Over 50s Life Insurance Cover

 By Kevin McNally 

Before taking out any kind of over 50's life insurance cover it is a good idea to look at a number of different policies first. Today it is very simple to get a number of quotes from a number of different companies online for this particular type of insurance cover.

In most cases the policies now available to the over 50's will cover the applicant fully and in the event of their death a lump sum will then be paid to their family. However, this some will only be paid if a person dies during the term of the policy and not after it has ended.

This form of insurance can either be taken out by one person or by couples and this will then be in joint names. However, on a couples policy if one person dies then only one payment will be made to the other if it happens during the term of the policy.

These policies are ideal if you want tobe in a situation of leaving your family some cash after you have died which can then be used to pay towards the funeral expenses. Sometimes a person or a couple may take this type of policy out in order to ensure that any outstanding debts that they may have are paid off. But whatever reason you choose to take out such a policy it is crucial that you spend some time doing a little research and getting a number of quotes before making that all important final decision.

Article Source: http://EzineArticles.com/1199333

Life Insurance - A Basic Need

By Jack Levine 

Insurance has become a requirement and basic need of all the living beings because it helps by giving financial protection at the time of sudden death or disability. Life insurance comes in different kinds of plans and features. Life insurance gives security and safety towards the incident of death and disability that takes place during the policy term period. Today, the insurance companies are taking keen interest and patience for knowing your family need and requirement. Insurance has become a friend of many families as it helps in a financial way during the bad period of time. Policy describing or telling about life insurances can be either term/traditional policy or ULIP policy.

Different kinds or types of Life (Insurance) Plans:
There are many kinds of life insurance policies including the money back policy, term end policy, traditional money growth policy, investment policy, Pension policy, annuity policy, pure investment growth policy, Unit Linked insurance policy, children policy and Single life policy. As per the need and requirement of every individual the insurance companies have introduced various life policy insurance plans. Life insurances give the commitment to pay the certain amount of policy term money to the family of the dead person or to the person alive as per the situation prevail.

Term end policy is one of the oldest running policies. In this policy the insurer promises to pay a certain amount of money to the insured during the end of policy term. In case of his death, the entire sum assured is paid to the family or beneficiary of the policy holder. Children policies are taken for the children in form of savings. In this policy, the policy holder is the parent itself and he gets the money from the insurer at the time of maturity term period. Children policies prove as savings to the parents and the money received at the end of term can be used for children's studies or marriage.

Pension or annuity life insurance plans are designed in a way to get money in form of pension or installment from the insurer after the policy holder gets retired. This is one of the running corporate plan of life insurances. Single-life insurance policies are for the person's career or needs and this plan has its specific limitations and advantages. Thus, insurance is a wide term and getting yourself insured is must for making the future of our family bright and ongoing.
 Article Source: http://EzineArticles.com/4221371

Understanding the Importance of Health Insurance

 By Natasha Wilson 

Choosing a medical insurance plan that provides you with great coverage and is affordable can be a difficult task, especially in the current state of the economy today. Still, your health is your most valuable asset and it is very important to protect it as much as possible. That is why it is important to truly understand the importance of good medical insurance and who to go about finding it.

While the amount you pay for health coverage is important, it should not always be the deciding factor. The cheapest plans are not always the best, but the most expensive will not always provide you with all the coverage you need. Sometimes plans that do not cost much will mean you will be required to pay more in hospital costs should something happen to you. Still, lower premiums do not always guarantee all the care you'll need, especially if you prefer specific doctors or specialists. This factor is also important to consider if you wish to have the freedom to choose your own doctor freely as opposed to choosing from a given list.
When making this decision, you must first consider what is important to you. Decide what you absolutely can afford and try to find a plan that falls within those guidelines and provides you with the type and amount of care you need.

If you are thinking of not purchasing medical insurance, consider the expenses incurred from just one day in the hospital. The hospital services alone typically average $5,000 and that doesn't include the actual medical expenses of a particular procedure or type of care.

If you feel you can't afford medical insurance, ask yourself if you really can afford not to have it. Insurance plans can be the largest expense you incur, but that doesn't always have to be the case. Look at all your options and examine the plans that meet your needs. Make sure you know the terms of each plan you are considering and understand what you will be required to pay should an unfortunate event occur. You don't' want to get stuck with expenses you thought your plan would cover.

Talk to an insurance representative who can explain your options to you. Even if you feel you understand the plans, it doesn't hurt to have clarification. Don't be afraid to ask questions, after all, your health is the most important thing you have going.

Article Source: http://EzineArticles.com/2064070

Tips for an Effective Investment Planning

 

By Robert R Norris

if you are planning to make investments, there are some things that you should take note of before jumping into the ship. Here are some tips to ensure an effective investment planning.

First of all, you should start with a budget. When you create a budget plan, you will be able to track all your expenses and identify areas where you have difficulty controlling expenses. Making that identification allows you to form an action plan to prevent overspending and staying within budget. It may be as simple as identifying things you need and things you want, and prioritizing the needs before wants.

Next, you should clear off your debts, especially your credit card debts. The interest for credit cards are extremely high, so instead of letting it pile, you should settle them before starting any investments or you will have difficulty coming up with the amount for investing. Plus, once you are clear of outstanding fees, only then can you ensure a regulated cash flow. Furthermore, it will be able to maintain a budget than estimating the interests you will need to pay due to the debts.

Apart from that, do keep some cash for emergencies. The amount you set aside should be able to cover the monthly expenses for at least three months. Keep them in a place where you can easily access them like in a savings account at a bank, or in a mutual fund. Remember that this should only be used for emergencies, where you will need in order to survive, and not to fulfill your temptations or cravings.

Once you learn how to safe cash effectively, you can create a savings program that you will follow diligently with discipline. You could perhaps open a recurring deposit account where you can deposit a specific amount of your income monthly, or you could invest in fixed deposits that mature monthly. This way, you can have an additional fixed income that poses minimal risks. You can also invest in insurance like life coverage to both receive the life coverage, and to reduce your tax payout where you can use that additional money for investment. Other than that, you can also invest in properties as the value increases in time, and there is a tax deductible as well. Anyhow, if you are planning to follow an investment plan, always have a clear objective and find the investment plans that best suit you. Keep these tips in mind and you will have an effective investment planning.

Article Source: http://EzineArticles.com/6384317

LIC Pension Plans

 

 

By Punit K Thakkar

LIC pension plans are planned to offer individuals with regular income during their old age. Pension also known as retirement plans are particularly for the people who are willing to make their old age financially secure. There are various pension plans that the Life Insurance Corporation of India offers individuals to help them choose the most apt one depending on their current financial situation. These policies are planned not only to give financial security to the individuals but also their families and relatives.

The main objective behind LIC of India to initiate these pension plans is to provide standard earnings to people after their retirement from job. Pension plans are different from life insurance plans and are taken to cover the jeopardy during unfortunate occasions.

There are 5 main LIC plans that are active presently. The details of these plans are listed below:

Pension plus

Pension plus is a unique pension plan where an individual taking this plan can take out one-third of the corpus from the lump sum amount. The rest of the two-third amount will be paid either monthly or half-yearly after maturity as per the holders wish.

The minimum age required for an individual to undertake this plan is to 18 and the maximum age is 75 years. The minimum maturity period is 10 years.

Jeevan Nidhi

Jeevan Nidhi is a profits deferred annuity plan. Under this pension plan, the policy holder needs to pay premiums over the entire term plan. In this scheme, the earlier an individual this plan, the more corpus will he receive on retirement. The USP of the pension plan start at the age of forty years. The holder will also receive a certain addition of 5 per cent of the sum assured over the first five policy years.

There are 5 annuity options in action presently:

•Annuity for the whole life;

•Annuity for a set time phase of 5, 10, 15 or 20 years and for life after that;

•Annuity for whole life with return of purchase cost to the beneficiary;

•Annuity for whole life rising at 3 per cent per annum and

•Annuity for life with stipulation of 50 per cent of annuity to the spouse of the policy holder, after his death.

Jeevan Akshay VI

LIC's Jeevan Akshay- VI is a pension plan for people who are currently in their retirement age and have no pension. This is planned for immediate purchase by people.

LIC will pay the policy holders a consistent payment at standard time periods starting right away after the holder pays a lump sum premium towards the cost of the policy. The annuitant can accept the payment as per his wish either monthly, quarterly, half-yearly or yearly.

Investors can choose from any of the 5 options:

•Annuity payable for life

•Annuity payable for life with guaranteed period of 5, 10, 15 or 20 years

•Life annuity with a return of purchase price

•Life annuity increasing at a fixed rate

•Joint life and last survivor annuity

Minimum age to avail this policy is 40 years and maximum age is 79 years. Minimum buy price is more than 50,000 and a sum that earns a sure minimum annuity for every choice 

New Jeevan Dhara 1

New Jeevan Dhara 1 is a pension plan specially planned for professionals who want to take on a pension plan and secure their financial condition after retirement. This scheme allows the individual to make arrangement for regular income after retirement. The person can select on how he wants to pay the premiums either yearly, half-yearly, quarterly, monthly or through Salary deduction. The premium will be paid in one lump sum.

Policyholder can put in a term declaration rider by giving an extra payment. By the asset of this rider, in case of death of the policyholder at some stage in the deferment stage, amount assured chosen under term assurance, rider will be paid. Bonus is also payable under the policy.

For this policy, the minimum age at entry is 18 years while the maximum age at entry is 65 years.

New Jeevan Suraksha 1

New Jeevan Suraksha-I is an inimitable pension plan planned to offer pension from a selected retirement date. The scheme can be taken over by any person who desire to get pension after retirement. Under this plan, an individual has to pay single payment or regular payment over the suspension period to secure a pension initiating at an upcoming date. Policyholder has the choice to pay a single premium or regular premium either annually, half yearly, quarter or monthly.

Policyholder can put in a term declaration rider by giving an extra payment. By the asset of this rider, in case of death of the policyholder at some stage in the deferment stage, amount assured chosen under term assurance, rider will be paid. Bonus is also payable under the policy.

The minimum age at entry for this policy is 18 years, whereas the maximum age at entry is 65 years.

Article Source: http://EzineArticles.com/5856830

Benefits Of Financial Planning

 

 

By Billy D Ritchie 

 Most of us are aware of the term 'Financial Planning' but only a few of us are able to understand the real meaning of the term. Financial planning actually involves a formal process which includes constructing the perfect way for financial goals and objectives which takes into account the assets of the business or the individual, liabilities and the credit standing as well. Financial planning is essential for both businesses and individuals and it is concerned with the aspect of taking control of the financial accounts as well as taking the advice of experts or of the counsel regarding matters of real estate so that the right decision regarding insurance policies and evaluation of stock options is taken.

Significance
As planning is performed both for the individual and for the business, this aspect involves taking into consideration of the tasks and activities at both these levels. Firstly, there is the aspect of checking the budget for household expenses; starting savings account for retirement funds and all these aspects needs to be taken care of at the individual or the business level so that sufficient cash flow is ensured and you can make decisions regarding your investment plans. You require the expertise of a reliable financial planner so that you can make relevant decisions regarding the allocation and the management of money. Financial planning plays a pivotal role in the assessment of financial standing which allows for the allocation of financial assets in the best manner.

Function
Planning becomes necessary in the lives of all those people who have managed to earn significant portion of wealth and assets especially in the form of liquid assets and planning of the finances will help in outlining a healthy financial future so that you can take benefits of the investments and stock options
.
Features
How does financial planning start off? The planning of the individuals or the business's finances starts from the financial analysis of the company or the individual and eventually a statement is issued out which emphasizes on the assets and liabilities and concludes by stating the net worth of the business. It is the work of a financial planner who will make the respective recommendations regarding retirement planning, education funding and insurance policies which will be the most suitable for the client.

Benefits
Most people benefit from a financial plan and for this purpose, the services of a professional financial planner is required at certain times. Some of the most important advantages of making use of planning services are to work hand in hand with a trusted advisor, analyzing risk tolerance, eliminating the risk during financial crises and to prevent the occurrence of the financial crisis in the first place.

Article Source: http://EzineArticles.com/6342447

Understanding Financial Planning

By Bernard Kiesel

Financial planning is defined as a process whereby an individual or a couple settles objectives, assesses all resources and assets, estimates any future financial needs, and makes necessary plans to achieve any monetary goals they may have. It includes a variety of factors, such as cash flow management on a daily basis, selection and management of investments, as well as insurance needs. There are numerous elements that are involved with financial planning. This includes items such as risk management, allocation of assets, investing, estate planning, retirement planning, and tax planning. The strategy that is created offers a tailored approach that satisfies any present financial concerns as well as offer financial security for the future.

When a person wants the most out of the money they earn, this tool can play a starring role in achieving that outcome. Through careful financial planning individuals or married couples are able to set certain priorities and work toward achieving any long term goals they have set forward. It also provides a bit of a safeguard when it comes to the unexpected, such as income loss, unexpected illness, or work-related injuries.

No two people will look at financial planning the same, because everyone has different ideas regarding what their it will encompass. For some individuals, financial planning means finding investments that will offer security once a person or a couple retires. For other people, it is making investments and saving to have money ready for when children go off to get a university education.

When going about financial planning, it is best to obtain the services of a professional financial planner. Financial planners offer guidance and advice when it comes to any issues regarding financial planning. With life being complicated and sometimes hectic, it can be difficult to find the necessary time to manage future financial affairs. Not only that, but financial planning is often a multi-disciplinary task that "Average Joe's" are just not capable of understanding. A financial planner will look at the current situation of a client and all future objectives. They will analyze the current financial status of the client and then recommend a financial plan that will suit both present and future needs.

Details of the financial plan may include retirement plan contributions, portfolio of investments, a budgeting plan for all current living expenses, and projected savings growth.

Unfortunately, many people delay in preparing for the future as they are too busy maintaining their current financial situation. No matter what a person's income level is or their future plans, financial planning is essential to any future goals. With the assistance of a financial advisor, any individual can implement successful financial goals. They will also aid in maintaining the necessary discipline to stick with the plan. And do not worry if there are changes to a personal situation, such as a birth of a child, financial plans are not written in stone. The financial planner will aid in changing things around to ensure everything is properly maintained and a person's financial future is properly taken care of.

KDK Accountancy Corporation with Katz, Daitzman & Kiesel CPAs, LLP (an Orlando CPA Firm) is an accounting firm offering comprehensive services to Central Florida businesses and individuals. We apply expertise for our clients ranging from setting up day to day accounting systems to preparing the most diverse and complicated tax return.

Our wide range of services include accounting, bookkeeping, tax preparation, tax planning, IRS problem resolution, and all areas of financial and estate planning. We are a certified QuickBooks Pro Advisor and can work with clients with all aspects of implementing and perfecting accounting software performance in the business environment. Our services are designed to assist companies with the obstacles they encounter in order to help their businesses run smoothly and efficiently

Article Source: http://EzineArticles.com/6684298a

Child Education & Marriage Plans From LIC

Importance of Child Plans

By Sjoerd N 

 Parents always wish to fulfill the child's dreams of an ideal career, dream wedding, capital for business and so many other specialized needs that children have from time to time. With the wish comes the realization that they need a fortune to be able to get desired education and training for the child. They save and they invest for wealth enhancement just so that they can accomplish the task of saving enough. It is investment insurance plans designed to help you do just that.

Figure it out
Why do you need a child insurance plan? For most the reason will be, "to save for the child's education" and some may add "marriage or regular income till the child is independent". The reason that comes out most prominently is to provide for child's financial requirements, whether the parent is there or not. So while buying a plan, identifying your need and time you may need finances at have to be figured out carefully.

Benefits of a Child Plan
Since child plans are investment plans, they combine the benefits of insurance and investment. The premium is bifurcated for the purpose. While traditional plans give out guaranteed amount, ULIP are market linked and the returns are based on the performance of chosen funds.
• Disciplined Savings
Child plans are systematic and disciplined way to save for the child's future. The money put into a plan provides for insurance as well as wealth enhancement

• Creating a Corpus
Depending upon your capacity to take risk, you can choose between traditional or a unit linked child plan. With various individual advantages and disadvantages.

• Critically Chosen Maturity Date
At the time of choosing the child plan, parents need to evaluate their financial resources as well as the time at which they will need the corpus. At this stage parents have the liberty to choose the maturity of the plans such that they are able to meet the financial requirements at given life stages of the child.

• Waiver of Premium
The benefit that stands out in such a case is "waiver of premium". So, if anything happens to the parent, anytime after buying a child plan, the premiums will be waived off and the policy maturity benefits will be given to the child, as planned by the parent, on maturity.

Right time to buy a child plan
Time at which you buy child plan is an important factor for the policy to be effective in terms of premium paid and the returns. Just like any investment to grow substantially, it taken for a longer duration pay better whether traditional or ULIP. Since the maturity date of these plans is fixed, it is better to buy these when the child is still young.

Article Source: http://EzineArticles.com/6545307

Importance of Life Insurance Planning

By Pulkit Singh Saini 

Buying a life insurance is one of the most important decisions of life you will ever make. One buys an insurance with a view to provide his family members or dependents a financial protection against the odds of life. Therefore, the need for adequate insurance planning becomes a crucial task for an individual seeking a life insurance. Each person thinks differently. There are those who are very cautious and there are those who believe in leading life recklessly without giving a thought about tomorrow. Thus, one should always be able to evaluate his insurance needs correctly and should not get affected by the decisions of others.

Although life insurance is an extremely excellent instrument which means far more than just investment returns and tax benefits, the question still remains 'Why is insurance necessary?' We all are well aware that life is uncertain and we do not know what it has in store for us. Although nobody has a control over time but if things are pre-planned, we can at least be prepared for even the worst of times. Some wise decisions today can lead to a beautiful secured life in future. Thus, it becomes essential to evaluate your insurance needs today and plan it accordingly for making life easy and comfortable for your family and yourself.

Insurance planning is concerned with ensuring adequate coverage against insurable risks. Calculating the right amount of risk cover is a specialized activity requiring considerable expertise. Proper insurance planning can help you look at the possibility of getting a wider coverage for a reduced premium. Your financial background is different from your neighbors, friends and relatives and so are your insurance needs. That is why, it is important to plan your finances and insurance needs accordingly. Your buying decision should very well depend on the number of dependents and their financial needs as well.

It is thus prudent to get a life insurance for oneself to provide a financial coverage to your loved ones. As all of us run a number of risks in our day-to-day lives, it becomes increasingly important to ensure oneself with an adequate amount of coverage and hence, the need for proper insurance planning is necessary

Article Source: http://EzineArticles.com/6562513