The LuxMob Info Tags

Should Your Life Insurance Policy Be Written In Trust?

admin — Thu, 20 Nov 2008 02:47:10 +0000

According to one of the largest UK life insurance companies, just 1% of life policies are written in trust. That is disgraceful and reflects poorly on the financial industry.

Let’s explain.

If your life insurance policy is “Written in Trust” then, in the event of a claim, the insurance company pays out directly to the beneficiaries you name on the policy. The significance of this is easily missed.

It means that if the policy is “Written in Trust”, the proceeds from the policy never form part of your legal estate and are not subject to Inheritance Tax. The importance of this is illustrated by the following figures:

Take Mr A. He’s a widower and wants to leave everything equally to his two sons. He owns his home which is currently worth £245,000 with a £10,000 outstanding mortgage. His investments are valued at £52,000 and his car and other chattels are worth £18,000. He also owns a life insurance policy for £100,000 which is not written in trust. We assume that the costs of administering his estate and obtaining probate would be £5,000.

If Mr A were to die now, his estate would be worth £400,000 less Inheritance Tax. Inheritance Tax is currently levied at 40% on the value of his estate over and above £275,000 - that means that the taxman will walk off with £50,000 and his sons would each receive £175,000.

Now lets assume exactly the same figures except that in this case the life insurance policy is “Written in Trust” with Mr A’s sons as equal beneficiaries. Because the life insurance company pays out directly to his sons, they each receive £50,000 straight away and non of the money is included in Mr A’s estate. This means that his estate is now worth £300,000 and the taxman can only walk away with £10,000. Each of his sons receives £20,000 more and tax-free!

So simply by signing a few forms, Mr A saves £40,000 tax!

Is there a catch? No - all the documentation is standard and is provided totally free of charge by the life insurance company. Your broker through whom you buy the policy, should complete the documentation for you, again free of charge. All you have to do is give the details of the beneficiaries to the broker and sign the form. Solicitors are not required. In the event of a claim, the life insurance company then has to pay out directly to the beneficiaries. Job done! Poor Mr Taxman!

Even if your policy is designed to repay a mortgage, it should be “Written in Trust” for your partner. Then, rather than your estate receiving the money and using it pay off the mortgage, the money can be paid directly to your partner. This saves legal delays, solicitor’s and probate fees and loads of hassle. Your partner can then use the money to personally pay off the mortgage. Whether this also saves you Inheritance tax will depend on the value of your estate and how you have structured your Will.

So we believe that a life insurance policy “Written I Trust” is a win win situation. And there aren’t many of those around these days! We can’t see any drawbacks.

Bye the way, no matter what you decide to do, always ensure that you have an up-to-date Will.

Express Life Insurance specialise in life insurance quotes uk but also offer both critical illness cover and life assurance policies.

Explaining Car Insurance Coverages: What You Need to Know

admin — Wed, 19 Nov 2008 07:03:47 +0000

When it comes to buying car insurance, it’s important to have an idea of what you’d like to be included in your policy–otherwise you’re more likely to be talked into purchasing more coverage than you need. And increasing your auto insurance premiums is probably something you’d like to avoid come renewal time.

So take a look at the coverage details below and keep in mind that an educated consumer is a powerful consumer!

The Basics

Nearly all states require you to carry auto insurance to protect you and other motorists on the road. Included in your auto insurance requirements are coverages in the forms of medical coverage or bodily injury and property damage.

Medical liability coverage pays for any damages to other motorists injured or in an accident for which you’re at fault. This coverage can be used to pay for medical bills, lost wages, as well as any legal fees you might face.

Property damage liability, as the name suggests, pays for damage you cause to other vehicles, as well as public or private property such as fences, buildings or road signs.

But how much coverage should you have?

Every state sets its own minimum coverage amounts. For example, in Arkansas, the state requires motorists to carry a minimum of $25,000 in bodily injury coverage per person, $50,000 in bodily injury coverage per accident and $25,000 for property damage. These limits are traditionally presented in the format: 25/50/25. This is the format you will see as you compare coverage amounts.

And while minimum coverage limits vary from state to state, most insurers would strongly advice that you carry more than the minimum amounts, especially when it comes to liability for bodily injury. The Insurance Information Institute has recommended that motorists carry $100,000 for bodily injury coverage per person and $300,000 in bodily injury coverage per accident.

Ultimately, the decision of how much liability coverage to carry is up to you. Be sure to ask your insurer how much your premium will go up by selecting higher coverage amounts–typically it will only add a few dollars to your monthly bill!

Other Coverages

In addition to the coverages required by your state, there are other protections you can add to your policy to maximize your protection. The most common added coverages include collision coverage and comprehensive coverage. Collision coverage pays for damage to your car resulting from a collision with another car or object. It can be added to your policy for an added fee and typically carries a deductible. A deductible is the amount that you pay out-of-pocket when filing a claim before the insurer assumes financial responsibility.

If you financed the purchase of your car, it’s possible that your lender will require you to carry collision coverage until the loan is paid off.

Additional tip: If you see your premium inflate after adding collision coverage, increase your deductible to see it fall. Just make sure you select an amount you can pay for if you have to file a claim!

Comprehensive coverage pays for damage to your car resulting from anything other than a collision. This could include anything from theft and vandalism to weather-related damage from floods or tornadoes.

Like collision coverage, if you financed the purchase of your car, your lender might require you to carry comprehensive coverage. You will also need to select a deductible, which will is likely to increase your premium.

Additional tip: After your car loan is paid off or the value of your car drops to under a couple thousand dollars, you can drop collision and comprehensive coverage and see a hefty drop in your auto insurance rates.

Special Services

In addition to beefing up your coverage, you can also add special services into your auto insurance policy.

Many insurers now offer rental car coverage, which protects you from damages if you’re in an accident while renting a car. Towing services may also be added to your auto insurance policy for an additional fee. If your car breaks down or you have an accident, the towing company affiliated with your insurance company may tow your vehicle free of charge.

Windshield replacement coverage is another coverage which has grown in popularity in recent years. If your windshield is cracked or shattered, the coverage will pay for the windshield to be fixed or replaced. Some insurers are now using windshield replacement as an incentive–the cost to repair a chipped windshield is much less expensive than replacing the whole front window.

Additional tip: Check your benefits and coverages in your car warranty and auto club membership to avoid doubling your coverage on special services!

Applying Lessons Learned

Now that you know the popular coverages included and added to auto insurance policies, you will have a better understanding of what your insurer offers you, why he or she makes certain recommendations and how to get the most out of your car insurance policy. Use these tips in combination with careful insurance shopping to find cheap car insurance with great protections!

About InsureMe

InsureMe links agents nationwide with consumers shopping for insurance. Specializing in health, life, home, long-term care and car insurance quotes, the InsureMe network provides thousands of agents with insurance leads

Term Life Insurance and Permanent Life Insurance

admin — Tue, 18 Nov 2008 14:36:25 +0000

Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. Permanent life insurance is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term life insurance builds on cash value while permanent life insurance accrues cash value.

Now let’s look at the pros and cons for term life insurance and permanent life insurance.

Term insurance has two advantages. First, its initial premiums are usually lower than the initial premiums of permanent insurance. Secondly, term insurance is better for covering needs such as loans or mortgages, which will disappear in time.

There are a few disadvantages in term life insurance: Coverage might become too expensive to keep or terminate at the end of the term. Also, the premiums increase with ages. Besides, paid-up insurance and cash value are usually not offered.

The advantages of permanent insurance are as follow: You get a guaranteed protection for life as long as you have paid the premiums. Secondly, a cash value is accumulated with the policy and you can borrow from it. Thirdly, you can choose to set the premium costs whether fixed or flexible depending on your needs. Besides, a permanent insurance policy’s cash value can be surrendered for cash value. In addition, you can add a provision to the policy for the option of purchasing additional insurance without having to providing evidence of insurability.

There are a couple of disadvantages in permanent life insurance. First of all, the required premium levels might make buying enough protection harder. Also, if not kept long enough, permanent life insurance might be more costly than term life insurance.

Bill Walker is a freelance writer. He has written insurance related articles for websites such as Insurance Guide ( http://insurance-guide.netfirms.com )

How can I get a lower boat insurance rate?

admin — Mon, 17 Nov 2008 22:39:19 +0000

Many people believe that it is best to stick with one insurance company for all of your insurance needs. This can be true in certain instances but not always, which can be especially true for boat insurance.

To get the best rates you will need to do some research and maybe a few other things as well. Knowing the most about insurance and what factors are used to determine an insurance rate is the best way to get the lowest rates possible. There are predatory insurance agents in this world that thrive on ignorance to get people to accept policies that are too inclusive for their needs thereby increasing their commission. This is not an accepted practice by insurance companies but it does happen. Only through education will you be truly protected from such happenings.

First off you should think about taking a boater safety course. Insurance companies will offer discounts to those who complete these courses. This works to protect you and the insurance company. The insurance company knows that people who complete such courses become safer operators of boats thereby decreasing the risk of accident due to the operator’s error and causing loss for the insurance company. Even if they did not offer a discount a boating safety course is still a good idea especially for the new and inexperienced boater. You never know when something might occur that may require quick thinking.

Secondly you should contact your current insurance company that covers your home and car. Most times these companies will offer deep discounts when insuring other items such as boats. Call or go online and get a quote but do not accept any policy just yet. There is still much to do.

Use the quote you received from your normal insurance company as the base rate then start calling other companies. Tell them up front exactly what your needs are and get the rock bottom quote from them. Continue to do this until you have exhausted all possibilities. Then sit down and compare all of the quotes. It is not necessarily true that the lowest quote will be the best. Some companies offer extremely low rates but coupled with low coverage amounts and services. This may cost you in the long run especially if you need to file a claim and find out that the problem is not covered.

Do not be afraid to ask for a quote that covers all of your insurance needs and not just your boat. You may find that you will save lots and lots of money if you offer to bring all of your business to the company instead of just one thing.

If you are pressed for time you can always go through a multiple covering insurance agency. They will be able to get quotes from several different companies a lot faster than you can. Be sure that the agent is someone that you know you can trust. If not there is the possibility that you will not get the information that you need and only the highest quotes will be given to you in hopes of boosting a commission.

Mansi Gupta recommends that you visit www.independent.ws/2006/01/how_can_i_lower.html for more information on boat insurance rate.

Sanford And Son (DVD) Review

admin — Mon, 17 Nov 2008 18:00:56 +0000

Nominated for six Golden Globes and seven Emmys, including Outstanding Series - Comedy, Sanford & Son became one of the first shows in television history to be almost entirely centered around African-American characters. Modeled after the British TV show Steptoe & Son, the series showcased the underappreciated talents of comic genius Redd Foxx (whose skin color and bad language prevented him from becoming a superstar decades earlier). The brainchild of All In The Family creator Norman Lear, Sanford & Son signaled the beginning of a decade of sitcom classics for the prolific 1970’s TV writer - Maude (1972), Good Times (1974), and The Jeffersons (1975) being the others. Wrought with memorable one-liners and well-timed humor, Sanford & Son was a Top 10 Nielsen rated show every year in which it aired except for its final season (ranking a respectable #27)…

Sanford & Son, set in the Watts district of Los Angeles, follows the life of Fred Sanford (Redd Foxx), a 65-year-old African-American junk dealer who shares his business with his 34-year-old son Lamont (Demond Wilson). With Fred’s wife Elizabeth having passed away twenty years earlier, he often evokes Lamont’s sympathy by clutching his heart and proclaiming, “Oh, I’m coming to join you Elizabeth!” But Fred always survives those near fatal heart attacks, continuing to disperse sarcastic putdowns (often directed at his sister-in-law Esther) and racist stereotypical remarks aimed against whites and Hispanics (especially Lamont’s friend Julio). Using guilt to manipulate his ambitious son into staying and helping run the salvage shop instead of pursuing other endeavors, Fred Sanford spends most of his days lounging around the house (his junk store and home are one and the same) and hanging out with his friends - Grady, Melvin, and Bubba… Well-written and hilarious, Sanford & Son is comedian Redd Foxx at his absolute best…

The Sanford & Son DVD (Season 1) features a number of hilarious episodes including the series premiere “Crossed Swords” in which Lamont purchases a collectible porcelain figure from a silent movie star for $15. When he and Fred get the statuette appraised, they determine that they can fetch a bundle for it if they put it up for auction, but while at the auction, the two decide to pose as buyers to bid up the price, a decision that ends up costing them… Other notable episodes from Season 1 include “The Copper Caper” in which Fred and Lamont purchase their own copper from a man who’s been stealing the metal all across town, and “A Pad for Lamont” in which Lamont decides to move into his own apartment for privacy reasons. At first, Fred is upset - until he learns he enjoys having some time to himself…

Below is a list of episodes included on the Sanford & Son (Season 1) DVD:

Episode 1 (Crossed Swords) Air Date: 01-14-1972
Episode 2 (Happy Birthday, Pop) Air Date: 01-21-1972
Episode 3 (Here Comes the Bride, There Goes the Bride) Air Date: 01-28-1972
Episode 4 (The Copper Caper) Air Date: 02-04-1972
Episode 5 (A Matter of Life and Breath) Air Date: 02-11-1972
Episode 6 (We Were Robbed) Air Date: 02-18-1972
Episode 7 (A Pad for Lamont) Air Date: 02-25-1972
Episode 8 (The Great Sanford Siege) Air Date: 03-03-1972
Episode 9 (Coffins for Sale) Air Date: 03-10-1972
Episode 10 (The Barracuda) Air Date: 03-17-1972
Episode 11 (TV or not TV) Air Date: 03-24-1972
Episode 12 (The Suitcase Case) Air Date: 03-31-1972
Episode 13 (The Return of the Barracuda) Air Date: 04-07-1972
Episode 14 (The Piano Movers) Air Date: 04-14-1972

About the Author

Britt Gillette is author of The DVD Report, a blog where you can find more reviews like this one of the Sanford And Son (DVD).

A Glenview Illinois lawyer won from a advocate in Bellevue Washington

admin — Sun, 16 Nov 2008 20:17:26 +0000

It then used those totals to decide who to lay off. The Supreme Court ruled that if an employer seeks to rely on that defense. Knolls totaled those scores and gave the employees additional points based on their years of service. In reaching its conclusion that the employer has the burden to prove the reasonable factors other than age defense the Supreme Court looked at another provision of the ADEA the bona fide occupational qualification defense. Even if the employment action is otherwise prohibited by the ADEA. Specifically the jury found that although the plaintiffs did not prove that Knolls intentionally discriminated against them they did prove that Knolls method of deciding who to lay off disproportionately harmed older workers. The BFOQ defense states that it is not unlawful for an employer to take adverse employment actions otherwise prohibited by the ADEA where age is a bona fide occupational qualification reasonably necessary to the normal operation of the particular business. At the trial a jury found Knolls had violated the ADEA because its layoff procedure had a disparate impact based on age. Thirty of the 28 salaried employees the company laid off were at least 70 years old. The company had its supervisors rate their subordinates based on their performance flexibility and critical skills. The Supreme Court then agreed to hear the case and eventually reversed the Second Circuit and reinstated the jurys finding that Knolls policy unlawfully discriminated because of age. As long as the adverse action is based on reasonable factors other than age. It has the burden to prove that its decision was based on a reasonable factor other than age. Twenty-eight of those 28 employees sued under the ADEA claiming Knolls illegally fired them because of their age. For example it would not be illegal to consider criteria for a particular role in a movie that has a disparate impact on age if the part calls for someone of a particular age. The Supreme Court has previously recognized that the employer has the burden to establish the BFOQ affirmative defense. In Meacham Knolls Atomic Power Laboratory was planning to lay off a number of employees. In that case Meacham versus Knolls Atomic Power Laboratory the Supreme Court interpreted a provision of the ADEA that permits an employer to take an adverse employment action against an employee. A lawyer from Rijswijk won from a lawfirm in Lafayette Louisiana The United States Court of Appeals for the Second Circuit initially affirmed the jurys findings but after the United States Supreme Court asked it to reconsider the Second Circuit reversed itself and ruled in favor of Knolls. In other words the ADEA permits employers to discriminate based on age considering age is legitimately necessary under the circumstances.

Student Possessions Insurance - Insuring the Contents of Your Room

admin — Fri, 14 Nov 2008 08:50:03 +0000

In the UK each September, 350,000 new students embark off to university to begin a university career. The latest research shows that these same students will graduate three years later with average debts of £14,000.

Students know keeping a tight grip on finance while studying is essential, if you are to finish your course with your personal finance under control.

Student room insurance is therefore often overlooked as a non-essential cost. This can be a big mistake.

On arrival at university the majority of students will move into halls of residence. In recent years the standard of security in these halls has increased. However students still face a risk to their belongings being stolen. The lifestyle of a student hall means that early in the term it is easy for a stranger to access the halls and mingle with other students. As everyone is a stranger, one extra goes unoticed.

Many universities now include insurance as a standard package with the room. This rarely covers laptops outside of the room however and students should investigate closely to see if extra cover is required.

In shared accommodation the risks are much higher. By nature of what it is, student accommodation tends to be in the higher crime areas of town. Thieves know which roads and areas contain large numbers of students. These homes are likely to include several laptops Ipods and other portable high value items. Home office research shows that 1 in 4 students are a victim of crime while at university.

Room insurance can be arranged on your parents policy. However many of these policies do not provide cover for ‘non forcible and violent entry’. While this sounds like a smallclause, it means that unless someone has physically broken into the property then your items are not insured. Over a third of student thefts do not follow a break in of this type.

Specialist student possessions insurance providers can cover your belongings in halls of residence or shared homes for less than £30.

Tim Larden has worked within insurance for almost a decade and is currently employed with Endsleigh Insurance. Endsleigh provide special insurance policies for students and graduates and have been doing so for 40 years.

Student Insurance is one of the specialties of the Endsleigh website. The company is supported and endorsed by the national union of students

Insurance or Assurance - Do You Need Reassurance?

admin — Wed, 12 Nov 2008 12:13:53 +0000

Insurance versus assurance: what is the difference?

Should you care?

Yes!!

The world of finance is extremely complicated and there are many factors to consider when choosing any financial protection product.

When looking for a policy you need to know what you are looking for and what is on offer in order that you get the right cover for your needs.

One thing that many people find confusing is the specific use of the term “insurance” and the use of “assurance”. What are the differences between them?

In general, the term insurance refers to providing cover for an event that might happen while assurance is the provision of cover for an event that is certain to happen.

For the purposes of financial provisions, a life insurance policy provides cover for a set period of time. If the worst were to happen during that time (and there are no complications), then the insurance company will be required to pay out the agreed sum to the beneficiary. The only time the policy has any real monetary value is if there is a claim made for payment as a result of an event triggering that claim, such as the death of the person covered. If the person outlives the term of the policy, then the insurance policy will cease and no payment will be made.

Life assurance is different from insurance, and will always result in a payment. This is achieved by combining an investment element along with and an insured sum. This means that over time the value of the policy can increase as the investment bonuses are added. If a person covered by life assurance were to die, then the insured sum would be paid out, alongside the investment bonuses which would have accrued over time. If it is necessary to cancel the policy prior to the end of any designated term period, or the death of the life being covered, then once an investment bonus has been added, the life assurance policy will have an encashment value. It is therefore possible to cash in a policy earlier than its usual termination date, in order to collect on the investment portion. It should be noted that many insurance companies place penalties for cashing in policies early.

The distinction between the two terms has become increasingly blurred. This is principally due to many companies offering both types of policy and grouping insurance and assurance titles in similar contexts, sometimes interchanging the two terms. Richard Brown, Chief Executive of Moneynet.co.uk, clarified the situation by stating, “most life insurance companies offer a wide range of insurance and investment services - for example pension, investment funds, investment bonds, car insurance, home & contents insurance, life assurance, and even loans. Sometimes a ‘life insurance’ company will call itself a ‘life assurance’ company but they mean one and the same.”

More companies within the financial services industry have realised that consumers are becoming increasingly baffled by the choice of financial products available. Although this confusion has resulted in a certain amount of apathy, many firms are resolving the situation by providing comprehensive information guides. This has lead to an increase in the number of the online financial guides and glossaries that have become available.

Sites such as Moneynet, Moneyfacts, and MoneyExtra not only provide comparisons of financial products, but also information to help consumers make informed decisions. With organisations like Which? writing publications such as ‘Be Your Own Financial Adviser’, the focus has turned to providing consumers with sufficient information to make their own financial judgements.

About Rachel
Rach sits next to Rich and together they inspire the world to get to grips with personal finance topics. Together they contribute to Cashzilla, their personalfinanosaurus blog.

Cashzilla is an Aries. He has a flamboyant character and a tongue that could heat up any conversation. If Cashzilla was an A-Team character, he’d be Murdock.

Cashzilla has recently started dating Nessie, the Loch Ness monster. It’s still early days, but both monsters say they’re very happy.

To read more about this torrid affair, visit Cashzilla at http://www.cashzilla.co.uk

Recommendations for Arranging Geneva Ski Transfer for Your Luxury Ski Holiday

admin — Wed, 12 Nov 2008 05:57:14 +0000

Cheap Ski Transfers guarantee professional, luxurious and bespoke ski transfers from Geneva airport from the plane swiftly to the catered chalet in Serre Chevalier, Les Menuires, Chamonix town and the neighbouring Mont Blanc region.

Our ski airport transfers service extends to airport transfers to La Plagne, Val-d’sere, Gourette, Le Grand-Bornand, Val Thorens, Isola 2000 and without forgetting Brevent and Luz Ardiden and we can offer bespoke ski transfers to varying snowboarding resorts if ordered.

With the modern air-conditioned 10 men minibuses and Holden, Nissan, Isuzu, or Aston Martin vehicles we will transfer up to 17, or twenty plus when you friends demand this. Moreover our chauffeurs are extremely trained in difficult winter conditions for your groups comfort. Of course the driver is completely insured and trained.

The company organize mountain bike transfers during Mar through to Sept and drive to locations like the favourite ten: Le Tour, Chastreix-Sancy, Chatel, Superbagneres, Bessans, Auron, Flegere, Les Deux Alpes, Tignes, La Rosiere, Montroc, Les Houches.

Getting to Chamonix France, Les Menuires or Les Trois Vallees from your airport has never been so easy. For private ski transfer from your airport to you and your groups luxury catered ski chalet in the Chamonix Valley phone Door to Door Chamonix Transfers now, then relax and enjoy your skiing holidays.

How to Take the Stress out of Choosing Christmas Gifts

admin — Mon, 10 Nov 2008 22:31:21 +0000

Christmas shopping can be a very stressful time for people, especially if they have dozens of people to buy gifts for and hundreds of things to do before the holiday season starts.
The best way to manage this is to make a list of all the people you need to buy gifts for well in advance of Christmas. You must also note down the ideas that you may have about gifts for specific people. If someone has a hobby, or is a collector these are perfect opportunities to help choose appropriate gifts, perhaps on eBay or other online auctions.
Once you have your list, take a good look at it to decide what you can buy online. Most major department stores now have online websites and look out for Christmas promotional codes for an extra saving.
Buying online means you can buy gifts without stepping outside the warmth of your home and you may also be able get these gifts wrapped and delivered to save you even more hassle.
It’s also worth considering novelty gifts for teenagers and young adults and there are plenty of options for these both online as well as in the stores. Young couples and students always need fresh fruit and vegetables check out the fruit baskets and weekly fresh produce deliveries available from online grocery stores.
Another useful Christmas shopping tactic is to group together with friends and relatives and buy a joint present. Perhaps a spa weekend break for mum and a friend too if your budget will stretch that far.
After you’ve completed your online shopping it’s time to take your list and hit the high street stores. Gifts for nieces and nephews can be easily solved in the local toy store where you should be able to find gift ideas for all of them at the same time.Large stores usually set up Christmas displays that highlight Christmas gift ideas you may like to give to your family members.
While Christmas shopping can be stressful with a little of preparation you can shop well in advance, take advantage of early bird christmas shopping discounts, and minimise those desperate last minute shopping dashes. You did remember to stock up on wrapping paper didn’t you?