Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Fayette | Henderson | Lakes | McCracken | Warren | Webster
Davis Motor Sales banner ad

Dave Says – September 1, 2013

davesays300 greenKENTUCKY – This week Dave discusses 'Denied for life' and 'Finding good tenants'

Dear Dave,
My husband was recently denied term life insurance because he has a criminal record from a long time ago. The good news is that, in a year, he’ll be far enough removed from the incident that he’ll be eligible for a policy. He has a whole life policy for $75,000 from before, which he doesn’t plan to cancel. We have two small children, so is there another kind of policy he could get in the interim? - Dana

Dear Dana,
If you can’t get term life insurance, you can’t get whole life. It’s the same underwriting process. I only recommend term policies, but under these circumstances I’d keep the whole life in place because he’s basically uninsurable.

There are a couple of things you can do in this kind of situation. One thing is to get a mortgage life insurance policy. These are usually available without any kind of major inspection, and they pay off your mortgage, in full, in the event of death. It’s about 10 times more expensive than regular term insurance, but at least it will pay off the house.

Another thing to look into is an automatic issue-type policy. Lots of banks offer these when you open an account. Usually, they’ll send you an offer for a $10,000 life insurance policy.

But if you pick up four or five of these, then he’s got another $50,000 on top of the $75,000 already in place. It’s still not enough, but it’s better than nothing.

But I wouldn’t spend a lot when he’s only got a year left until he can get some good, proper coverage. I recommend people have eight to 10 times their annual income in life insurance coverage. So, if he makes $50,000 a year, he needs to have $400,000 to $500,000 in a good, level term policy. That’s what you guys need to shoot for a year from now! - Dave

Dear Dave,
I have a townhouse I’m preparing to rent. Do you have any advice for evaluating potential tenants? - Chris

Dear Chris,
The first thing I’d do is pull a credit bureau report. I’m not really worried about their credit score; I just want to see if they have a history of late or missed payments. Talk to some local property management firms and see who they use to pull these reports. I’d also recommend doing a background check on the potential renters. Talk to the owner of the last place they rented as well as the one before. I advise this because there are some dishonest landlords out there who will tell you that a bad tenant is wonderful just to get them out of their property.

A lot of things, though, are simply common sense measures. Have them fill out an application, which includes their income and a list of their debts. If they make $2,000 a month and have $2,500 a month in debt payments, you don’t want them as tenants. In this scenario, a smile and “I promise I can pay it” won’t work.

Spend some time just talking with them too. Really listen to what they say and how they say it. Get a feel for what kind of people they are, and, if they have children, pay special attention to the kids. Are they well behaved, or do they run around and act like a bunch of wild animals? If it’s the latter, then they’re going to tear up your house. And guess what? If the parents can’t discipline their kids, there’s a good chance they can’t discipline themselves either. You don’t want to get mixed up with that. People who let kids run the household don’t make good tenants.

Finally, remember to trust your gut instincts. If you get a weird vibe from someone, or if things just feel strange, don’t rent to them. Chances are, there’s a reason you have those feelings. - Dave

Dave Ramsey is America’s trusted voice on money and business. He’s authored four NewYork Times best-selling books: Financial Peace, More Than Enough, The Total Money

Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.


Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Posted on 2/2/14
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted

In Other News...

Nortonville Man Accused of Stashing Drugs Under Police Cruiser

MADISONVILLE, Ky. (7/31/14) — Madisonville Police responded to a theft complaint at the South Main Street Subway,… Read More

Maceo Woman Charged With Assault

OWENSBORO, Ky. (7/31/14) — A Maceo woman was arrested on charges of second degree assault following a report of a fight… Read More
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted

Most Read This Week (Site-Wide)

July 30, 2014 3980

Three Arrested in Muhlenberg as Part of…

in Top Stories by GPD Officer Wes Miller
July 28, 2014 3518

Madisonville Woman Arrested for Being a…

in Top Stories by Madisonville Police Department
July 30, 2014 3360

UPDATE: Waide Responds to Allegations of…

in Top Stories by Rita Dukes Smith, SurfKY News Director
July 28, 2014 3079

Madisonville Man Arrested for Endangering…

in Top Stories by Madisonville Police Department
July 28, 2014 2601

Disagreement Over Killing Snake in House…

in Top Stories by Madisonville Police Department

Most Read Stories from Hopkins County

July 28, 2014 3518

Madisonville Woman Arrested for Being a…

in Top Stories by Madisonville Police Department
July 28, 2014 3079

Madisonville Man Arrested for Endangering…

in Top Stories by Madisonville Police Department
July 28, 2014 2601

Disagreement Over Killing Snake in House…

in Top Stories by Madisonville Police Department
July 30, 2014 2008

Murder Charges Filed in Death of Hanson…

in Top Stories by Det. Jonathon Barnes
July 28, 2014 1760

Madisonville Man Arrested for Assault,…

in Top Stories by Madisonville Police Department

Most Read Stories from Owensboro

July 28, 2014 1263

Zuberer Takes Over at Quarterback for…

in News by Steve LeMaster
July 28, 2014 1117

Dont Miss Out on a Howl of a Good Time

in News by Brittni Bunn
July 28, 2014 1011

Instant Admissions Day is Aug. 1, 2014

in News by Bernie Hale
July 29, 2014 831

Happenings and Meetings - Daviess County

in News by Owensboro-Daviess County Convention & Visitors Bureau
July 28, 2014 477

Prosecutors Mull Over Whether to Charge…

in Top Stories by Dennis Beard, SurfKY News

Most Read Stories from Muhlenberg County

July 30, 2014 3980

Three Arrested in Muhlenberg as Part of…

in Top Stories by GPD Officer Wes Miller
July 30, 2014 2430

UPDATE: Muhlenberg Man, Woman Arrested in…

in Top Stories by Sheriff Curtis McGehee
July 28, 2014 1534

Foot Pursuit Ends with Arrest

in Top Stories by Christopher Rogers
July 29, 2014 1463

Muhlenberg District Court Fines Handed…

in Top Stories by Charles W. Riley II, SurfKY News
July 28, 2014 1435

Boys of Broad to Launch Video at Cinema 4

in Top Stories by Paul McRee, SurfKY News

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 06social 21social 22social 04social 03