Family Trusts Can Protect From Divorce or Separation

Good on you! You\’ve managed to buy a house. Your initial thoughts are to become a property investor where you can build up the equity in your home and use that equity to leverage yourself into other properties and increase your wealth steadily over time.

At the time you purchased your house, a family trust was not at the top of your mind. Protecting your assets seemed boring and something you could get to \’later\’.

But the fact is, that life events like a relationship split can not only be emotionally damaging, but financially damaging too.

Look at this story below to illustrate.

Samantha hadn\’t had an easy time of it lately. Both her parents had died in the last couple of years and she felt quite alone. The only silver lining in the black cloud was that she no longer had to worry about money.

Her parents had left her their house and their life insurance had paid off the mortgage so she had a pretty good start in life.

Black clouds don\’t last forever. Samantha finally met the love of her life and she felt like the luckiest girl in the world when David asked her to marry him. Things went well over the next few years for them. They had two lovely children and sold Samantha\’s old family home and bought a new one for them all to live in.

Then events started to unravel. First, David lost his job. Then when he got another job he seemed to work really long hours. Things became strained between them. Finally, David told Samantha he was leaving. If that wasn\’t bad enough, David wanted the house sold and half the sale proceeds so he could purchase a home for himself.

Samantha didn\’t think this was fair. The home they now had was mainly paid for by the sale proceeds she\’d got when she sold her parent\’s old home. David didn\’t see it that way and the battle between the lawyers began.

Eventually, Samantha and David settled their differences in Court. The Judge ruled their home had to be sold and the sale proceeds had to be split 50 / 50.

The Judge said that Samantha had \’intermingled\’ the sale proceeds she\’d got from her parent\’s old home to the point where those proceeds had become \’relationship property\’, which was to be split evenly between them.

The result of this sorry story was Samantha not only lost her marriage but in effect lost her matrimonial home and her inheritance from her parents.

How could this awful outcome have been avoided? Well we aren\’t in the business of marriage guidance but we do know that taking good asset protection advice and putting in steps to protect her parents\’ home and the resulting sale proceeds would have saved Samantha\’s inheritance.

That means setting up a family trust.

The small cost of doing this and the tiny amount of time required each year to administer a trust is small compared to the risk and possible life events that can occur and affect your life for the worse.


Five Power Closing Techniques for Insurance and Financial Advisors

So, you have made it through the prospecting game. You made your cold calls, sent out your mass mortgage mailers, invited people to your coffee-sponsored seminars, you qualified responders as being serious prospects and have set the appointment.

Now what? You have done all this work, are you sure you are going to get their business? In this article are 5 closing techniques to help you solidify the deal and make the sale.

1. Quality Demonstration! If you are going to take the time to give a demonstration, be sure that you listen to your potential client’s needs and interpretations of what they expect to get out of your appointment. There is nothing worse than explaining variable life insurance and all the different cash options and disability waivers…to find out they only have a budget of $50 per month. So, listen and then tailor your demonstration to focus on their needs and to solve whatever void they need filled. Don’t get too wordy. The best demonstrations have few words, but are very poignant.

2. Small-closes! Throughout the demonstration, try to get periodic “buy ins” and acknowledgments that you are on track with solving their needs. Ask for their opinions, ask open ended questions; be sure to engage the potential client. If you can make many small closes throughout the sales process, then when it comes time to pull out the application, they won’t be shocked or caught off guard. When they ask a question, re-state their question. This does two things: it lets the potential client know that you are listening to their concerns, but it also restates to them what they have just said is their need. So, when the time comes for you to discuss possible solutions, such as term insurance to cover the mortgage, or a wrap-around disability income policy to substitute the rest of their income, then they cannot back out and say that it isn’t a concern.

3. Between 1 and 10! This has got to be one of the greatest closing lines ever. It is easy to do, and it forces the potential client to sell themselves. When you have finished your demonstration, you simply turn to your client and ask them, “Between 1 and 10…10 being ‘I am ready to fill out the application and never worry about how my family will financially survive if something should happen to me’…or 1 being ‘I wish you would leave my house right now’….where do you fall? And no matter what they tell you, you ALWAYS answer, “Really, a “#”? Why so high?” Even if they tell you a “4”….you answer, “Really, a 4? I thought you would be a 3, you had your arms crossed and didn’t seem interested in anything I was saying. Why are you so high? What made you choose a 4?”

And then let them answer. Even with a low number, they will point out the features that they liked. They will point out the solutions that worked best. They will also tell you what they didn’t like…and then you can move forward from there. If they were turned off by the price….them give them other options. If they were turned off by the fee structure of A-share mutual funds, then tell them about B or C shares.

4. Suggest/Recommend! This isn’t so much a closing technique as it is a phrase that sets you apart from others by presenting you as the expert. Think about the times you have heard people use this phrase with you. Typically most large oil changing stations will say at the end of their “12 point inspection”, “I recommend you flush out your steering fluid or use a fuel injector cleaner”. What happens is that, they are recommending this to you, which gets you thinking, “hmm…they are the experts, perhaps I should listen to them”. Versus someone saying, “you NEED to do this.” That phrase turns us off. “I don’t NEED to do anything!” When you are sitting with a prospective client and you have finished your demonstration and they have agreed that they need to begin a college savings plan, or invest in a sound life insurance policy, the next phrase out of your mouth should be, “As your Financial Representative, I suggest we get started with…..” or “I recommend that we…..”. It sets you up as the professional that they will trust.

5. Take the sale away! This phrase sounds like the opposite of what you want to do, but rather than chasing someone for the sale, make them ask you for it. Statements like, “I don’t even know if you will qualify for this….why don’t we fill out some of the medical questions to see if we should even move forward with underwriting.” Or if they balk at the initial deposit to open a college plan or annuity, try saying, “You know what? Maybe you are right. This college plan doesn’t seem like the right fit to help you cover the cost of your children to go to any school they want to….why don’t you check out state savings plans through the bank…I believe that enrollment period starts in 6 more months”. This gets the person thinking, “Well what is wrong with me? I want to fit in, I want to belong.” When you push something, it moves away from you….when you pull the same item, it comes towards you. Another move you can make…if someone says that the premium is more than they want to spend, you can always say, “you know what, maybe you are right, but why don’t we go ahead and get you underwritten, see if you even qualify for this low of a premium, as you could come back rated. Then once you are approved, then we can determine which policy will work best for you.”

It takes a little time to change your thinking, especially when you are just starting out. But give it some time, and practice these steps. You will see clients becoming more attracted to you as a professional.

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Know about Commercial Truck Insurance – Things you need!!

Companies must consider all their options before investing in the commercial truck insurance. The cost of this coverage will be based on the rating of the insurance of a particular company. Such classification is highly variable depending on factors such as territory of insurance, the nature of the enterprise itself, and the scope of services that company provides. These factors require the research skills of experts on the part of an agency, and knowledge of insurance underwriting of property and indemnify categorize an organization. Only through a systematic analysis of all, not just some of the factors above, that insurance commercial truck really effective is made affordable insurance for commercial trucks.

Commercial truck insurance premiums are calculated based on various factors. These factors are used to determine the financial risk, or probability of an accident, which provide a driver with truck insurance. Many factors taken into consideration are things that the driver can influence to lower rates, such as accident history, while other factors the insured has no control over, such as age.

The process of commercial trucking insurance involves the use of pilot experience that the key components to decide. In general, drivers with good experience have a lower risk of facing an accident. Insurance for commercial vehicles generally depends on the number of years a driver has worked in a company. A person with a history of huge employment tends to have a plan more than insurance for an amount less than the premium. If there is a case where the driver has met an accident in his life driving past because of his mistakes, then there is a likelihood that the driver forced to have insurance of less value to his truck.

Commercial truck insurance involves some complex financial terms and concepts which can be confusing, which can be confusing for some people. To simplify. … Own equipment except a broker is involved, the burden of insurance generally falls on the parties to the transaction. Brokers earn fees for facilitating the transport. Truck insurance: cargo insurance covers the value of the cargo under franchise.

For a quick way to get a handful of free trade insurance quotes trucks, simply enter your information in the \”get quote\” page of the proposed site below. This is the first step qualified to obtain insurance quotes commercial truck that will closely fit your needs. You can save a lot on your vehicle insurance business by paying only for what you need or what your brokers require.

By obtaining a number of insurance quotes for commercial vehicles at the time you have your companies\’ commercial truck insurance fighting over you. What drives them to lower their premiums and offer incentives to sign with them. That\’s why we work with the most sophisticated systems to ensure our customers receive the best protection in case of need. In effect when you need it most, \”we will be there for the long term.\” Are the less expensive, more time efficient ways to get vehicle insurance business and reduce your monthly expenses.

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How Do Group Car Insurance Help Your Travel Agency?

If you are managing a travel agency which is meant for hiring your taxi by the individuals for just a simple purpose then you should manage atleast some 10 to 15 cars so as to manage the customer request. You might take the loan to purchase all these cars what about the insurance you have to pay for all of these cars.

You can go for group policy for all of these vehicles so as to reduce your premium amount. For example if you take a single life insurance policy for assured some of $5000 then you have to pay a high premium than when you select the group policy for which the premium might be say $40000.

The same logic which is applied for life insurance will also apply for car insurance policy when you take the insurance premium for all the cars that you own with a coverage for the drivers too so that you need not pay out of your pocket if something goes wrong with the vehicles when in use.

Ofcourse in order to reduce the premium even further you can set some bonus in a year based on the accidents and the complaints they have against them. This will help the drives drive safely so that your car and the driver along with the customers are at safe there by you get discounts on managing such a good travel agency. Also the money you save in insurance can be paid back to drivers as a bonus for no accidents and no complaints.

The trust between you and the drivers increases and the mutual assignments between the insurer and you also will be at ease and manageable by you. Not only that you will also win customer satisfaction for smooth handling and smooth driving too. Which increases the demand for your company and hence your business will grow.


Term Life Insurance | First Plan and Invest in the Life Insurance Policy for the Future

Think about investing in the life insurance policy for the safety of your family and see the changes in your life. After you have invested in the life insurance policy you will feel very fresh and you start looking towards life more positively. You will feel the urge to get more changes in your life style. Well, there is no harm in getting changes in your life unless and until you know that you have saved enough for the future. Because saving for the future is very important. You can lead an easy life in your old age. Now at present when you are young you have the potential to work hard and you should try to earn as much as you can. Then you will find your life very easy going. Once you have planned and saved or invested in any of the life insurance policy for the future, then you can bring changes in your life style very efficiently. You can renovate your house. You can get all the luxuries in your house for your self and your family. You can buy an air conditioned car for your self, a microwave oven and a dishwasher for your wife and a new television and a laptop for your children. All these luxuries can be bought after you have planned and invested very wisely for your future.

I am working in an office where I can earn enough to fulfill the desires of my family. I have invested in the universal life insurance policy for the financial security for the future. I have a very positive vision towards life. I aim to earn more and give more to my family. I want to give them more than what I give them today. For this I have to work harder. That is not a problem with me; I will definitely work harder for the desires of my family. This attitude of mine will lead me towards success as far as I feel. As I mentioned earlier, that I have already invested for the future, and now I wanted to but a new car for my son who is to turn 18 years this December. I want to gift him a car for his birthday. I took a loan from the company and took a car for my son and now I am relaxed that even if anything happens to me before I could repay the loan the life insurance policy will help my family to repay the loan. This way I can fulfill the requirements of my family with the help of the life insurance policy. Even you all can follow this procedure in your life. First of all you should plan to buy a good life insurance policy which you think will suit your needs and budget, then you should very wisely invest in it and then you should try to buy the comforts and luxuries which your family needs for today. First you should try to secure their future and then spend for today. I am sure if you follow these steps in your life even you will be happy like I am in my life.

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Boat & Marine Insurance Basics

Boat insurance can be a very confusing topic, especially for first-time boat owners.  No standards exist across insurance companies, so it is often up to the boat owners to read the fine print in order to figure out the specifics of their boat insurance policy.  Not understanding these subtle differences before you choose an insurance provider can cost you thousands of dollars in the event of a loss.  Losses come in two varieties, total losses and partial losses.  Generally speaking, total loss policies typically fall into three categories:

  • Agreed Value – Agreed value is the simplest and most easily understandable of the total loss policy types.  In an agreed value policy, the boat owner and the insurance company agree on a value, prior to the loss.  In the rare event that a total loss occurs, the boat owner is paid the agreed upon amount.
  • Actual Cash Value – Actual cash value is determined by third party sources such as a used boat price guide and other comparable boats listed for sale.  In a policy that is based on actual cash value, the amount a boat owner is paid is based on the value of the boat at the time of the loss.  The boat insurance provider will either pay the insured value or the actual cash value at the time of the loss, whichever is lower.
  • Boat Replacement – A boat replacement policy replaces your boat with a new boat.  This type of coverage is only available to boat owners who purchased a new boat and will only last for the first two to three years of ownership.  Once the boat reaches the age where a boat replacement policy is no longer applicable, the policy form will change to one of the two other types.

Although most people buy boat insurance for the rare occasions in which they experience a total loss, the majority of boat insurance claims are partial losses.  Partial losses are handled a bit differently than total losses.  Similarly to total loss policies, partial loss policies are not standardized and each insurance company may have their own spin.  Generally speaking though, the differences boil down to two main points.

  • Replacement Cost vs. Depreciated Value – Replacement cost and depreciated value differ in one key aspect.  The amount a depreciated value policy pays is subject to depreciation, whereas in a replacement cost policy, depreciation is largely not factored in.   Depreciation is calculated by the boat insurance companies using a predetermined, non-published depreciation schedule.  Since depreciation reduces the amount you are paid in the event of a partial loss, boat owners would be best served finding a boat insurance provider who offers a replacement cost policy.  Despite this difference, most replacement cost plans do not completely omit depreciation from their policy structure.  Replacement cost plans tend to state specific parts that are subject to depreciation.  These parts generally have shorter life spans, such as canvas, sails, or plastics.  It should also be noted that depreciation is not applied to labor, storage charges, and other non real property items.
  • Remanufactured vs. New Parts – Some insurance providers will actually discount depreciation if you agree to use a remanufactured part.  This reduced depreciation can save boat owners thousands of dollars in a partial loss.  There are even some insurance companies that don\’t apply any depreciation to remanufactured parts.  Again, boat owners would be best advised to seek out boat insurance providers that use the latter and don\’t apply depreciation to the amount they pay.

No two boat owners likely have the exact same requirements for a boat insurance provider. Understanding these subtle differences in policies is essential to choosing the best insurance provider to meet your specific needs.

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