Wednesday, April 30, 2014

Difference between Life Insurance & Life Assurance



Many people consider life insurance and life assurance as same but actually they perform different kinds of financial roles and are offered at different rates. But before I explain major differences between these two terms that is life insurance and life assurance, let me tell you that why need to get assured.

For youngsters, planning for future is not an easy task and it requires a lot of time. Taking into account from where you would get the time to shop such products while trying to maintain the balance between your personal and professional life. But if all things in life were foreseeable, death of course can’t be foreseen. However, when you die, do you see your spouse and children financially safe and sound for the rest of their life? If you don’t, you need a Life Assurance Taxation UK policy. Life insurance is a protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.


On the other hand, life assurance is a different thing. It’s a hybrid combination of insurance and investment. Life assurance policy pays out a sum of money equal to the higher of either a minimum underwritten by the policy's insurance clause or its investment valuation. The value of your investment depends on the performance of your insurance provider as regards their investment and growth.

Every year, the life assurance provider will add an annual bonus to the guaranteed value of your assurance policy. Also, he will add a terminal bonus at the end of your term. Hence, as the time passes, the value of your life assurance policy increases due to addition of investment bonuses. But unlike life insurance, if you die during your life assurance term, your insurance provider would pay out the higher of either the guaranteed minimum sum or the accrued value of the annual investment bonuses. 

Provided your life assurance policy is a "qualifying policy" the benefits paid are not subject to income tax. To qualify, your policy has to satisfy certain statutory conditions. These include providing a minimum sum insured payable on your death. Also, premiums have to be payable at annual or shorter intervals for at least 10 years or until your earlier death. If you are a higher rate tax payer and surrender the policy within the first 10 years, some income tax may be payable. For professional advice on life assurance taxation in UK, visit http://www.medicsfs.com/financial-services/life-assurance/taxation.php


Wednesday, April 2, 2014

Yellow pages and business directories are the best places to find mortgage services online. In order to choose a professional mortgage service, make sure you consider all the important points mentioned:
How long the online mortgage service has been in the business?
Whether it has local address and contact numbers mentioned on its website?
Whether it is accredited or licensed by a financial authority?
Whether it provides client testimonials with real phone numbers and email addresses?
Whether it offers house loans?
What types of house loans are offered by the company?
Whether it has a how you apply section?
Whether it has mentioned the documentation that you will need to prepare and submit?
Many online mortgage service providers will anything to gain more business. Hence you must ensure that you choose the best from the many professional mortgage services available online. If any mortgage service provider instant approval, think twice even though you want a faster approval of your loan! You must be pre approved before getting approval for a mortgage loan.
The process of pre approval is quite trendy among all professional mortgage services because it enables them to check whether the prices or you are qualified for prior approval to find a property to buy. It also helps them in ensuring that you will search a home and you can afford all the costs including taxes. Pre approval also guarantees that are entitled for a mortgage loan in relation to the lender’s standards.
These standards are met after the verification of you documents and deposition of the origination fee. Professional mortgage services are quite beneficial if you choose carefully especially if you are a busy property buyer and can’t afford the time to follow the tedious home loans process.