Whole Life Insurance
Whole life insurance refers to a life insurance policy that is valid for the insured’s entire life. In most cases, whole life insurance requires the payment of premium every year. In Commonwealth of Nations,...
Category: Personal Finance
Home Equity Loan
Home equity loan refers to a loan in which the borrower utilizes the equity or ownership in his/her home as a collateral. Borrowers generally take out home equity loans to fund significant expenses like...
Term Deposit
Term Deposit refers to a deposit kept with a bank for a fixed term. The maturities for term deposit range from between a month to a few years. Once a customer buys a term...
Federal Student Loan Consolidation
In the U.S., the Federal Direct Student Loan Program (FDLP) includes consolidation loans that let students to combine Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt. This scheme helps reducing monthly repayments and increases the...
Group Term Life Insurance
Definition: It’s that type of insurance where the coverage is offered to a group of people. This coverage offers benefit to the insured group even if one of the beneficiaries dies during the specified...
Credit Card Balance
Definition: A credit card balance is the amount of charges, or lack of that, payable to the credit card company. Typically, it may take about 24 hours for the credit card company to update...
Auto Insurance/Vehicle Insurance
Vehicle insurance is known by various other names such as GAP insurance, auto insurance and motor insurance. Vehicle insurance is the insurance purchase for vehicles like motorcycles, cars, trucks and other such vehicles. This...
Certificate of Deposit
A certificate of deposit is a term deposit, which can be defined as financial product widely accessible to consumers in the United States offered by banks, thrift institutions and credit unions. Just like savings...
Credit Card Interest
Credit card interest is one of the most important means through which credit card issuers generate revenue. A card or an account number is issued by a bank or credit union which enables a consumer (the cardholder) to use it with various...
Home Equity Line of Credit
A home equity line of credit also refereed as HELOC and pronounced HELL-ock is a loan in which the lender is ready to provide a maximum amount of loan within a fixed period (called a term), where the collateral is the...
Home Equity
Home equity represents the market value of a homeowner’s unencumbered interest in their real property—to be precise; it is the difference between the home’s fair market value and the outstanding balance of all liens on the property. The property’s equity will rise as the debtor make...
Equity Loan
A mortgage backed loan in which the borrower receives the loan in cash is called as an equity loan. In general, the lender secures the loan against borrower’s real estate, already owned outright. For instance, if a person...
Contents Insurance
Contents insurance is insurance in which insurer pays for damage to, or loss of, an individual’s personal possessions provided that they are located within individual’s home. However, in case of some contents insurance policies, a restricted...
Checking Account
A deposit account which is held at bank or financial institution by individuals/business entities (account holders), offering them secured and swift access to funds on demand, through a variety of different channels, is called...
Personal Finance
Principles of finance are applied at different levels for taking monetary decisions, right from the level of an individual to a nation’s economy. Application of these principles at the level of an individual or...