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Finance

Finance

What is Accounts Receivable Factoring?

 Factoring accounts receivable is a business transaction in the form of person management in which the business sells its invoices to the third party (called the factor) at a discount. The business can sometimes calculate its receivable assets to meet it’s present and direct payment needs. It might also calculate their accounts to decrease credit risk. Factoring is usually referred to as reports receivable factoring, bill factoring and sometimes mistakenly accounts receivable finance.

The Three Components

There are three companies immediately affected: The one who buys the receivable, the one who sells the receivable, and the person who owns the business obligation that involves them to make payment in regards to the invoice. This receivable, commonly associated with the account for business performed or goods sold, is basically a business asset that makes the person of the receivable the legitimate position to take money from the debtor who has an obligation to pay an invoice for service. The merchant sells the assets at the discount to the third party, the special business organization (aka this factor) to get paid. This knowledge is used in production department in the industry when the direct demand for raw material outweighs their free payment and power to get “ on account ”. Both accounts discounting and factoring is used by B2B companies to ensure they get the direct income needed to fulfill their actual and present obligations.

Trading of Assets

If we discuss accounts receivable factoring, in the simplest terms, it means trading of the assets in the discount to the factoring corporation. It is also called this accounts receivable finance or accounts receivable support. The factoring corporation providing this money to the corporation charges just the nominal fee for the transaction but manages the collections of the account’s assets that have sold to them. This charged interest only depends upon the factoring corporation that the company selects. The less the time it gets to get the invoice paid, the smaller would take the factoring interest. Thus, the companies that have customers who give these invoices promptly and quickly, are committed the fee as little as 1 percent. Factoring is the language frequently wrongly used synonymously with accounts receivable finance. In EU, this period “ factoring ” has turned into the term for accounts receivable finance as a summary; but in the USA, the period relates to the specialized kind of financing that involves the actual transfer of the ownership of the receivable to the lender, more accurately known as American factoring. Factoring is a business transaction whereby the business sells its accounts receivable (i.e., accounts) in the discount. Factoring differs from the bank loan in three important ways. Forward, factoring is not the debt but the acquisition of the asset (the receivable ).

Bill Factoring

Accounts receivable factoring, a.k.a. Bill factoring or bill finance, is a method that allows business owners to rapidly move invoices into working capital. Instead of waiting for weeks or months for clients to pay their invoices, accounts receivable finance allows business owners to take the amount on those accounts and take that payment for pressing business needs. It’s especially ideal for jobs that take longer net policies but have ongoing operating expenses or current expenses that help motivate growth. Factoring accounts receivable-selling accounts receivables for the fee may be a useful source of immediate payment for developing corporations. Factoring, converting accounts receivable into payment by selling them to the finance business for the fee, may play a vital role in business. At factoring, after that business person sells some or all of the organization’s accounts receivable to the cause, this finance corporation typically advances 50 to 80% of the face value of the invoices. This factor accepts the probability and responsibilities of making a collection.

 

The company may give some huge selling to separate retailers on the account, debiting Accounts Receivable and crediting marketing Revenue. The company might then sell these accounts receivable to another sector, called the cause. This factor earns income by paying the discounted price for the receivable and so hopefully collecting the whole quantity from the customer. The payment to the company selling these assets is the direct receipt of payment. The biggest disadvantage of factoring is that it is much rather costly when compared to the costs of keeping the receivable on those volumes and finally collecting the entire quantity.

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Finance

How to Choose a Financial Planner

In order to make the most out of their money and a person should consult the services of a financial planner. The financial planner can help a person find a way to invest their money or put their money in savings with the largest return. A plano financial planner can help a person make their money work for them. There are some tips on how to choose a good financial planner.

Type of Advisor

There are different types of financial planner based on the needs of the client. There are also different ways that they get paid.

Commission Based

These advisors are often brokers, insurance agents, and another registered representative. They will help a person with mutual funds, annuities, and insurance. They often work for large financial firms. These professionals make money off of the projects that they sell. Keep this in mind when looking at their financial products.

Fee-Only

This type of financial planner can help with asset management. They will find products that will fit the needs of each client. They charge an hourly rate or a specific percentage of the total assets they are in charge of. Some of the products that they work with include estate planning, retirement savings, investments, and education and insurance planning.

Determine Needs

There are some people that only have some questions that they want to be answered while others will need complete asset management. This will help a person make the decision based on what type of financial planner to work with.

Credentials

When looking for a financial advisor there are some licenses and certifications that a person should look for. Some common certifications include CFP, CPA, CFA and the certified financial planner. These are usually the certifications to look out for. In order to get the certification, the advisor has to have years of experience, take continuing education courses, and take an exam. Once they have achieved the certification they must follow all the standards to keep up with it.

Ethics

The financial advisor needs to follow specific ethical and legal guidelines in order to keep their certification. There are ways to find out if the financial planner has been the subject of criminal investigations or if they are any actions taken against them. A person should ask for their advisor for their ADV or they can search the Investment Adviser Search website.

Experience

When looking for a financial planner a person should find one with experience and that has been working in the field for some time. They also need to meet the educational qualifications and experience working with real-life financial situations.

Trusting Relationship

A person needs to find a financial planner that they will be able to trust. They are going to be sharing very intimate details with the planner about their money and estate. A person needs to be able to trust anyone that is dealing with their finances. Most financial planner will offer a free consolation to meet with a potential client. This way a person can get a feel for the planner and see if they feel comfortable around this person. A person can meet with several planners before making their selection on who they are going to trust with their money.

These are some things that a person should look for when they are hiring a financial planner. It is important to find a financial planner that will best fit their needs and has the education and experience to be trusted with money.

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Finance

Finance? It’s Easy If You Do It Smart!

What is a mortgage?

A mortgage is a loan used as collateral for property or real estate. It is a long – term loan guaranteed by the house’s value.

The borrower concludes an agreement with the lender (usually a bank) in which the borrower receives cash in advance and then makes payments over a specified period oftime until the lender is paid back in full.

Most people do not have sufficient money to buy a house straight away. So, they go to a bank to take a loan. The bank consents to grant them a loan provided with the condition that the house can be legally repossessed and sold in order to pay the balance of the loan in case borrower defaults on payments. Firms like Sun west mortgage makes it easy with engages in originating, processing, underwriting, closing, funding, and servicing the residential home loan.

How do Mortgages work?

Traditional mortgages are structured over a period of 15 or 30 years and typically require a monthly payment. In many banks, property taxes and household insurance are collected on behalf of their borrowers and transferred to local governments.

  • Mortgages, like all other financing products, will change depending on the market in terms of supply and demand.
  • This is why banks can sometimes offer fluctuating interest rates.
  • When a borrower has agreed on a high-interest rate, and after a couple of years he finds that rates have dropped. A new lower interest rate agreement can be signed – after jumping some hoops.
  • Home buyers typically receive mortgage loans when they have insufficient cash available to buy the home. Companies such as Sun West mortgage offers a wide range of low-interest rates and excellent pricing.
  • There are different types of mortgage loans, and before entering one, buyers should consider what is better for them.

Why do Mortgages matter?

  • Mortgages enables people without enough cash to buy an asset such as a house, up front.
  • The lenders risk making these loans because the borrower is not guaranteed to pay in future. The borrowers also take the risk of accepting these loans as failure to pay leads to a total loss of assets.
  • Their home is the most valuable asset for most of the people. Sun West Mortgage make home buying possible for many individuals by offering low-interest rates.
  • But mortgages are not always easy to secure because rates and terms often rely on the credit and employment status of an individual. If the bank fails to reimburse, it can legalize its losses and auction off the property.
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Finance

Let a Professional Accountant Improve Your Finances and Your Life

Accounting professionals do far more than provide assistance with your yearly income tax filings because they can help both individuals and business owners improve their finances so they are more comfortable from then on. Accountants do everything from helping you plan for retirement to helping you save for your children’s college education and they save you a lot of money during it all. Their services include audit assistance, bookkeeping and payroll for your small business, start-up assistance, and numerous ways to save money both by paying less taxes and by growing your income so that you are more comfortable financially for a very long time. With each client, these accountants will personalise their plan so that you get just what you need every time, ensuring that your financial future is one that you can look forward to.

The Right Accountant Makes a World of Difference

Accounting professionals work with clients of all sizes and types from retail stores to corporate offices, restaurants, schools and hospitals. One of their most significant services includes consulting with businesses of all kinds so whether you are just getting started or you’ve been in business for many years, they can help you with paperwork, deadlines, business plans, and financial statements, to name a few things. Companies such as Watson & Watt provide professional accounting services that you are certain to need at some point. The main advantage of choosing professionals is the number of things they can provide to you, including the ability to maximise your profits, experience extraordinary business growth, and even improve your cash flow situation. In fact, when it comes to your finances, there is little that they cannot do to help you get more money in your bank accounts at the end of each day and the fees you pay them are insignificant compared to the money you’ll save year after year.

Working with an Accountant Helps in More Ways Than One

For both basic and more complex accounting tasks, the right accountant makes a big difference. If you think that you can’t afford a professional accountant, think again. Their services are very reasonably priced and since you’ll save more money than that in the first year alone, it is always worth it to work with them on a regular basis. If you have a business that you’d like to sell, they can help you determine a good selling price for it. And if you can’t afford or don’t need a full-time payroll or bookkeeping person, they can do that for you as well. There is actually no job that they cannot do for you because when you succeed, they succeed, and your individual or business success is always their number-one concern. Furthermore, these professionals usually provide an initial consultation that is free of charge so you can get all of your questions answered quickly in order to help you make the right decision. These accountants work with individuals and businesses regardless of what condition their finances are in and they can improve your finances much more quickly than you might think.

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Insurance

Cash Value of a Life Insurance Policy: What and Why?

A life settlement is a process of selling an existing life insurance policy to third-party institutions for an amount which is much more than the cash surrender value of the policy. This amount is known as the cash value of a life insurance policy.

This amount is usually less than the death benefit of the policy. Usually, the people who choose life settlements are 65 years or older and own insurance policy with a face value of a minimum of $100,000.

It all began in 1911 when the United States Supreme Court gave a revolutionary decision in the case of Grigsby vs. Russell. The court recognized the right of the policy owner to assign his/her life insurance policy to someone else. The Justice working on this case- Justice Oliver Wendell Holmes, announced that a life insurance policy is similar to any other property. Therefore, it can be transferred without any limitation by its owner.

Life settlements became common in the 1980s as the AIDS and Cancer epidemics drove many young, terminally ill policyholders to sell their insurance policies prior to their death. Hence, life settlements started gaining popularity among consumers.

Prior to the existence of this decision, a policy owner who wished to give up his/her life insurance policy had only two options:

  • He/she had to surrender the policy and receive the cash value. Surrendering the policy terminates the policy and all the benefits associated with it.
  • He/she had to allow the insurance policy to lapse. This would forfeit the policy and make it worthless.

There are basically two types of life insurance: Term life and Permanent life.

Term insurance provides coverage for a specific period of time such as 10, 15, or 20 years and can be renewed after the terms lapse. Permanent life insurance provides lifelong financial protection. Usually, term insurance premiums increase with every renewal whereas permanent life premiums remain the same.

The cash surrender value is the amount of money an insurance company pays to a policyholder or an annuity contract owner in the event that his or her policy is voluntarily terminated prior to its maturity or an insured event occurs.

Only permanent life insurance– such as whole life, universal life, and variable life- has a cash value account that grows over time called tax-deferred growth. A term insurance policy can be converted to a permanent policy, but permanent policies cannot be converted. Term life insurance is simple to understand and is less expensive when compared to a permanent life insurance policy. Hence, it’s widely popular among consumers.

The cash value of a life insurance policy is the cash amount offered to the policy owner by the policy provider upon the cancellation of the contract. This cash value can be borrowed as a loan by the policy owner. Universal life insurance, whole life insurance, and variable universal life insurance policies have a cash value, unlike term life insurance. The cash value is what makes an insurance policy a valuable investment. One can save money, receive quality returns and also protect our loved ones.

A policy owner needs to understand the cash value of a policy in order to make an effective decision.

This cash value of a policy can be used in the following ways-

  • Borrowing against cash value: In an emergency, a policyholder may wish to borrow a portion of the policy’s cash value. This loan, taken out of the cash value of the policy, has consequences; interest on the loan and repayment without a stipulated amount of time.
  • Surrendering the policy: The policy owner may choose to surrender his/her policy at will, and he/she has a less expensive alternative or may no longer need the policy. Surrendering the policy removes the death benefit; hence, this step must be chosen with caution.
  • Withdrawing from the policy’s cash value: This is an alternative option for borrowing money from the cash value of the insurance policy. Depending on the policy and its terms and conditions, policy withdrawals may have several effects on it.
  • A life settlement is one of the most widely popular options which involves a third party institution buying the policy for a one-time cash settlement.

Each of these options has its own pros and cons, and a policyholder may choose any one out of these depending on his/her own requirements. I hope that this article gave a better insight into understanding the meaning of the term “cash value of a life insurance policy.” Thank you for reading!

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Finance

Risk Management Principles for CFD Trading

Dealing with uncertainty is one of the most important endeavors any trader needs to overcome. Since we are dealing with risk in trading there’s no actual strategy that can guarantee success 100% of the time.

That’s where risk management kicks in and because people think just about the “2% rule” when it comes to managing risk, today we’ll give you two useful principles which over time have the potential to improve your edge.

#1 Look at risk from 3 dimensions

If you already have a CFD trading account, you’ve probably managed to notice that simply risking 2% of your account per trade does not neutralize the risk of you losing a big portion of your account over time.

Dices Over Newspaper, Profit, Loss Risk, Wall Street

Source: https://pixabay.com/en/dices-over-newspaper-profit-2656028/

Alt text: CFD risk management

The reason why that happens is you are focusing on just how much you risk per trade. An effective risk management system must factor in three different variables, all of them with great importance:

  • Percentage of account at risk per trade;
  • Accuracy over a given period of time;
  • Reward to risk ratio;

#2 Understand the risk of ruin

The second risk management principle is directly linked with the previous one and focuses on the risk of ruin formula. For those of you that don’t know, the risk of ruin is a risk management strategy usually used for gambling. However, by constantly monitoring the three above-mentioned variables, you are able to calculate the probability of you losing your entire account.

Although the risk of ruin formula might seem complex for some of you, there are calculators online which will help you determine the results. The bottom line is that you need to be fully aware of this number. Do you already know that even though you would risk 2% per trade, have a 50% accuracy (which is something usual among traders in their first few years of trading), and a reward to risk of 1:1, the probability of losing your entire account is 100%?

In this situation, you could do two things:

  • Improve your strategy, so your accuracy will increase over time;
  • Or much easier than that, increase your take profits relative to your stop losses, so the risk to reward ratio will increase. A 2:1 reward to risk in the above-mentioned scenario will reduce the probability of you losing your entire account to 0.

Hopefully, you’ve managed to understand the basic concepts and from now on, you will start to constantly monitor your trading performance and adjust your risk management system so the mathematics will be in your favor.

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Finance

What is Debt Consolidation Plan

Debt consolidation plans are in favor of the people who want to clear their multiple debts but done have enough money. They go on paying interest for the multiple loans and in this situation debt consolidation plan Singapore helps them to reduce the interest considerably.

It is a plan which enables you to refinance your previous loans of various financial institutions with only one bank or financial institution. The DCP works well with the unsecured position of credit. If you have taken personal loan or you are unable to pay your credit card amount, a debt consolidation plan will go in favor of you. For more information, contact maybank2u.

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Insurance

Knowing Aflac and the Insurance Plans Covered – Auto, Disability Insurance and Health Care

There is virtually no way to avoid being bombarded by commercials and advertising aimed at selling you the latest and greatest car, truck or SUV. Whether you choose what you drive for “status” or if it is merely a transportation necessity, the automobile is a part of daily life in North America.

And for every automobile ad you see or hear, there is likely to be an auto insurance ad nearby. After all, if you have a car, there is a very good chance that you have car insurance. But do you have enough? And do you have the right insurance? Far too often we discover the deficiencies in our insurance coverage after it is too late.

For a family living on a fixed budget, with little or no savings, a major automobile accident can be a significant setback. Even if your auto insurance covers damages to property and your liabilities, there are often collateral expenses that are not covered and can be a significant financial burden. Fortunately, Aflac, an insurance carrier, has an insurance product which helps policyholders in time of need when their primary auto insurance is not enough. Aflac car insurance, however, is not your typical auto insurance policy, which can create confusion for those trying to understand exactly what insurance options they have with Aflac.

To help you better understand, Aflac is a known as a supplemental insurance company, meaning, Aflac covers what typical insurance coverage exempts. These exemptions might include lost wages. Therefore, the Aflac auto insurance policy supplements disability insurance policies. As such, an Aflac auto policy may only be purchased as an addition to insurance from a typical carrier. Such a safeguard may be a wise investment for those unforeseen extra liabilities that you may encounter after an accident.

Understanding Aflac Car Insurance

Vehicular accidents are unpredictable and sometimes fatal. The bills that come thereafter can be financially crippling, affecting your family’s economic stability. You may require time off work to recover, during which you still need to pay your bills. In the long run, if not well prepared, the stress of juggling between paying hospital bills and meeting your family’s everyday needs can make your present and future financial stability. In extreme circumstances, bankruptcy may be the end result.

To help reduce that stress and burden, Aflac provides a lifeline by providing disability insurance policies, including an auto insurance supplement – that is why there is no Aflac auto insurance, per se. The Aflac car insurance policy is like an insurance for your insurance. It kicks in when the policyholder is incapacitated after an accident and unable to return to work in a timely manner. The Aflac policy provides additional financial resources to keep the bills paid and the bank account balanced when income stops as a result of an accident.

Aflac has become a globally popular supplemental insurance provider and there are several reasons customers are finding Aflac auto insurance worth the investment.

To start with, several Aflac car insurance plans include rider insurance

A rider insurance option comes in handy as it addresses any extra medical costs resulting from the accident and gives the victims a recurring income. The accident victim still receives an income while recuperating. The rider insurance is very expensive not offered by most insurance companies that alone should help you see why Aflac’s plan is so popular.

Since the rider insurance is not affordable to all, Aflac has a supplemental insurance provision which extends to what other auto insurers will not cover. That is, the Aflac car insurance takes care of dental care, daily income expenses, intensive care, short-term lost wages, ambulance services, emergency room costs and extended hospital stays. With all these being included in the insurance plan, why would a policyholder opt out of Aflac?

Aflac Claims – Car Insurance

With a better understanding of the Aflac car insurance policy, one can’t help but wonder how effective Aflac is in terms of paying out a victim’s claim. Some insurance providers manage their policyholder claims through third party companies, which can be a great inconvenience to the policyholder. Aflac does things a little differently. Once an Aflac car insurance claim is made, Aflac makes payment directly to the customer with no third parties involved. This reduces delays in payment and frustration on the part of the insured party. Additionally, Aflac has a great deal of care for its customers, demonstrating this through offering immediate benefits to a victim’s spouse in case of serious bodily harm.

Aflac’s ability to pay claims quickly and efficiently not only saves the victim and family members a great deal financially but also provides them peace of mind while the afflicted receive necessary medical attention.

Disability Insurance

Notwithstanding the unique Aflac car insurance, this insurer differentiates itself from other insurers particularly in its mode of operation. Instead of your typical insurance coverage, Aflac treats companies, non-profit organizations and individual clients to the disability insurance coverage. Their product ensures that the policyholder does not endure financial struggles after being injured while on the job or if they fall ill which leads to an inability to work.

Aflac’s medical and disability plans protect companies as well. Aflac offers plans that can be purchased in terms of group coverage. The group policy covers all employees in circumstances of illness or injury. The coverage comes into effect if they are incapacitated while on the job. All an employer has to do is to file a claim and will be ensured that their employee will be handed a financial lifeline.

The Aflac disability insurance plan is everything you will need, not only for your vehicle. Whether you are an individual or a group, this coverage will be your solution in times of accidents.

Healthcare

One might assume that since Aflac’s services are aimed at helping people meet their medical needs, there must also be an Aflac health insurance plan. Sadly, there is none. Aflac has, however, designed the disability insurance to work together with a policyholder’s health insurance coverage. Thus, there is no Aflac healthcare coverage.

A policyholder may only be eligible for Aflac’s insurance with an existing health insurance plan. In fact, many insurance providers will present their own policyholders with Aflac’s policy option as a way to supplement the purchased health insurance plan. The wide range of medical costs covered by Aflac is definitely worth supplementing the standard health plan.

About Aflac

There is no argument that the Aflac duck is the best corporate mascot ever. But the duck alone is not the star of the show. Founded in 1955, Aflac has gained worldwide popularity as a result of consistently meeting their customer’s needs and keeping their promises. Aflac has millions of satisfied customers with policies that include vision, dental, accident, cancer, life, short-term disability, hospital indemnity and hospital intensive care covers.

Aflac’s claim-handling procedures set them apart from their competitors. Policyholders can file their claims on their website or over the phone. Claims are typically paid within a few days and, in some instances, on the same day, reducing stress and financial burdens for their customers. Aflac’s world-class customer service has made it a trusted name in the insurance industry. This is, after all, what defines a good insurance company and customer relationship. Although Aflac is not the only option for supplemental insurance, it has built itself a name through exemplary service.

Through the decades Aflac has extended its services across the United States, Canada, Japan, and other nations, proving that supplemental insurance can ease people’s financial struggles in times of accidents and illnesses.

Aflac’s excellent customer service and unique delivery of insurance plans makes it a top option for your supplemental insurance needs. Do yourself a favor by insuring yourself against unexpected accidents and financial stress with Aflac automobile insurance or disability insurance.

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Finance

Steps to make just a little Fast Cash

Relocate that the budget does not quite stretch so far as previously? Are you currently searching for ways of make or produce a little fast cash for your and yourself family?

The web is where for you personally. You will find huge amounts of web sites on the web today that focus on people like yourself, that need ways of improve their earnings for a number of reasons.

It’s worth trying to find individuals websites which have practical and helpful ideas which are also easy to execute. Some websites suggest spent capital prior to back earnings, however, you will find individuals websites which have content about acquiring just a little fast cash for any little cash lay-out.

Those sites that I am speaking about usually involve you purchasing products from yard sales, or jumble sales, then fixing them up and re-selling them on ebay.com or perhaps a similar auction website to make just a little fast cash. You need to do your research to locate which products will re-cost even more than you can purchase them for, however there are plenty of products like this available. Examples include brush-cutters, furniture – for local pickup only, and baby products.

It is best to try and purchase products you are able to publish, because this boosts the interest for that item around the auction website, which boosts the final selling cost. Products simple to publish are baby and children’s clothes, especially big brands, along with other small , light products.

So see your local weekend yard sales on the Saturday, list your products for auction within 24 hours and you can make just a little fast cash in five or seven days time.

Than to ask several questions about fast cash to people who have never availed it, you could always go to the portal where you could fill in the simple enquiry form and get all the details about this cash loan that you may want to avail.

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FinanceInsurance

Why Renewal of the Term Insurance Policy is Important?

We all are aware of the fact that life is full of uncertainties, so at a very young age itself, we start planning for different things that keep our family and our loved ones protected. Out of all uch initiatives, one of the most common strategies is investing in a life insurance plan. A life insurance can easily help you a lot in safeguarding the future of the family.  A life insurance plan will provide the needful financial support to the nominee as the death benefit in case of insured’s demise.

While investing in a life insurance plan, it is important for the buyer to be sure that he/she is paying premiums of the same regularly. In case of any failure regarding the premium payment then your policy will lapse and it will be of no use. However, there are many life insurance companies that offer the renewal as a plan’s feature. This should be there in your plan to get the option of renewal which is really beneficial. Investing in a life insurance plan is important but paying premium or renewal of the same is also vital. In this article, you will come to know that Why renewal of term insurance policy is important.

Renew for a Similar Term?

Let us assume that you own a term insurance that comes out with the option of renewal, for a term period of 5 years. When the same tenure comes to an end, then the insured must be having the option of renewal for an additional 5 years.

Why is Renewal of Term Insurance Policy Important?

Well, it is a common question that most of the customers asked, Let’s assume that there is a person who has a term insurance policy but suffer from the heart attack, just prior the policy expires. In such cases, if the policy is not renewed then the insurance company might face many problems to buy a new plan

The renewal feature comes along with the opportunity of extending the coverage. Moreover, you don’t have to go through the medical test for the renewal of the policy.

There are a few cons that a person can face if he/she fails to renew the policy.

  1. It defeats the Purpose of Insurance- The biggest drawbacks in such a situation is that the coverage that the benefits that you are getting will get lapsed. And in case of any eventuality that takes place during this phase then the policy will be liable to offer any benefits to the nominee. Well as discussed above, to secure the future of your loved ones timely renewal of existing term insurance policy is equally important. Just put your best efforts for your family’s future.
  2. It May Cost you more Expensive- When it comes to investing in a life insurance plan, you pay a regular premium to the insurance company. Prior to zeroing in on the premium, there are a few factors to consider is age, medical history, family check, etc. In case, where the policy gets terminated because of non-renewal then the policy will not be liable to pay any benefits to the nominee/beneficiary. If you decided to renew the policy later, then for sure it will cost you more.
  3. No tax Benefit- We all know that investing in an insurance policy is the most efficient ways of safeguarding the future of your family. It also acts as a great tool to achieve different financial goals. It also offers tax benefits while filing income tax return.

So from the above detail information, it is clear that if you don’t renew the life insurance plan on time then it will surely lapse and no benefits will be applicable.

In today’s world, owning a life insurance plan has already become a necessity for every person but don’t forget the importance of renewal. It is true that not all insurance plans come with the option of renewal, you have to check the same at the time of purchase itself. You must check the option at the time of purchase and ask insurer about the same as well. You can take help of an online insurance web aggregator such as PolicyX for your term insurance purchase.

Just choose the best one for yourself today, it is not about you only it is about the future of your family.

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