Should I Borrow Money from My Life Insurance

We’re living in tough times right now. With unemployment hovering dangerously close to double digits and credit harder and harder to come by, many are wondering just what they’re going to do for extra cash, especially with the holiday season upon us. Some may be considering borrowing money from sources such as their cash value life insurance policies. Of course, those with term life insurance don’t have that option, but in most cases, it’s just as well.

Generally speaking, it just isn’t a good idea to borrow money against your life insurance policy’s cash value, even if you are able to do so. Here’s why:

• You have to pay the money back. Even though it’s your cash value you’re borrowing against, you  like any other loan: with interest. And, like any other loan, the interest rate you will pay for your loan is going to be higher than the interest rate the insurance company pays you on the cash value.
• Any money you haven’t paid back comes out of the death benefit. If you were to die before you paid back the loan, the insurance company will take the balance of the loan out of the death benefit paid to your beneficiary. Most people really don’t have enough life insurance as it is, and if something happens to you, your family will need that money to handle final expenses.
• The loan doesn’t help your credit rating in most cases. While you may find that you don’t have many other options if your credit is poor, you should at least look into all of your other options first. If you have to pay high interest rates anyway, you may as well have it reported so it can benefit your credit rating.

While insurance companies can’t cancel your insurance for failing to pay back a loan (unless the amount owed exceeds the face value of the policy), you can put yourself into a really bad position by borrowing against your life insurance policy. If you’re that hard up for money, you’d be better off simply cashing out your whole life insurance policy and buying term life insurance instead. It may not build cash value, but the premiums are a lot cheaper, and we’re sure you have better purposes for the rest of the money.

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Requirements for education and training for insurance sales agents

For jobs in insurance sales agent , most companies and independent agencies prefer to hire college graduates - especially those that specialize in business or economics . Graduates of the school are sometimes hired if they have proven sales ability or have been successful in other types of work . In fact, many participants in the insurance sales job transfer agent other occupations. In selling commercial insurance , technical expertise in a particular field can help sell policies to those of the same profession. As a result , new agents tend to be older than participants in many other occupations.

The formation of the university can help agents understand the technical aspects of insurance policies and the fundamentals and procedures of selling insurance . Many colleges and universities offer courses in insurance, and some schools offer a bachelor's degree in the field. University courses in finance, mathematics, accounting, economics, business law , marketing, and business administration enable insurance sales agents to understand how social and economic conditions related to the insurance industry . Courses in psychology , sociology, and public speaking can prove useful in improving sales techniques . Furthermore, given that computers provide instant information on a variety of financial products and greatly improve the efficiency of the agents , familiarity with computers and popular software packages has become very important.

The insurance sales agents must be licensed in States where they plan to make the sale. Separate agents who sell life and health insurance and property and casualty insurance license required. In most States , licenses are issued only to applicants who complete courses established ALS and pass the state exams covering insurance fundamentals and State insurance laws. As a result of the Gramm- Leach- Bliley Act of 1999 , the industry is moving increasingly towards uniform rules for granting state licenses and reciprocal licensing, allowing agents who earn a license in one state to obtain a license another State where there passed the appropriate examinations and courses .

Several organizations offer professional designation programs that certify an experience in specialties such as life , health and property and casualty insurance and financial consulting . Although voluntary , such programs assure clients and employers that an agent has a thorough understanding of the specialty . Agents are usually required to complete a certain number of hours of continuing education to maintain their designation.

Employers are also placing greater emphasis on continuing professional education as the diversity of financial products sold by insurance agents increases. It is important for insurance agents to keep abreast of issues with customers. Changes in tax laws , government benefit programs , and other state and federal regulations can affect the insurance needs of customers and how agents conduct business. Agents can enhance their selling skills and expand their knowledge of insurance and other financial services, taking courses at universities and by attending institutes , conferences and sponsored by insurance organizations seminars. Most authorities state licensing also have mandatory continuing education requirements focusing on insurance laws , consumer protection , and technical details of various insurance policies .

As the demand for financial products and financial planning increases , many insurance agents are choosing to earn obtaining certification to sell securities and other financial products and licenses . Doing so , however , requires substantial study and passing an additional examination, whether the Series 6 or Series 7 licensing exam , which is administered by the National Association of Securities Dealers ( NASD). The Series 6 exam is for people who want to sell only mutual funds and variable annuities , whereas the Series 7 exam is the main NASD series license that qualifies agents as sales representatives of general values ??. In addition , to further demonstrate competence in the field of financial planning , many agents find it valuable to earn the designation "Certified Financial Planner" or " financial consultant . "

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Pakistan Insurance info

JS Group is the second-largest shareholder in the EFU Insurance Group, Pakistan’s largest insurance group.

EFU Insurance Group was established in 1932 as the Eastern Federal Union Insurance Company and grew to become the largest life assurance company in Asia (ex-Japan) from 1961.  In 1972, the life assurance business was nationalized but EFU continued as a general insurance company.  Today, it is Pakistan’s second-largest general insurer.

In 1992, the private sector was again permitted to carry out life assurance and EFU Life Assurance was launched by EFU General in conjunction with the JS Group.  Today, this company is the largest private sector life assurance company in Pakistan with a sales force of over 1,500 people and over 50% share of the life insurance business.

EFU General Insurance

EFU General is engaged in the general insurance business comprising of fire, marine, motor and engineering insurance.

The shares of the company are quoted on the Karachi and Lahore Stock Exchanges. The principal place of business is located at EFU House-Karachi with over 72 branches throughout the country.

EFU Insurance Group is one of the few Pakistani insurance organisations run entirely by professional management and with a highly-motivated field force. EFU General has obtained Insurer Financial Strength Rating of ‘AA Stable Outlook’ by the rating agency JCR-VIS.

A unique feature of EFU Insurance Group is its voluntary review mechanism by professionals of international repute. The independent reviews by these professionals enable the company to keep abreast of international changes in the industry as well as ensure that management adopts the best international practices.

Another pillar of EFU Insurance Group’s strength is its very close and long-term (over 50 years) relationship with its main reinsurer, ‘Munich Re’, one of the largest reinsurance companies in the world.

EFU Life

In 1992, the Government of Pakistan reopened life insurance business to the private sector organizations and EFU Life Assurance Ltd was incorporated as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and, by March 1994, the company began writing  individual life business.

The company has a growing network of 72 branches throughout the country with employee strength of over 1,600 in its sales force and around 150 at its main offices in Karachi and Lahore. The company employs 5 full-time actuaries and also engages one of the leading actuarial firms in the country.

EFU Life is the first life insurance company in Pakistan to be awarded the ISO 9001:2000 certification. Today, EFU Life continues to be the largest private sector life insurance company in Pakistan. EFU Life was the pioneer in introducing the following products and features in Pakistan:

Unit-linked products
Critical illness products
Education planning product
Inflation protection benefit
Tax qualified pension plans
Extended critical illness product (covering 379 medical conditions)

Allianz-EFU Health Insurance

In 2000, EFU Insurance Group formed a joint venture with Allianz AG to incorporate Allianz-EFU Health Insurance, Pakistan’s only specialized health insurer. Allianz EFU Health is a joint venture between the leading insurer in the world, Allianz Group, and the most experienced local insurer, EFU Insurance Group. It was the first company in Pakistan to offer health insurance to individuals and families, and companies with as few as five employees. To ensure quality, Allianz-EFU is implementing an Integrated HealthCare delivery system.

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Best Way To Spend Your Holiday At The Beach

If you have been working hard all year, then perhaps a little bit of time off will help you rest and relax from your labors. A holiday at the beach is a great way to spend some time with your family and all of those in your life hat you care about. Beach holidays are fun and enjoyed by everyone in the family.
Be sure to wear plenty of sunscreen when you are in the sun. A minimum SPF of 15 is recommended to prevent sunburn. Sunscreen acts as a physical barrier between the sun and your skin, keeping it protected from the harsh rays.

Your time at the beach won’t be fun when your stomach is growling with the pains of hunger. Bring a few snacks with you to make sure that you don’t get hungry while you are playing in the sand or swimming. It’s also fun to have something to eat while you are on the beach.

Be sure to bring a portable MP3 player. In the past, people would bring entire sound systems to the beach and play their music for everyone to hear. Now, it’s much easier to bring something that you can put into your ears and listen to whenever or wherever you are. Load it up with some fun beach tunes, and you will certainly be in a great mood.

It’s also not a bad idea to try and build a sand castle. Even if you’re not a kid, you can still pretend to be one. It’s great fun to stack sand up and see what results after your attempts at building something fun and easy to enjoy. Sand castles are designed to be playful and are perfect for kids or those with a kid-at-heart attitude.
Otherwise, just sit back and relax. This is the best part about going to the beach – the chance to forget about everything you were working so hard on and do something fun for once in your life.

Perhaps you don’t want to risk getting sunburned, or the beach is simply too cold for you? Considering that London has the world’s greatest theater scene, the beach holiday doesn't sound so fun after all. Beach holidays are great, but being able to see plays such as Les Miserable at the Queen’s Theater is just as good. Threat is a rare art that captures the imagination and draws your attention with it’s majesty and grandeur. If that’s the case, then head to your nearest Box office London and look for your theater tickets today. You can have much more fun at Box office London than the beach!

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5 Life Insurance Questions You Should Ask

if you're in the market for life insurance, you might have been tempted by those ads claiming that "for just a few dollars a day, you can protect your family with $1 million in life insurance!" It sounds like a great deal, doesn't it?These ads typically refer to term life insurance. As its name implies, term life insurance provides protection for a limited amount of time - or a specific "term" of years, such as 10, 20 or even 30 years.It's fairly simple; if you die while your policy is active, your family will receive a death benefit, but the many types of term insurance and options can be confusing. Is term life insurance likely to pay off for you? Start by asking yourself the following five questions.

1. What am I trying to accomplish?Before you buy any kind of life insurance, think about why you're buying it. Are you protecting your family in case of an early death? Have you taken on additional debt that requires you to provide coverage? Are you looking to leave an inherent to a charity?Understand that in most cases, term insurance policies do not pay a claim - most people who buy term insurance "outlive" their policy's term. As a result, if you're shopping for insurance to protect financial obligations you may have for a very long time - possibly for the rest of your life - consider exploring another type of policy, called Preachment Insurance. If you're in a cash crunch and have immediate obligations to your family, business partners, or lenders, term insurance can provide you with a quick, simple, short-term solution. 2. What's available?Most people will have access to at least one of the two types of term insurance policies: group or individual.

• Group - Most companies offer their employees some form of term life insurance as an employee benefit. This is called group term insurance, because you're getting protection as part of a larger group. Usually it's deducted right from your paycheck and the only requirement for coverage is to complete a brief questionnaire with details of your health history. Here are some of the advantages of group term insurance:
  • It's easy - You can usually sign up for a policy when you take a new job and enroll in your company's benefits program. You may also have an opportunity to sign up during the annual enrollment period at your company; when you may sign up for other benefits, such as medical, dental, .
  • No medical - Most group plans don't require a physical exam. A statement of good health, along with a medical history, is usually all that's required to secure coverage.
  • Automatic payments - Through payroll deduction, you'll hardly feel the financial hit of paying premiums every month. 
• Individual - As its name implies, an individual policy is one in which you apply for coverage on your own. You - or typically a family member - will own the actual policy. In order to obtain an individual policy, you'll probably have to undergo a medical exam of some sort, provide a detailed medical history, and give the insurance company permission to look into your medical records and perform a background check on any driving offenses and criminal activities. This might sound a little invasive, but there are some great benefits to owning an individual life insurance policy.
  • It's portable - If you take a new job at a different company, you don't have to worry about losing your life insurance protection.
  • Level Premimus - Generally, individual policies can be structured to have level premiums for the duration of the policy; typically this is a 10-, 20- or 30-year period.
  • Flexibility - If you ever want to upgrade or convert your term policy to a permanent policy, you might have more options available with an individual policy than you would with a group plan.

3. What if I don't die?Ironically, some people who buy term life insurance get upset when they find out that if they don't die, they don't get anything back. If this is a concern for you, it's important to get an understanding of what will happen to your policy as you near the end of the term. 

• Premiums go up - Many term policies offer level premiums for several years (10, 20 and even 30 years, for example). As you approach the end of that term, you may have the option of keeping your policy. If you do, you can expect a hefty jump in your premium.
• Might need a new policy - If you are still healthy at this time in your life and you want to keep the coverage, it may be best to apply for a new policy.
• Drop in coverage - Perhaps you only wanted your policy to cover you as long as you had a mortgage, or until your children's college education was paid for. If that's the case and you have no other obligations to protect, you might want to let the coverage expire.
• Upgrade the policy - Most term policies come with a "conversion privilege". This allows you to essentially trade in your old term policy for a new permanent policy.

4. How can I upgrade this policy?As mentioned previously, most term policies allow you to convert from a term policy to a permanent one. This is a great feature that provides future flexibility but because some policies have limitations, you should familiarize yourself with the conversion rules of any policy you're considering. When can I convert?
The conversion privilege might have a time limitation on it, to age 70, for example. Some policies allow conversion during the entire term of the policy. 
What can I convert to?
The most generous term policies allow you to convert to any type of permanent policy available, such as whole life, universial life, or variable universal life. Some term policies may force you to convert specifically to just one type, and some companies may not offer all types, which can also limit your options down the road. 

5. Where do I buy a policy?Chances are you'll probably hit the major internet search engines first when looking for information about buying a policy. A number of online distributors can provide you with a term insurance policy. These distributors typically focus on finding the lowest cost policy, given the personal information you provide.For a more personalized experience, you might consider finding a professional. An insurance agent will help you understand all the different variations of insurance - both term and permanent - and should be able to answer any questions you might have. You can find one by visiting any of the major company websites or combing through your local phone books, but probably the best way to find a representative is to ask around for a referral from a friend or business associate.Finally, for group coverage, you can check with your employer. If you're self-employed, you may have access to a group plan through a professional association, or you may even be able to put a group plan in place for yourself and your employees. 

Million-Dollar DreamsAfter going through these five questions, you will be able to decide for yourself if that million-dollar coverage ad is really what you need to provide for you and your family. If it's not, don't be afraid to pass it by - there are hundreds of policies waiting to provide you with the peace of mind you're looking for.

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Charity Bank and Charity Loan

Charity Bank is Associate in Nursing freelance moral bank with a social purpose. It operates across the united kingdom, with offices in Ton bridge, London, Cardiff and dynasty. Charity Bank provides loans to charities and social enterprises with the support of non-public and organisational depositors.

Charity Loan:.
Charity Bank provides low price loans to not-for-private-profit organisations sanctification charitable or social enterprise activities to be pursued, usually wherever business lenders area unit unwilling to lend. In 2012 Charity Bank rumored a loan write-off rate, of but zero.5% of its total disposition. As well as assessing the trustworthiness of organisations, Charity Bank proprieties organisations and comes that give robust social advantages. Charity Bank measures the anticipated social impact of every application as a part of its disposition call. In 2013 Charity Bank rumored that it had season over £177 million to quite one,000 charities and social enterprises that support individuals and communities across the united kingdom.

Ethical ISA and Savings:.
Savers will open term and spot savings accounts, like AN moral money ISA, ANd area unit sent an annual portfolio of all the loans the bank has created. this fashion savers will see specifically however their cash is employed. All savers area unit invited to fulfill charities from their area people that are supported by Charity Bank, as an on the spot approach of sharing the distinction their savings build. Savers are invited to attend AN annual Open Day wherever they'll hear from the organisations supported and speak with Charity Bank employees and administrators. Charity Bank's moral ISA is stratified high of moral Consumer's buyers' guide for moral ISA's.The bank's moral ISA is additionally listed as 'most moral ISA' by MoneySavingExpert.com.

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Life Insurance

 Life insurance (or ordinarily life insurance, particularly within the Commonwealth) could be a contract between AN insured (insurance policy holder) ANd an insurance company or assure, wherever the insurance company guarantees to pay a chosen beneficiary a total of cash (the \"benefits\") in exchange for a premium, upon the death of the somebody. betting on the contract, different events like terminal sickness or vital sickness may additionally  trigger payment. The policy holder usually pays a premium, either often or as a payment. different expenses (such as ceremony expenses) also are generally enclosed within the edges. Life policies square measure legal contracts and therefore the terms of the contract describe the restrictions of the insured events. Specific exclusions square measure typically written into the contract to limit the liability of the insurer; common examples square measure claims regarding suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to comprise 2 major categories: Protection policies – designed to produce a profit within the event of mere event, usually a payment payment. a standard kind of this style is insurance. Investment policies – wherever the most objective is to facilitate the expansion of capital by regular or single premiums. Common forms (in the US) square measure whole life, universal life, and variable life policies.

Terms of  Life Insurance:.
Special exclusions may apply, like suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a hard and fast time (usually a pair of years once the acquisition date; some states provide a statutory annual suicide clause). Any misrepresentations by the insured on the appliance might to boot be grounds for nullification. Most America states specify a most contest-ability quantity, usually no quite a pair of years. providing the insured dies within this era will the insurer have a right to contest the claim on the thought of deception and request additional information before deciding whether or not or to not pay or deny the claim. The face amount of the policy is that the initial amount that the policy pays at the death of the insured or once the policy matures, tho\' the actual profit can provide for larger or lesser than the face amount. The policy matures once the insured dies or reaches a hard and fast age (such as 100 years old).

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