Whether you are a physician, dentist, attorney or other white-collar worker, protecting your future earnings and quality of life is important. Disability Income insurance is the most commonly used form of income protection for white-collar professionals. Although some consumers have made, and will continue to make, the mistake of purchasing Disability insurance based on price, it is especially important that young professionals look to the provisions used in their Disability Income contract rather than just pricing.

The financial stability and security of an insurance company has always been important. After all, people purchase insurance policies in good faith, believing that the insurance carrier will be capable of paying a claim when it is needed. However, in the days of the financial crisis and credit freeze, it has become even more important for consumers to be aware of the guarantees that an insurance policy truly provides.

When looking into Disability insurance, young consumers should be aware of the renewability provision that they purchase. The two key terms you want in a Disability Income contract are Non-cancellable and Guaranteed Renewable. This means that your policy cannot be changed by the insurance carrier, under any condition, so long as the premiums continue to be paid on time. This is the only way of guaranteeing that you do not experience an unexpected price increase in the future.

Consumers purchase Disability Income insurance to protect their future ability to work and earn an income to provide for themselves, provide for their family, and maintain a certain quality of life. Many people purchase their Disability policy thinking that they will never use it and that it will only be needed until their mid 50s. The reality is however, that a person’s 50s are sometimes the years they most depend on their income. These are typically the years where children are in college and not always working. A 54-year old parent, paying college tuition, a mortgage and saving for retirement is likely to depend more on their paycheck than a 26-year old working and living at home.

Having a Non-cancellable and Guaranteed Renewable Disability insurance policy can prevent an adult who greatly depends on their income from having to drop his/her Disability insurance because of an increase in premium, when the protection is still very much needed. Although most of the major insurance carriers selling Disability insurance have never increased their premiums in the past, smaller carriers and many association programs have.

If you are taking the time and spending the money to buy a Disability Insurance policy to protect your income and future, be sure to do it carefully and cover as many potential problems as possible. Find an experienced agent who can truly help you understand the many provisions and benefits available in today’s market.

I hear people all the time use the terms “credit card,” and “debit card” in the same breath, but they are actually two very different things. A credit card is just as it sounds; when you use it, you are making purchases on credit. But when you use a debit card, you are extracting money from your bank account to pay for the purchase.

Let’s take a look at each one in depth.

Credit Cards

You may think all credit cards are alike, but just like fingerprints, they differ greatly. Knowing that, you should shop around in order to get the best terms that you can find. Some people pay their credit cards off in full monthly, and if you’re one of those lucky few that can afford to do this, then you should probably look for a credit card with no annual fee or one that offers bonuses to their card holders. If you are the type of person that carries a balance on your credit card, then you should look for a card that will charge the least amount of interest.

The bottom line is that you need to take the time to learn the terms before agreeing to accept the credit card. Here’s a short list of things that you should ask (or read in the terms section of the paperwork)

* What is the A.P.R or annual percentage rate? Will it change after a specified period of time? Or is it a fixed rate
* Is there a grace period and how long is the grace period? (That time between charges and when the interest on those charges begins to accrue.)
* Do they charge an annual fee? Is so, how much?
* How will your finance charges be accumulated?
* How much are the late fees?
* Will there be a charge if I transfer balances to and from this account?
* What are the cash advance fees?
* What will happen if I go over my credit limit?

In most stores or businesses, the retailer does not charge the customer any fees for using a credit card. And Federal regulation gives the consumer purchase protection. In other words, if you have a problem with merchandise or services and make a good faith effort to reconcile that problem with the seller with no success; you have the right to withhold payment for the merchandise or services.

Debit Cards

Recently debit cards have become a really big item, the use of debit cards has doubled; often when asked debit or credit; the answer is debit more and more. In fact, twenty percent of all credit transactions are now done with a debit card. No interest fees are charged on debit cards; however, at certain retailers, they do charge a small fee for using them. Anytime you make a purchase, the money is automatically withdrawn from your checking or savings account. Debit cards look like credit cards and to a certain extent act like one. But because the amount comes straight out of your bank account, you may have a financial fiasco if a debit card falls into the wrong hands or if you forget to deduct the transaction amount when reconciling your account balance.

No matter which card you choose to use–a credit card or a debit card or both–you will experience convenience and ease-of-transactions. It’s up to you to decide what’s best for you!