once it expires, but that’s OK — you were paying for the protection.

But there are some cases when permanent makes sense.

Life insurance is all about covering need, and in some cases the need for it lasts your entire life. One example is for those with special-needs children who will always require care.

Permanent life insurance also makes sense if you’ve built up enough wealth that your heirs will need to pay an estate tax — in 2016, that bar was set at $5.45 million. Life insurance death benefits are not subject to income tax, so if you get a permanent policy, you’ll know that your heirs will have cash-on-hand to pay the estate tax. This may make even more sense if the majority of your wealth is in property or other non-liquid assets.

Permanent life insurance should never be purchased as an investment for the policyholder.

The value of life insurance is in the death benefit, but insurance companies realized they could sell more of it (and justify higher prices) if people believed it was a sound investment not only for their dependents, but also for themselves as well. As a result, permanent life policies come with a cash-savings feature that you can access during your lifetime. A portion of each premium you pay goes into the “cash value,” which earns interest over time based on how the company invests it. It sounds good, but the returns are generally low because insurance companies are obligated to invest mostly in safe, low-yield securities like bonds.

There are also limits on how you can use the cash value in your policy. You can apply it to future premiums or use it to purchase more death benefits, but you can never allow it to run out completely — that will cancel your policy. You can also take out a loan based on your cash value, but if you do, you’ll need to repay it with interest — even though you’re the one who funded the account in the first place!

As a rough example, imagine you buy a permanent life insurance policy with a $500,000 death benefit at age 55. If you leave the cash value untouched, after 30 years it might be worth in the neighborhood of $250,000. You could cash that out (and cancel the policy), but your investment wouldn’t have generated as much return as it would have in, say, an index fund. However, if you keep the policy active, the death benefit for your heirs might be double what you put in.

“Permanent life insurance is rarely a good investment for the policyholder. However, it can be a very good investment for their heirs.”
Paul Puckett
Independent Life Insurance Agent & Investment Advisor Representative

Your health and age at the start of the policy are the biggest factors in determining your premiums.

The formulas life insurance companies use to set premiums are incredibly sophisticated, but they’re all designed to gauge life expectancy, which means age and physical health are the primary factors. However, your physical health is only actually measured once, via that medical exam when you first apply for coverage. The insurance company then uses population data to project your average risk of dying over the course of the policy (and sets your premiums accordingly).

This means that the younger and healthier you are at the start of the policy, the lower your premiums will be. It’s also why guaranteed renewability and a guaranteed conversion option are so important, because they too rely on that initial health picture, which is most likely the healthiest you’ll be at any time during your coverage. The following table shows how age and smoking affect monthly premiums, based on a 20-year term policy with a $100,000 death benefit (I excluded Lincoln Financial because it requires a minimum death benefit of $250,000).

Premiums tend to increase as you get older and smoking can have a huge impact as well.

Even if you aren’t required to take a medical exam, you should.

At the outset of just about every life insurance policy, the company has you take a brief medical exam to see what kind of shape you’re in (it’s basically looking for cancer, diabetes, and heart disease). But if you’re young enough, you might get the option to bypass the pokes and prods and just fill out a medical questionnaire. What the company probably won’t tell you is that your choice could result in higher premiums. Without hard medical data to prove your health, you could be regarded as a riskier — and therefore more expensive — bet for the company.

“Full underwriting (with the use of a medical exam) takes more time, but it’s likely to result in significantly lower premiums.”
Tony Steuer, CLU, LA, CPFFE
Founder, The Insurance Literacy Institute
Creator, The Insurance Consumer Bill of Rights

Your driving record and credit score matter, too.

While age and health make up the lion’s share of your premium value, there are other significant risk factors that companies weigh. If you have poor credit, or a history of traffic violations, those can drive up your premiums. Likewise, if you have a job that consistently takes you to dangerous locales, or requires a lot of flying, you might be perceived as a bigger risk and have to pay more for insurance.

You and your spouse should each buy a term policy.

If you’re the primary breadwinner in your family, with a spouse who takes care of the home, you might not have considered the real cost of replacing the work he or she does. Chances are, it’s more than you think. For the past few years, Salary.com has surveyed more than 15,000 stay-at-home moms. In 2016, it found that the 10 most frequent responsibilities (things like day care, driving, tutoring, and cooking) totaled up to a market value of $143,102 a year! This might be what you’d have to pay outside help in their absence — reason enough to buy a separate term policy.

When does life insurance work?

Life insurance policies take effect when the insured has passed away and the beneficiaries have filed a claim. This involves submitting a certified copy of the death certificate to the life insurance company holding the policy. It’s important to file a death claim as soon as the insured is pronounced dead in order to avoid complications in the review process.

Take Action

Think carefully about how much life insurance you really need.

Maybe you’ve heard that you should multiply your annual income by 10 to get your life insurance face value, but five seconds probably isn’t enough to spend calculating something so important.

First, consider your long-term debts. Do you have a mortgage that will require payments for the next 25 or 30 years? What about student loans, medical expenses, and credit card balances? If you have kids, are you planning to pay their college costs?

Then ask yourself how much it takes to sustain your household at your current spending habits.

It’s also worth considering buying a larger death benefit than your beneficiaries will need because life insurance benefits are paid out in a tax-free lump sum, and if invested, can reap a significant amount of interest even in the very first year. For example, a $2 million death benefit, if invested at a 5 percent annual rate of return, would earn $100,000/year if left untouched.

Take the cost of inflation into account, too. I really like Amica Life’s rider that automatically increases the death benefit to keep its purchasing power consistent with inflation.

Enter your ZIP code to find and compare the best life insurance rates for you:

Don’t assume you’re covered through work.

My friend and his wife are pregnant with their first child right now, and I dutifully reminded him that he should probably buy life insurance. He said he’s covered through his employer-sponsored plan at his architecture firm, but I told him not to be so sure. Most employer plans carry a death benefit of far less than you would want your dependents to have, and they’re also not portable if you switch jobs. It’s great if you have employer-sponsored life insurance, but you should probably supplement it with a policy of your own.

Do yourself a favor and work with a broker.

Insurance brokers (people who sell insurance for multiple carriers) sometimes get a bad rap because they work on commission, and if they’re slimeballs, they can push an expensive policy that you don’t need just to get a heftier cut of the action. But most brokers aren’t slimeballs, and they can be a huge help.

Brokers not only can quickly sift through hundreds of options to find the policies that best fit your needs, but also know which companies are likelier to offer you the lowest premium. How? They’ve reviewed insurance policies every day (probably for years), so they’re familiar with the specific underwriting criteria of various companies — which ones are more generous on height and weight tables, or which ones are particularly strict about driving records.

You also won’t save money by not working with a broker. Insurance companies assume a broker fee when they set their premiums, so even if you buy your policy through a website like Policygenius.com, your premiums will be the same as if you worked with a broker. The only difference is where that commission money goes.

Maybe you’ve heard that you should talk to a fee-only financial planner instead of a broker. While it’s true that fee-only advisers don’t receive commission from insurance companies, that doesn’t mean they don’t have some other arrangement that incentivizes them to suggest certain policies. Plus, a fee-only adviser only makes recommendations, leaving you to purchase the policy yourself (and pay the built-in commission).

Even though brokers are paid on commission, that doesn’t mean they won’t give you good advice. Just make sure they’re licensed to sell life insurance in your state, and they don’t have a disciplinary record. Both of these pieces of info are publicly available from your state’s Department of Insurance.

“Insurers are constantly adjusting their underwriting criteria to take advantage of trends or make themselves more competitive in a particular demographic. A good broker will be aware of recent changes that could save you money on your policy.”
Shannah Compton Game, CFP, MBA
Chief Millennial Money Strategist at Your Millennial Money

The Bottom Line

You might not think you need to look into life insurance companies, but you never know what life has in store. It’s often best to be prepared and this is especially true if you have dependents who rely on your income. Overall, we’ve found that term life insurance offers the most bang for your buck. Just double-check to make sure you’re getting the best term life insurance (TIAA Life insurance, for example).

The post Best Life Insurance Companies for 2017 appeared first on The Simple Dollar.

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This New Holiday Lyft Bonus Could Help You Earn an Extra $500

How’s your holiday shopping fund looking?

Yeah, we all start January with high hopes of doing better this year. But November rolls around, and we realize the year got the best of us — and our wallets — once again.

If your bank account is lighter than you planned, it’s time to figure out how to make extra money before holiday spending wreaks havoc on your budget.

Guess what? We’ve got a way to help you do that.

Drive With Lyft to Boost Your Holiday Fund

Demand for ridesharing has been growing like crazy, and it shows no signs of slowing down. As rideshare company Lyft expands around the country this year, it needs new drivers.

That means more opportunities for you to earn extra money — just in time.

If you’re looking to make extra cash for holiday expenses, gifts or even the heating bill, Lyft can help you achieve your goal. You keep 100% of your tips — and Lyft has even started adding higher tip options, which has resulted in a 13% increase in tips on rides over $25, according to a company representative.

To be eligible, you’ll need to be at least 21 years old with a year of driving experience, pass a background check and own a car made in 2007 or later.

To get an idea of how much you could earn as a Lyft driver, we talked to Paul Pruce, who’s been driving full-time with Lyft for over a year. He earns $750 a week. Best of all, he does it on his own time. You can work days, nights or weekends — it’s up to you.

Get a Higher Lyft Driver Bonus for the Holidays

Lyft wants to get drivers on the road, so it’s come up with a sweet incentive to encourage you to start driving after you sign up.

On top of your regular fares and tips, you can also earn a bonus for signing up and taking your first rides.

Normally, this bonus is $250 for completing 100 rides within 30 days — but Lyft has upped the ante for the holiday season.

Now through Dec. 31, you can earn double — $500 — and you get 45 days to complete the requirements.

Consider it your holiday bonus. No need to send a thank-you card.

To earn your $500 Lyft driver bonus:

1. Sign up to drive with Lyft here before Dec. 31, and enter the code TISTHESEASON17.
2. Complete 150 rides within 45 days of approval as a driver. If you drive full-time, that’s about two rides per hour.
3. Your $500 bonus will be added to your weekly deposit.

Plus, if you drive for six weeks and earn $750 a week… that’s another $4,500. If Lyft is your full-time gig, it’s a cool, flexible way to make a living. If you’re hustling on the side of another job, that’s a pretty hefty addition to your bank account for a few weeks of extra work.

That should start you off on the right foot for the new year, huh?

You should find plenty of additional opportunities to give rides, too. Think: holiday travelers without a car, party attendees who need a safe ride home, or Black Friday shoppers who don’t want to deal with parking.

Happy holidays! (Too soon? Yeah, we were afraid of that. Let’s say Happy earning! and leave it at that.)

Dana Sitar (dana@thepennyhoarder.com) is a senior writer/newsletter editor at The Penny Hoarder. Say hi and tell her a good joke on Twitter @danasitar.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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