WINNER: Credit Karma
For making it dead simple to
stay on top of your credit score
WHAT IT IS: Credit Karma
lets you check scores for free
anytime (without getting
dinged) and updates you
about any credit-impacting
activities on your accounts.
In 2018, the site launched
Home Buying Power, which
helps members understand
how debt impacts home buy-
ing and take steps to reduce it.
WINNER: Ladder
For making getting life
insurance (almost) as
easy as ordering a pizza
WHAT IT IS: A super-simple,
get-a-decision-in-minutes
way to buy term life insurance.
It also lets you tweak your
coverage as your life unfolds.
(Another baby? Increase your
coverage! Paid off your mort-
gage? Dial back your death
benefit.) Last year, the com-
pany launched Ladder @ Work
so employees can take their
insurance policies with them
as they job hop. (Smaller com-
panies who might not want to
shoulder the administrative
costs of a group policy can use
this as a nice employee perk.)
WHY WE LOVE IT: “More people
need life insurance than have
it. Getting coverage through
work is the cheapest way. And
the fact that it isn’t typically
portable is problematic,” says
financial expert Jean Chatzky.
“Ladder solves for all three of
those things.” Plus, because the
app simplifies the process so
much (no physical required!),
it leaves no excuse to put off
getting a policy.
CREDIT
INSURANCE
Or you could download the
Root app, let it ride shotgun
during a two-to-four-week
trial, and get a quote based
primarily on your actual driv-
ing habits. Users have slashed
their premiums by up to 52
percent, and the service (in 25
states at press time) plans to
roll out nationally by the end
of 2020.
RUNNER-UP: Lemonade
For making home and renters’
insurance more transparent
With typical home or renters’
insurance, every claim nibbles
away at the company’s profit
margin. But the founders
of Lemonade didn’t want to
be pitted against their policy-
holders, so they structured
things differently. The com-
pany takes a flat fee out of
premiums and uses the rest
to pay claims. Money left
over at the end of the year
is donated to charities, such
as the American Red Cross
and Unicef, that customers
help choose.
RUNNER-UP: Root
For treating drivers like real
people, not risk formulas
You could let your car insur-
ance premiums be based on a
series of complex algorithms
that factor in everything from
your marital status to your
credit score to your zip code.
RUNNER-UP: Apple Card
For when you don’t want to wait
for your cash-back rewards
Apple recently partnered with
Goldman Sachs and Master-
card to launch the Apple Card,
which works through Apple
Pay on the iPhone and also
comes as a physical card.
Users score 1 percent cash
back on any purchases made
with the plastic, 2 percent
when they use Apple Pay, and
3 percent when they purchase
from Apple itself. Rewards
are deposited daily.
WHY WE LOVE IT: If you’re like
over 40 percent of Americans,
you’re probably not keeping
an eye on this part of your
financial life. Don’t assume
you need to pay attention
only when applying for a loan:
Your credit can affect unex-
pected pockets of your life,
like insurance premiums and
job applications, and monitor-
ing it can help you spot identity
theft. Credit Karma nabs a
top score for “simplifying the
financial lives of users,” says
Brad Klontz, PsyD, a certified
financial planner, a financial
psychologist, and the author
of Mind Over Money. Updates
are delivered to your inbox,
and the insights are easy and
actionable.
90 REAL SIMPLE SEPTEMBER 2019
BALANCE
