We prepare for many financial events, from retirement to college planning for our kids. However, there’s one side of financial planning that we might ignore: Securing our documents. This is a pretty common thing too, as the National Household Survey on Disaster Preparedness found only 30% of people safeguard their documents.
With that in mind, what happens if someone breaks into our homes and steals them? Or, a natural disaster destroys them? This is where having a digital solution can help.
Quicken launched LifeHub, a product intended to do just that — store your documents securely in a digital hub. But how well does it serve that need? I took a look at how it works and what you need to know to determine if it’s right for you.
What is Quicken LifeHub?
Quicken LifeHub is a digital document storage platform. How it works is you visit the website and sign up for an account, starting from $1.99 per month. From there, simply upload your documents into the secure hub. It works in the same way you would upload documents when applying for a mortgage or filing your taxes.
Once uploaded, assign each document to a folder. Folders can include legal, financial, medical and personal designations. It allows you to house your most vital documents in a digital hub and have access to them whenever you need to.
LifeHub is not only a storage platform like iCloud or Google Drive. It also provides step-by-step planning and real-time guidance (through its AI-powered tool Quicken Assist). It can help you upload your will, medical histories, tax returns and more important documents.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
It's a useful automated assistant that walks you through what you need, so you don’t need to worry about missing anything.
Benefits of LifeHub
LifeHub offers several advantages if you're looking to store and organize your important documents securely.
Here are some key benefits to consider:
- Document organization: Securely store and categorize important documents.
- Anywhere access: Cloud-based platform accessible from any device, making it perfect for travelers.
- Guided support: Get guided prompts to ensure you’re covering all necessary documentation. And if you become stumped, Quicken offers a 30-minute free consultation.
- Security: Quicken uses 256-bit encryption and multi-factor authentication to keep your information private.
- Financial organization: Sync your Quicken Simplifi or Quicken Classic account to automatically keep financial information such as credit card and bank account logins up to date.
Considerations to keep in mind
While Quicken LifeHub offers many benefits, it’s important to consider potential drawbacks before deciding if it’s the right solution for you.
Here are some cons to keep in mind:
- Subscription cost: Requires a monthly fee, starting at $1.99/month, which can add up compared to free cloud storage options.
- Learning curve: Some users may need time to fully understand and navigate the platform.
- Dependence on internet access: Since it’s cloud-based, you always need an internet connection to access your documents.
Do you need LifeHub?
When it comes to safeguarding your essential documents, you have options. A fireproof safe protects physical copies, but it won't help if it’s stolen or you need urgent access away from home.
Cloud-based storage services like iCloud can work for personal use, but they lack the guided organization that some may need.
For those seeking a secure digital backup with step-by-step support, Quicken LifeHub offers a solid solution.
However, if your current system is effective and you'd prefer to avoid a learning curve, it may be best to stick with what works. Ultimately, the right choice comes down to what best meets your financial needs and comfort level.
Related Content
-
Ten Cheapest Places to Live in TexasProperty Tax Looking for a cheap place to live in Texas? Look no further. These counties have the lowest property tax bills in the Lone Star State.
-
AI Is Missing the Wisdom of Older Adults: What It Means for YouAI will increasingly affect your healthcare and finances, but young workers are primarily designing the systems and getting most of the jobs.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build WealthConsistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
Baby Boomers vs Gen X: Who Spends More?Baby Boomers and Gen X are guilty of spending a lot of money. Here's a look at where their money goes.
-
A Financial Expert's Tips for Lending Money to Family and FriendsWhat starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
-
The 401(k) Mistake That Could Cost You Millions in Retirement SavingsThinking about reducing your 401(K) contributions in the current market? Here are six reasons why you may want to reconsider.
-
I'm an Insurance Expert: Yes, You Need Life Insurance Even if the Kids Are Grown and the House Is Paid OffLife insurance isn't about you. It's about providing for loved ones and covering expenses after you're gone. Here are five key reasons to have it.
-
7 Rules Frequent Flyers Swear ByFrom dodging long lines to avoiding bad coffee, these clever travel rules can help you save time, stay healthy and reduce stress every time you fly.
-
My Professional Advice: When It Comes to Money, You Do YouThis is how embracing the 'letting others be' and 'learning to surrender' mindsets can improve your relationship with money.
-
Five Smart Moves for Retirement Healthcare: From HSAs to Medigap PoliciesUnchecked health care costs in retirement could blow a hole in your savings. Here’s how to avoid that.
