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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