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 recently 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.
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What is Quicken LifeHub?
Quicken LifeHub is a digital document storage platform. How it works is you visit their website and sign up for an account, starting from $1.99 per month. From there, upload your documents into their secure hub, similar to how 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. With it, you won’t have to worry about missing anything, because it can walk you through what you need.
Benefits of LifeHub
LifeHub offers several advantages for those looking to securely store and organize their important documents.
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 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.
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