It is important that while looking for a family law solicitor, that you choose the one that will be able to deliver what you need. Here are things you need to clarify first:
1. You must decide why you need a family law solicitor. Wanting access to your children is different from getting a divorce or escaping a domestic violence situation.
2. It is important that you consider a family law solicitor that specialises in the area you are interested in. A divorce solicitor will not be able to get you the result you need.
3. A family law solicitor who is quite knowledgeable and experienced in the field will be of most help to you. The solicitor will be able to inform you of the legal consequences of any action you take.
4. Whether you are about to start a civil partnership or want to sell your home after a divorce, you need a good family law solicitor that will be empathetic enough to know what you are going through and render all the help he can.
5. The family law solicitor should be the type that is discreet with the information you share with him. This is because you will be sharing a lot of distressing or personal information without another person getting hold of such information.
6. Go for a family law solicitor that always gets result most times, like this expert family law solicitors in London.
7. A good family law solicitor should be able to ask you plenty questions. If this is not the case, it might be an indication that the solicitor is not interested in getting you the best result and is not professional enough to handle the case.
8. Find out if the family law solicitor is the type that waits for the client to demand information about a case before providing it. You certainly do not need a solicitor that wants you to chase after him for information.
9. The experience of the solicitor is an important factor you might want to look into before hiring one.
10. It is important that you choose a family law solicitor not just based on how cheap he is but on the result you can get from him. Looking for a cheap solicitor may cost you your children or to lose out in a divorce case that should be in your favour.
With these points in place, you will be able to choose the best family law solicitor that will represent you.
Petcal Bookeeping and Accounting offer a full service on bookkeeping and accounting solution for business in Calgary. It is service provider firm that have teams of accountants that handles bookkeeping, receipts, sales records, GST, and government notices. It is their job to reduce your stress by making sure your books are up to date and your government remittances are filled. The information and insight needed will be at your fingertip to grow your business.
Petcal Bookkeeping Services is an experienced and knowledgeable Calgary accounting and bookkeeping firm that offer accounting services such as bookkeeping, tax preparation for individuals and organizations, and much more. Petcal is here in Calgary for those who are looking for tax help, bookkeepers to analyze their reports and monthly results. Other services includes audit and reviews.
Reviews and comments:
As a nonprofit, we were extremely pleased with the services Petcal Bookkeeping provided. Gary was a joy to work with and always went the extra mile to ensure we had the best information to make our financial decisions.
Gary strived to build a personal relationship with us and has proven to be highly efficient, quick to respond to any of our questions. From tax planning and preparation to retirement planning, he provided information in clear and easy to understand ways that allowed us to make informed decisions about our financial future.
I highly recommend Petcal Bookkeeping Services to any company looking for a trusted accounting firm and business partner. I continue to be completely satisfied with Garys work as he has proven to be very knowledgeable and thoroughly professional
It has been almost 50 years since Gary Peterson has been helping small and medium size businesses deal with their bookkeeping and accounting. He had degree in accounting as far back as 1967. He has over 49 years experience as Calgary accountant and public practice and industry. He held various accounting positions in different industries. He had worked in small accounting firms serving small to medium size business and professionals. He has clients in various industries: consulting, services, manufacturing, construction, retail.
My bookkeeping and accounting firm is here to help you and your business. From any internal accounting services you might have, to the completion of government reports, I am here to help you achieve your goals. I offer mobile bookkeeping services where I can perform the tasks at your place of business or in my office
Gary A. Peterson B.Comm
Binary options trading is a method of trading that can greatly reduce your overall risk while increasing your potential for large returns. Essentially it is described as trading that answers a yes or no proposition to the person entering into the agreement. Due to this it is actually one of the simplest means of trading, especially in the options market. Those that are new to the trading scene enjoy this method as there is less concern about making the wrong choices given they have a limited amount of knowledge of the market.
To be successful trading in this fashion it is essential that you fully understand how the process works. There are only certain markets that can use binary options trading, there are some disadvantages to be aware of and only certain companies are allowed to offer this as an option to traders. Most countries have brokers that are There is an option to utilize this in markets in the U.S., but one should only take advantage of it if they are fully aware of how they are structured and how the structuring can affect the outcome.
In short, by trading in the method you are capping both your potential earnings as well as your potential losses. The proposition is stated as to whether or not you believe that a certain stock or commodity will be above or below a certain price at a certain time of the day. If you believe that it will be above the stated price you would buy the option, but if you believe it will be below you would sell.
The reward is determined by the bid and offer prices and whether or not your belief about the trend in price is accurate. For example, if you choose to buy because you believe the price will be higher than proposed your earnings, if accurate, would be $100 minus the offer price. If you are wrong, you are out of the money that you had invested.
If this means of trading sound exciting and profitable to you then you are not alone. It has become very popular due to the opportunity to make large gains in a short amount of time. The first exchange to offer this in the U.S. is the Nadex exchange. The platform allows you to make these trades live while enable the user to also access real-time charts as well as the market. If you enjoy trading and have not given this a try you are missing out on a huge opportunity.
The majority of non-US traders will find that it's even easier for them to trade with any of at least a dozen different binary options brokers that are available. These brokers are often also linked to binary options auto-traders that remove all of the guesswork on your behalf.
When you need to find a chartered accountant like www.linghamscharteredaccountants.co.uk, the first thing that you should do is to look at their qualifications. They should have either ACA (Association of Chartered Accountants), ACCA (Association of Chartered Certified Accountants) or CIMA (Chartered Institute of Management Accountants). But what do these qualifications mean and which will be best for your needs? Below we explain the different types of UK chartered accountants, what their training involves and which type will be best to suit your needs. It is just worth pointing out that there really is no right or wrong type of chartered accountant, you just need to find the right one with the associated qualifications to get your specific job done.
This type of chartered accountant will have been awarded their qualification from ICAEW - The Institute of Chartered Accountants in England and Wales, of which there are over 140,000 members. Training is in partnership with an organisation who has the relevant qualifications, and a total of 450 days work experience are needed to earn the qualification, which can take up to five years. Fifteen modules are studied so as to give the widest possible experiences available. All entrants need to have two A2 levels and at least three GCSE passes, with graduates needing a good First degree or upper Second class degree.
Those who gain an ACA qualification are able to work in a wide range of chartered accounting sectors including those of audit work, private or public sector organisations and in particular individuals who wish to set up their own business.
Within the chartered accounting world, ACA is seen as the gold standard with chartered accountants who have a ACA qualification being in very high demand.
Those who study with The Chartered Institute of Management Accountants will gain the qualification of management accountant. When working as a chartered accountant with CIMA status, you are allowed to work within a business environment as opposed to one accountancy firm. This often makes the CIMA qualified chartered accountant very flexible in their working practices. To date the CIMA has over 203,000 members based in 173 countries. Training can take up to a maximum of three years and most employers will only accept graduates with a good degree, so at least a lower First class degree. This type of qualification is very specific and is targeted at those who specifically want to become chartered management accountants. The training process is tough with the learner having to pass 14 exams.
Due to the nature of the training, this type of qualification tends to be more suited for those who wish to work in the financial industry and business sectors. Those who wish to use the services of a CIMA chartered accountant will usually work in public or private financial sectors or will be needing advice about setting up a business. The CIMA chartered accountant is not usually best suited for those who requite audit advice.
Those who study with The Association of Chartered Certified Accountants will gain the qualification of chartered certified accountant. The ACCA has over 586,000 members in over 170 countries. To become a chartered accountant with a ACCA qualification takes up to three years of relevant work experience and has a maximum of ten years in order to pass the exams. To gain a ACCA qualification, only graduates are accepted onto the training programme who have a good degree.
Manny choose the ACCA route because it is flexible and allows them to choose various employers to work with while training so as to get the most varied experiences. Chartered accountants who have ACCA qualification are very much focussed upon financial accounting and the technical processes and practices that surround accountancy. The ACCA chartered accountant is best suited for those who need help with their financial practice, auditing work and who need tax advice.
A self employed loan is a kind of personal loan that financial institutions, such as banks provide to individuals who are not currently employed by an employer. Sometimes, it might be a bit tough for you to secure a loan if your status is self-employed, but it is not entirely impossible. The basic requirements in order to obtain this kind of loan differ slightly from the requirements needed by banks if you are employed. But once you have established that you are capable of making payments, it should be smooth sailing from there.
Self employed loans can be used for a number of things. The most common reason why self-employed people get one is to expand their business. Whether it is a small at home business or a medium enterprise, a personal loan like this can ease the burden of having to shell out a lot of money for expansion.
Another thing you can do with this kind of personal loan is to make improvements on your home. A lot of self-employed people work from home. They often require a home office or a space where they can work. A self employed loan can help you remodel any room or any space in your house and turn it into a small home office.
You can also use a self employed loan to buy important items you might need. If you are a self-employed photographer for example, you will need some equipment in order to perform your work. Things like a computer, printer, camera and important camera attachments can help you perform your work more efficiently.
You can also use the money from the loan to fund another business venture. If you would like to open up a new business, you can use this kind of loan to help you get it up and running. Most financial institutions would look at the success of your current business in order to determine if your new venture will be worth funding.
You can use a self employed loan just for you. Technically, this is a type of personal loan. It doesnt always have to be used for business if you dont want to. Use the loan to go on a trip where you can combine business with pleasure. Use it to study something that interests you. Learning something new will nourish your mind and open you up to new ideas. In the end, you have the sole discretion as to what you can do with the money you have. Use it wisely.
There are many casualties that are happening on the road. To prevent an automobile accident, you need to be watchful when driving on the road. Moreover, you must also be aware of things to do when such accidents occur. Knowing where you could run to ask help will also be helpful. Consequently, it is important to call an accident lawyer when you get involved in a road accident.
Why Consult an accident legal professional?
Contacting an accident lawyer is the first thing you must do when you get involved in a car accident. If you delay this, it means that you are forfeiting the legal claims that you have after your accident. The accident lawyer ought to be the person to call before making a deal with insurance firms or any parties involved. Here's why why it is best to consult an accident legal professional.
It is in the mindset of individuals that getting any lawyer will surely cost them great amount of money or they can't afford to employ one. They didn't realize that you can do consultation for no cost from these attorneys who concentrate on accidents. After getting all the details of the accident, the attorney will often agree to take the case with the incurred fees to be paid from resulting settlements. The lawyer has to assure that the all costs in the court would be included in the settlement once the case is sent to the court of law.
Assists in Terms of Finance
An automobile accident could cause great deal of pain, anguish as well as trouble in an individual's life. A car accident lawyer in Valencia CA could effectively assist you with your financial burden. If you're innocent from the accident, you deserve to get the right recompense. Thus, calling an accident lawyer is your best move to take care of the accident. An accident lawyer will assure that you'll get the right compensation rate for your situation.
Dealing with the legal professional for your best interest
Employing an accident attorney will have you attain the best interest you could get. Most people are insured for a car wreck. They think that the other party will pay for the damages, or in the opposite way round, the insurance company will take care of everything. But there are cases that the opposing party will turn the table and accuse you of being responsible for the incident. Worst is, the insurance carrier won't represent your best interest because they are not being paid. There's one thing that is certain, they exist to get cash. That's the reason why you should hire an accident attorney to advise you of your rights and you will not be defrauded or victimized by anybody.
Employing an accident attorney doesn't imply that you are taking advantage of the situation, but being guided and represented in the legal procedure. The lawyer is particular in providing you with fair legal claims by professionally handling the case with the opposing party as well as the insurance company.
If you have been hurt by another person's negligence, then legal action may be necessary. These types of lawsuits happen daily. Learn what you can about personal injury by reading this article so you can know if you're able to win your personal injury case.
Do not forget your lost income when assessing the impact of your injuries. Document how much you make at your job, how much time has been lost because of your injury and what this injury has cost you. If you paid money out of your pocket or took a school loan out, you can be compensated for this as well if you miss classes or have to drop out due to your injury.
Do not just take a personal injury lawyer's word for it when it comes to their record. Talk to some of their clients, and ask the lawyer for a written record of their practice. This will give you a good idea as to how often this lawyer wins and what type of money he is used to dealing with.
Call the police as soon as there has been an accident. This should be done even if the other party tries to convince you that it is not necessary. Getting law enforcement involved will help you a lot when it is time to prove that an accident has actually occurred.
Examine all forms closely before filing to avoid potential delays. One typo or incorrectly filled out area of a form can have an impact on your case. Read all documents thoroughly, including the fine print, before letting them out of your hands. Check that all names are correctly spelled, and all dates are accurate. Make sure you also keep copies of every document for yourself.
When choosing a personal injury lawyer, pay special attention to the size of their firm. Generally, larger firms mean that more than one lawyer may work on your case. These are usually Associate Attorneys who are trying to gain some legal experience, while having a senior attorney oversee and make the final decisions. Smaller firms can usually provide better management by having fewer people working on a case. Feel free to ask if other attorneys will be working on your case in any firm you're interested in.
When visiting a lawyer's website, navigate to the About Us section. This page will give you information such as the attorney's specialty, the location of their office and years in practice. Many lawyers also have a testimonial page. On this page you will be able to read about different cases from the client's perspective.
Another area to read on some websites is the verdicts and settlements page. This will tell you what types of cases they have been winning and how much did they win.
Learning this information can be important when you are trying to make a decision on who you would like to represent you. If you are looking for a Las Vegas injury lawyer, then click the link to learn more about us. You will be glad that you did and we would be happy to meet with you and talk about your case.
To determine whether a personal injury lawyer is right for you, make sure to ask who they usually represent in these types of cases. Do they tend to work with the person who has been hurt or do they normally represent insurance companies? Furthermore, finding out what their track record is (i.e., how many wins versus losses they have) is important.
You can use the money awarded to help you get on with your life. You are owed this money if you have been injured by someone else. It is your job to use this article to better your case.
If you need legal representation, you may have a sense of discomfort and confusion about how to proceed. You might feel rushed to select someone, which is never good. Thus, some help is clearly in order. This article provides you with some tips about hiring and dealing with lawyers, so you can feel more comfortable during your case. Take a few minutes to read this article before you hire a lawyer.
The first thing that you should do when trying to find a Las Vegas personal injury lawyer is to visit with family and friends and talk to them about any of their experiences they have with this type of lawyer. Call them if you get a good referal and schedule a time to meet to discuss your case.
Be sure that you can always contact your lawyer. Having issues with reaching a lawyer is something that a lot of people complain about. You shouldn't get stuck wondering what's going on with your case just because you have a lawyer that's on vacation.
Do not go out looking for a lawyer and only consider the ones that have very low fees. Sometimes the fees are low because they reflect the quality of the attorney. You get what you pay for in many cases, so it is best if you go into this knowing you will have to spend a decent amount of money.
You can find great, local lawyers through online services; however, don't assume these online services screen the lawyers that they recommend properly. You should do some background research on the different lawyers you see listed online and meet with them to discuss your issue before hiring them.
Try not to make money an issue when you are trying to find the best lawyer for your case. The object is for you to get out of the pickle that you are in, and sometimes this means to shell out a couple of extra dollars to get the desired result.
When looking for a lawyer, time is significant. However, it is not so important that you hire the first lawyer you meet. Always consider more than one lawyer. You need to make sure they have the skills you need, that you can afford them, and they will fight for your best interests.
Ask those you know for their lawyer recommendations. You may be surprised at the results here! People you would never have expected to know a good lawyer, may have the best connection of all. It's this word of mouth recommendation that means the most, so take it seriously and make this your first step.
Prepare a few questions for your first meeting with the lawyers you are considering hiring. Plan on asking questions about their experience and results and ask plenty of questions on what they think about your situation. Do not trust a lawyer who seems overly confident in their ability to win your case before you even give them all the details.
If the reason you are suing is because of the principle rather than the money, then finding a lawyer will be difficult. The lawyer will believe that you are a trouble maker and will not be satisfied no matter what. If you are going to sue someone, make sure you have a leg to stand on first.
Just because an attorney's name appears first on a list of search engine results does not mean that he or she is the best person to work with. It is important to do all the necessary research, whether the lawyer is tops at Google or falls toward the bottom of the pack.
If the problem is money, look into getting legal aid. A legal aid office will put you in contact with lawyers who offer services on a pro bono basis. Such lawyers routinely volunteer their time. Look for the legal aid office in the white pages of your phone book.
Do not give money to a lawyer until you are sure of what rates you are paying and what you are getting in return. Lawyers often seek a retainer for simply thinking about your case. These aren't usually for their sessions but for being available to you.
Find out what the fess will be early. You can ask this over the phone. Then you can rule out some potential lawyers if the fee is beyond your budget. This will make your search more streamlined. If the fees sound reasonable, still shop around for others, who may have more competitive rates.
Research what fees are typical with a case like yours. You do not want to foot the bill for a lawyer that does not handle cases like yours and charges you more than they should. Also, you might notice the fee is substantially lower than others. That could be a sign of an inexperienced lawyer that will not help you.
Don't be afraid to let go of an attorney that you are dissatisfied with. If they aren't doing the work that they promised, or you expected, it is absolutely okay to move on. You may even know more about what you need the second time around, so hiring another lawyer shouldn't be as difficult as it was initially.
You should feel a little better about contacting an attorney. This information is good to keep in mind in case you need a lawyer. Utilize this knowledge to help you win your case. Good luck!
Many people who are entering into their thirties and forties may be facing some of the most complex financial times of their lives. Not only are they preparing college funds for their own children, they are also providing financial assistance for aging parents and relatives. In addition, to these problems they may also be trying to get a head start on a retirement savings account. One simple unexpected event can lead a family's financial state in ruins. There are always going to be surprises in life, some good and some bad, they are impossible to miss. However, it is important to always be looking at your long-term finances. These are several tips from accountants in London on what you need to consider in your 30s and 40s.
Always Understand The Big Picture
While there may be a lot going on financially, it is always beneficial to take a moment and realize what you are trying to achieve. One of the first steps you need to do is to create a list of everyone of your financial obligations. This includes all daily expenses as well as long-term needs and plans. Begin to prioritize them as those that are absolutely essential and the ones that are simply nice to have. Take this time to evaluate all the policies and products you have in place and make sure they are giving you the best value. At this age, it is the best time to boost your retirement savings. For example, if you are eligible for a 401 (k) match, make sure you are taking full advantage of it and you have the maximum amount in your IRA.
Set Financial Limits
It is important that you limit your generosity toward your children and other family members when it comes to them asking for financial help. Borrowing and lending money within the family only leads to financial and emotional stress. If you do decide to lend money, make sure there are specific repayment plans out into motion. If you know that child will be going into college or you have a relative who may need assisted living, now is the time to start planning and saving so you will avoid financial hardships later in life.
Education Is Key
One of the most important lessons you can teach your children is financial responsibility. Showing them the steps to be financially independent is not only positive for them but will be in your best interest in the future. Simply talking to your children about finances, savings, and being a positive financial role model are all important steps. At this point in life, it is wise to establish a will and guardianship plan for your children's protection. Evaluate your insurance policies to ensure that your children are covered in the premature death or disability of you or your spouse.
Be Ready For Change
As discussed earlier life is full of events we never plan for. However, we can minimize our risk for financial hardships by having a contingency plan in place. It can be difficult to consider the event of a divorce or death, but having emergency funds ready will be a lifesaver if that time comes. In the event that you never have to use that emergency fund, consider placing it into your retirement account as an added bonus.
Seek Financial Advice
Understanding finances at this point in your life may be challenging, especially planning for events that are many years away. That is why it is so important to consult with accountants in London for financial advice. They will help guide you in making the best decisions for you and your family and ensure you are prepared.
While it may be difficult to find a way to save money at this time, it is imperative to start to ensure financial security later in life. By starting now, you will be more than ready when it comes time to retire.
Many people do not realize how beneficial it can be to hire an accountant to help them manage their personal finances. Even if you do not have any particularly complicated situations to deal with, the best accountants in Watford can still help you out. From filing your taxes to planning for retirement, a good accounting firm can provide you with a great deal of assistance.
Do you find that the thought of filing your taxes fills you with an inescapable sense of doom? If so, there is no reason to suffer from so much anxiety. By hiring the best tax accountant that you can find, you can make this process go a lot more smoothly.
Not only can the accountant make sure that your tax return is properly filled out, but he can also help you keep your finances in good order throughout the year. The more planning ahead that you do, the easier it will be to file your taxes once it is time to do so.
In addition, an experienced tax accountant will be able to help you keep your tax bill to a minimum. Keeping up with all the changes to the tax laws can be a full-time occupation, so you are unlikely to be aware of all of the best strategies for reducing your bill. By letting an accounting firm do this work, you will be able to save both time and money.
When you have a busy schedule that is full of many different obligations, it can be hard to find any time to step back and take a look at the bigger picture. If you mostly keep your head down and focus on your day-to-day responsibilities, you can easily start to drift away from your long-term goals. Hiring an accountant who can take an objective look at your finances can give you a much-needed sense of perspective.
For example, you may be so focused on paying your bills and buying groceries that you are always putting off other priorities, such as saving for retirement or for college. Before you know it, years may have passed and you have made no progress towards these goals. If you want to make sure that you do not keep procrastinating, you need someone to give you a nudge in the right direction.
Take some time and sit down on a regular basis to discuss your finances with your accountant. Doing so gives you a chance to evaluate your position and see how much progress you are making. He can give you advice on any changes that you need to be making so that you are able to make more rapid progress and make things easier on yourself.
As you can see, when you hire some of the top accountants in Watford, you can make life a lot easier for yourself and your family. No matter what sort of shape your finances are in, the help of an experienced accounting firm can be very useful.
Celebrating a holiday can refresh our minds; however, it can also result in huge debt to pay off the next month. If you want to kick-start your new year with proper budgeting, here are some tips to help you pay off those holiday debts.
1. The depth of your debt
It is important to have a concrete report of your debt before you start to pay off bills or start using an online tool to help you. First figure out your debt and your budget so you can determine what your financial situation is.
2. Choose an easier method
You may be tempted to try to pay off your debt all at once, but you will likely not stick to the plan because it's not realistic. Instead, you can try to list your debt and pay off the smallest one. List all your debts that aren't your mortgage starting from the smallest balance to the biggest one.
You should determine how much money you can put toward paying the debt off. When the particular debt is paid, roll on to the next minimum debt to pay off. This is the way you can try to avoid bulk debts.
3. Extra money is always welcome
Extra money is always a positive income that helps you in paying off your debt. You can do this by either having a side job or simply cutting back on expenses. Many individuals reported that they are able to get rid of their debt just because they know how to make preferences for their budget. For instance, a better cable rate, mobile device deals, car insurance and many more.
4. Auto payment works!
You can automate your payment and you will have nothing to worry about when it's the due date. Many banks have a free service, so you can save on administration fees when paying off the debts. It is necessary to switch to these free services because every dollar counts when you're paying off debts.
5. Don't get behind on your debt!
Make a goal to get rid of your debt this year. Ask for help, consult with a financial planner, CPA, or look for deals on Quicken to find out the best tool for your household. Quicken can help reduce your debt with the built-in debt reduction tool that will tell you how much to pay on each loan and when it will be paid off. You can use a Quicken comparison chart to find out which version of Quicken you should be using. Paying off your debt takes careful consideration and planning. You will be so happy you put forth the effort!
Housing finance companies are planning to raise funds through the external commercial borrowing (ECB) route to diversify their funding requirements. Early this year, Indiabulls Housing Finance had tapped the market and more recently, Housing Development Finance Corporation (HDFC) announced such plans. Tata Capital Housing Finance and Dewan Housing Finance are also likely to tap the market this year.
ECB is an instrument used by companies that facilitate access to foreign funds — bank loans, buyers' credit, suppliers' credit, securitised instruments, credit from official export credit agencies and commercial borrowings from the private sector window of multilateral financial institutions.
Confirming the development, Harshil Mehta, chief executive officer, Dewan Housing Finance, said: “Yes, we plan ECBs this year, but it would be too early to disclose any further details on the same.”
Similarly, R Vaithianathan, managing director of Tata Capital Housing Finance, said if a good opportunity comes up, then the company might raise funds through the ECB route. “This is the first time we are planning to do this. The funds will be deployed in affordable housing projects,” said Vaithianathan. The company is also planning to raise funds through a combination of bank loans, borrowings from the market and re-finance facility from the National Housing Bank.
HDFC is planning to raise up to $500 million through ECBs, for which it had received approval from the Reserve Bank of India (RBI). HDFC had informed the exchanges in April about it and the approval from the central bank was valid for six months. In March, Indiabulls Housing Finance had raised $150 million from Qatar National Bank Group under the ECB for low-cost and affordable housing.
“There has been a downward trend in pricing and that is making companies go for ECBs. The costs have come down by 50 basis points in the past one year for well-rated borrowers. More than lower costs, companies are thinking of diversifying their funding pool; so they are tapping this route. Costs have been coming down because of dearth of supplies,” said an international fund arranger.
According to the latest Reserve Bank of India (RBI) data, Indian companies raised $2.39 billion in May 2015 through ECB, recording a growth of 66 per cent year-on-year.
A life insurance policy is a legal and binding contract that binds an insurance company to the paying of a death benefit to a beneficiary upon the death of the insured person. The cost of maintaining a functional policy is that the insured or another eligible party pays a cost (called a premium) per year.
Life insurance is based upon the law of large numbers in that the insurance company knows how many people on average are going to die in each given year. The premiums are then charged to the payer of the policy to correspond with the expected death rate, interest rates to be earned on collected premiums, and expenses factored in.
Since not everyone dies in the same year, a statistical balance is achieved so that there is always enough money left over to invest and earn interest once claims are paid. In other words a few of the insured people will die along the way, but far more of the policy holders will continue to live and pay premiums, making the whole process work very well.
Term insurance is a type of life policy that insures a person for a limited time only. The period of time, or term of coverage might be for 10, 15, 20, or 30 years, and then the policy expires. The term policy is relatively inexpensive, and most term policies expire before they are paid as death claims.
Permanent insurance is scheduled to insure an individual to at least age 100, and this form of coverage has a build-up of a cash reserve, or a cash value from within the policy. This is primarily used to offset the increasing mortality risk as an insured person ages, and by having this reserve, the premiums are kept at a level rate of payment.
The cash reserve in the permanent policy is also available to the policy owner as a loan, which will reduce the amount of the death benefit by the amount borrowed, as the cash value is deemed to legally be a portion of the death benefit.
Insurance to cover one's life in case of premature death has been a very important financial vehicle for the economy for nearly 200 years. It serves to provide needed cash to a family or business at the exact time that it is needed. It replaces income that would have been earned by the deceased and helps to keep families and business intact at a very difficult financial moment.
Choosing the right life insurance policy can be a daunting prospect for some so it's worth learning as much as possible before signing on the dotted line. Martin Lewis of Money Saving Expert has information on all things financial including life insurance, payment protection insurance, car and home insurance and just about any other type you can think of.