March 25, 2017
The right thing to know – The world we live in is full of risks and insecurities. Families, individuals, businesses, assets and properties are exposed to numerous types and certain levels of high risks. These definitely include the risk of health, life, property, assets, etc. We know that it’s difficult to prevent these risks, especially sudden miss happenings so the financial world has taken the responsibility to protect business and individuals against losses by compensating them with finance. Therefore, insurance is required with the full pace that eliminates or reduces the loss caused by any risk.
When we talk about health insurance, the first thing that comes to our mind is ‘Grandparents’. Ever thought health is such an important thing, especially when it’s about growing age. Sometimes, we initially don’t take a risk of traveling with them to abroad; we suffer from a fear of bad health. But every time this tact can’t be followed rather we need to find some solution for this. The best and relevant to this is – Super Visa Health Insurance.
Now, what exactly is Super Visa?
Super visa is a long term multiple entry visa for both grandparents and parents of Canadian citizens or permanent residents. They can stay up to maximum 2 years in Canada for every visit. This is valid up to 10 years. However, a regular multiple entry visa is also valid up to 10 years; but you can stay for 6 months only for every visit.
Eligibility for Super Visa
Super Visa is for grandparents and parents for Canadian citizens or permanent residents. Apparently, the grandparent or parent must be admissible to Canada and meet all the terms and conditions. Read on:
- The applicant need to show Canadian medical insurance that meets the basic requirements and also covers then for minimum 1 year.
- The applicant needs a letter of finance support from their grandchild or child in Canada, who earns the minimum required income.
- Private medical insurance proof is required for the minimum time slot of one year with a copy of Canadian insurance company that covers hospitalization, repatriation, and health care and provides a minimum coverage of the certain amount, also is valid for the entry in Canada.
- A copy of employment insurance pay stubs for grandchild or child.
Although, the procedure can be little different if a grandparent or a parent is from another country, therefore, a visa is strictly required to enter Canada as a visitor. Health Insurance plays a key role in Super Visa, so make sure this is not ignored.
Validity for Super Visa
The maximum validity for Super Visa is 10 years, or it can be an addition to one month prior if the passport expires (whichever is earlier). Within this time Super Visa holders can stay up to two years.
On That Note
We truly know, how important is health insurance in today’s life, especially for our parents and grandparents. Therefore, in every limit, we need to make sure that this insurance is taken care.
, financial planning
, Health Insurance
, Medical Insurance
January 25, 2016
What is life insurance?
One of the key concepts of life insurance is that it can pay any dependents you have a cash lump sum or regular payouts upon your death. It has been designed as a way of providing you with a level of reassurance that those who are dependent on you are looked after should you no longer be around.
Of course, the amount of money that will be paid out depends on the amount of cover that you purchase. You may also make decisions as to how it will be paid out and whether the money is earmarked to cover particular payments such as rent or a mortgage.
There are a couple of main types:
– The term life insurance policy runs over a fixed period, and will only pay out should you die within that period. No lump sum is redeemable at the conclusion of a term policy.
– The whole-of-life policy pays out irrespective of when you die.
What is not covered?
Life insurance does not cover disability or illness. The majority of policies have exclusions. As an example, if your death is cause by alcohol or drug abuse, there is no cover.
Should you have a particularly serious health problem when the cover is taken out, this may also be excluded from payout.
Are you in need of it?
If you have dependents – a partner who is dependent on your income, school aged children, et cetera – if you die, a life insurance policy may provide for them.
If you are unable to rely on governmental help for your family – perhaps the amount is too small – then life insurance becomes a necessity.
Who does not need it?
Your partner may earn enough income for your family to be comfortable, or you may be single, in which case, life insurance may not be required.
How much does life insurance cost?
Life insurance can be good value. Depending on your circumstances, a few pence each day can be plenty enough to provide your family with financial protection. In fact, on average, 100k life cover for a period of 10 years, for those who do not smoke and are aged 54 years, works out at less than £1 a day.
Nevertheless, monthly payments, which are also referred to as premiums, can and do vary. Thus, it’s wise policy to shop around and to find out precisely what will be covered given the amount that you are paying.
There are a number of factors that impact the amount you will pay for life insurance. That includes the policy length, the amount you wish to cover, your current health status, your current age, whether you smoke, and your current lifestyle.
As an example, a younger person who is less likely to die on account of a medical condition will enjoy a cheaper life insurance policy than otherwise.
Do you already have life insurance?
You may have an employee package which includes something called “death in service” benefits. In which case, this covers you for a certain multiple of your income and as such, you may not be in need of any life insurance.
You do need assess whether this policy will provide enough cover in the event of your death or whether you should opt for additional cover.
Do keep in mind that if you no longer work for this employer, you will lose your coverage under this policy.
Consider other forms of insurance
Life insurance will cover a worst-case scenario, though you should also consider other matters such as bill payments and your mortgage if you are unable to work due to injury or illness.
You may benefit from income protection insurance. Income protection insurance provides for regular payments if you are unable to work on account of injury or illness.
Perhaps instead you need critical illness insurance. Critical illness insurance provides you with a lump sum which is tax-free should you be diagnosed with a serious illness that is under the provision of your policy.
Think also about payment protection insurance, which is a policy that will help you to maintain any regular payments if you are unable to work – maybe because you are ill, you’ve suffered an accident, or you have been made redundant.
You might be in need of short term protection insurance. This is a solution which provides short term insurance cover that can help you to pay for any essential outgoings if you are unable to work for any reason.
, life insurance
November 13, 2015
Mutual funds are one of the best ways for people to enjoy a high rate of return over the long term. A mutual fund is generally a collection of stocks that are chosen by the fund manager. There are some fees associated with investing in a mutual fund, but generally the rate of return that is offered will offset the higher fees. One of the most important things for any investors to do is to reevaluate the mutual funds that are owned every year. Over the long term, this can be a great way to take a look at the overall strategy that is in place with your investments. Here are several reasons why this is so important.
Having a diversified portfolio is one of the most important aspects of earning a solid return over time. There are many people who have too much of their portfolio invested in one type of mutual fund. Spreading out the capital that is invested in various mutual funds is a great way to diversify the funds that a person owns. Over the long term, a diversified portfolio generally has lower rates of risk than portfolios that are not diversified.
Over time, an investor can have a better selection of funds by looking at them every year. Although the past is the best way to gauge the future, there are some funds that have performed well in the past that are not performing well now. This would only be noticed by taking a hard look at the funds that are owned by a person. By taking an unbiased look, an investor can decide to reallocate his or her funds into different sectors of the market. This can make a huge difference over time in the rate of return that is offered by the investments.
Rate of Return
The rate of return that an investor earns on his or her portfolio is one of the most important metrics to follow. There are many different ways in which the rate of return can be increased. Always make sure that a portfolio is diversified over the long term. In addition, there is a correlation between risk and return. Younger investors can afford to take on a higher level of risk because they have more time to recover from the risk. This is important to keep in mind for those who are just starting out investing. By looking at all of your funds every year, this is a great opportunity to invest in those funds that will go up more in the future. Over the long term, this will help to boost the rate of return that is earned.
Mutual funds are a great way to have a diversified portfolio that has a proven track record of success. However, it is important to choose the correct mutual funds to invest in. There are many different sectors and funds for investors to choose from. One of the best ways to keep a portfolio working over time is to constantly reevaluate the investments that are made. This is one of the best things that any investor can do in order to have a high rate of return over the long term.
Jessica Kane is a professional blogger who focuses on personal finance and other money matters. She currently writes for Checkworks.com, a leading supplier of personal and business checks.
Tags: Cash Flow
, Interest Rates
, Mutual Funds
October 25, 2015
It was like a message from beyond the grave. One man’s actions left his family protected from the financial aftershocks of his sudden demise.
Most of Vinit Sharma’s* friends remember the printing press owner in Mumbai as a quiet, unassuming person who spoke only when necessary. Even in his close circle of friends, Vinit was always the quietest but he had the loudest laugh. The only time he became gregarious was when he would spend time with his two children, Asha* and Vinay*.
But despite his studied silences, he was always helping others whenever he could. If the building kids needed help hauling tubs of water downstairs for Holi, Vinit would be the first to help them. His wife would often see him writing cheques to the local orphanage – without saying a word even to her. If a neighbour needed to reach the airport at midnight, he would often volunteer to drive them.
But his family was unaware of one miracle Vinit had already worked out years before he passed away last year after succumbing to a heart attack. He was just 49 years old with no history of heart trouble. His devastated wife, Shyamala* says, “He suffered a heart attack at home just before leaving for work. By evening, the doctors told me that he could not be saved. The attack had been a severe one. I remember sitting alone in the corridor outside, wondering about my future and the future of my two children.”
A few days later, a long forgotten memory suddenly presented itself to her. “I remembered that some years ago, Vinit had told me to look in his safe in the wardrobe for his insurance papers. ‘In case anything happens to me…call the company and claim the insurance money’ he had told her at the time. “I had heard him out but dismissed it. Nobody in their wildest dreams expects their partner to leave them in their 40s. But I remembered what he had said and checked his safe. Sure enough, I found the insurance papers,” Shyamala recalls.
It turned out that Vinit had taken a health insurance plan that covered the entire family. “The plan was to mature in five more years. He had never missed a premium payment. When I saw the sum assured amount, I gasped in surprise,” she smiles. After contacting the insurance company, she set the health insurance plans claim process in motion. “All the paperwork was in order, and the process of claiming the money was very simple. I got the sum assured in under a month,” she says.
She remembers feeling like “a cloud had lifted” despite losing her beloved husband. “The money would help in my children’s education for a few years. There was enough left over for monthly expenses as well. It felt like it was his last gift to his family from beyond the grave,” she says with tears in her eyes. “We all miss him terribly, not a single day passes when I do not think of him. But even after his death, he looked after our needs. That one step he took –of taking a health insurance policy – ensured that my children and I would not need to depend on anyone else for our sustenance.”
Today, she runs her husband’s business which is doing quite well. Her daughter will enter college life soon, and his son says he plans to become a pilot. The family’s dreams are on course – just like Vinit wanted.
*Characters in the write-up are merely illustrative
, Health Insurance
, Medical Insurance
October 21, 2015
Proper business analysis is definitely required in order to increase the overall performance of the business. Just because you have a small scale business doesn’t mean that you do not need to pay attention to identifying the specific metrics which need to be adjusted. After all, business analysis is crucial for improving the overall performance of a business, be it a small scale one or a large scale corporation. All businesses face issues on a regular basis; what you need to do is to assess these issues and arrive at a useful analysis so that you can plan for your business accordingly. This article would teach you how to analyze your small business like a pro.
Business cannot function without its life blood, i.e. money and money comes from the customers, therefore the very first thing that you should tackle when it comes to analyzing your small business is customer results. Basically you need to conduct an operational analysis with a focus on customer satisfaction. You should aim at providing all your customers with equal treatment, irrespective of the cost of the product or service. By analyzing the investment results and maintaining customer satisfaction you will be able to boost the profit growth of your business.
Sure, a small scale business generally requires minimum investment but sometimes it is necessary to pay attention to the strategic and business results of your company brought about by the investment you make. You need to ask yourself whether you are investing as much money as your competitors or not. Now it is not necessary to use up a huge chunk of money for this process because you can always try to increase the strategic efforts of your small scale business through cost effective solutions.
When you’re analyzing your small scale business, you need to pay attention to the financial performance as well. In other words, you need to review the rationality and cost efficiency of the steps your business is taking. You need to find out whether the amount of performance that you’re getting out of the cost is worthwhile or not. In this analysis, you need to tackle all pressing questions that are financial nature. The rule of thumb here is to strive to improve the performance while incurring a lower cost with specific limits in place.
Business analysis is not just about analyzing problems and issues, it is also about coming up with solutions for them. Thus, if you want to analyze your small scale business like a pro then you will need to innovate. The innovation area of business analysis is highly important as it provides qualitative results. A multi-functional solution is always preferable here as these help in resolving several issues at once.
Not taking care of your company data when making analysis is extremely detrimental to the end results. Therefore, to be a pro business analyzer you need to recognize the value of the company data first and then commit to a basic data strategy so that you can hatch a plan that engages outside assistance and develops internal resources in an optimum manner.