I am an insurance agent and mutual fund distributor. I am a science graduate, and hence know least about concepts of commerce. I am looking for a book which can help me offer better financial planning to my clients. The books should explain the concepts of various investment instruments like Mutual Funds, Stocks, Real Estate etc. It will be great if the books contains chapters on Taxes (and its various sections). In a nutshell, a book for dummies on Financial planning and Taxes. Please suggest. Thanks a ton.
Dear Madam, With regards to Financial Planning & Taxes it is very difficult to refer a book which provides all your financial problem, but if you read Dr. V.K.Sighanias Direct Taxes, it provides all available options of tax plannings. It is very lenghy book, you can read whichever you need. Thanks & Regards: Rudrayya.s.
Who is the best company to go with for financial planning?
My husband and I have our own business. I have been searching for the best company for financial planning and retirement for us. Any suggestions on who is the best?
Most of the "financial planning" companies have good honest representatives as well as honest yet stupid Representatives. Interview several of them. There will be large differences within a company (as well as comparing companies to each other). A good rule of thumb is to run away as quickly as possible if one of the first products they suggest is an annuity product. You can search the web on annuities (Money Mag., Forbes, Kilpinger's and many more)........... Except in rare cases, the only ones that benefit from these most expensive financial products are the sales representatives. ALSO: Be very careful with the suggestions on Yahoo Answers.... you'll never know the qualifications or motives of these people.
Sunday, June 6, 2010
Friday, January 15, 2010
Question about pension plan and social security?
Though it will be a while til I retire (like probably over 30 years from now) I am seeking clarification. I am a state employee and have a pension plan. For my state job, they do not take out Social Security taxes. I also run my own business and do pay Social Security taxes. Does that mean that when I retire from my state job (who knows when) I will be eligible for both my state's pension plan and Social Security? Will I penalized for having both?
How much money do you get from a Pension Plan in Ontario, Canada?
K well i will be getting a pension plan cuz of losing one of my parents. Is there a way to find out how much money i get from this pension plan? I live in Ontario, Canada, and i'm turning 18 in a few months and curious how much i get, not be greety, it's going into my savings for College, and w.e else i need. thanks :)
How can i get a loan from my pension plan do yo the economy?
how can i get money from my HDFC pension plan do to the economy
Are we too old to start a pension plan?
My wife & I are aged 50 & 53. Recently we were offered a stakeholder/ISA pension plan that starts with a lump sum investment of £2028, then continues with a monthly investment of £65. If we keep this up for 10 years we get a tax free lump sum of £4000 & an index linked taxable monthly income of £32, if 15 years £6770 lump plus £63 monthly. This is meant to be more tax efficient. Instead we could just put the money into a savings account at 5% & pay tax on the interest. According to my spreadsheet, we'd still be better off in 30 years by putting the money into the savings account & paying tax. Are we just too old to start a pension scheme, or are the stakeholder & ISA arrangements not as good as they seem?
You are not too old to start a pension plan but I would urge you to seek advice from an INDEPENDENT financial adviser on this.
How much money do you get from a Pension Plan in Ontario, Canada?
K well i will be getting a pension plan cuz of losing one of my parents. Is there a way to find out how much money i get from this pension plan? I live in Ontario, Canada, and i'm turning 18 in a few months and curious how much i get, not be greety, it's going into my savings for College, and w.e else i need. thanks :)
How can i get a loan from my pension plan do yo the economy?
how can i get money from my HDFC pension plan do to the economy
Are we too old to start a pension plan?
My wife & I are aged 50 & 53. Recently we were offered a stakeholder/ISA pension plan that starts with a lump sum investment of £2028, then continues with a monthly investment of £65. If we keep this up for 10 years we get a tax free lump sum of £4000 & an index linked taxable monthly income of £32, if 15 years £6770 lump plus £63 monthly. This is meant to be more tax efficient. Instead we could just put the money into a savings account at 5% & pay tax on the interest. According to my spreadsheet, we'd still be better off in 30 years by putting the money into the savings account & paying tax. Are we just too old to start a pension scheme, or are the stakeholder & ISA arrangements not as good as they seem?
You are not too old to start a pension plan but I would urge you to seek advice from an INDEPENDENT financial adviser on this.
Thursday, January 14, 2010
Can one transfer provincial pension earnings to another provinces pension plan?
Which is the best Pension Plan for Senior Citizens run by Insurance companies?
My Parents aged 71 yrs and 60 yrs would like to invest in Pension Plan to get decent monthly amount as pension after certain years. Which plan they should opt for?
They should invest in a fixed deferred annuity account for their set time horizon. Annuities with many companies are yielding near 6% or more. After the selected term of the annuity is over, they can then annuitize for guaranteed, lifetime monthly income.
I work full time presently in Ontario. I have been for a few years now. Been contributing to the Ontario Pension Plan. However I might be getting a full time job in Alberta. To which there is a provincial plan there. Would I be able to transfer all my credits in Ontario to the Alberta Pension plan and just continue? Or do I have to start all over again from scratch?
The Income Tax Act does allow a transfer of pension credit from one registered plan to another. The real question is, will the Alberta plan accept the transfer, and will the Ontario plan release your accumulated credits? Contact the pension administrators and ask if the credit can be transferred.
What is better, work for a company with higher pay w/o pension plan. or stay where I am at?
I have been offered a job for much higher pay, but they do not have a pension plan like my present company does. Both have 401K
Depends on if you are a good saver/investor...you can do without the pension if you can save/invest with the extra money you'd be making.
My Parents aged 71 yrs and 60 yrs would like to invest in Pension Plan to get decent monthly amount as pension after certain years. Which plan they should opt for?
They should invest in a fixed deferred annuity account for their set time horizon. Annuities with many companies are yielding near 6% or more. After the selected term of the annuity is over, they can then annuitize for guaranteed, lifetime monthly income.
I work full time presently in Ontario. I have been for a few years now. Been contributing to the Ontario Pension Plan. However I might be getting a full time job in Alberta. To which there is a provincial plan there. Would I be able to transfer all my credits in Ontario to the Alberta Pension plan and just continue? Or do I have to start all over again from scratch?
The Income Tax Act does allow a transfer of pension credit from one registered plan to another. The real question is, will the Alberta plan accept the transfer, and will the Ontario plan release your accumulated credits? Contact the pension administrators and ask if the credit can be transferred.
What is better, work for a company with higher pay w/o pension plan. or stay where I am at?
I have been offered a job for much higher pay, but they do not have a pension plan like my present company does. Both have 401K
Depends on if you are a good saver/investor...you can do without the pension if you can save/invest with the extra money you'd be making.
Sunday, January 10, 2010
Best health insurance policy to go for?
What is the best health insurance policy to go with? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
vgli is a 5 year renewable term policy meaning you can renew it every 5 years for the same amount of insurance but your premiums will have gone up cause you've gotten older. as far as whole life vs. term i tell people it depends how old they are and what they're responsible for financially. ie: If you're young and don't have a family basically you're just responsible for putting yourself in the ground. Here you can get free quotes from different companies in your area, its the best way to find an affordable health insurance with a reliable company. Hope this help,
What is the waiting period on a health insurance policy?
I was in a car accident about 1 1/2 months after I got my new health insurance coverage. I didn't have personal injury protection on my auto insurance policy so I'm billing my health insurance for the costs. Anyways they just sent me a letter saying that the services occurred within the waiting period of the policy therefore this claim is pending for receipt of physicians report. What does all this mean? Can they deny the coverage?
Companies normally have a 60 day "underwriting period" to see if they even want to accept your application. Since yours was a NEW application and still within this period, they are probably still waiting on reports from your doctors to see if you had any pre-existing conditions that might have caused the accident. If not...you shouldn't have a problem - it just takes a little waiting time. Good luck and I hope this helps!
vgli is a 5 year renewable term policy meaning you can renew it every 5 years for the same amount of insurance but your premiums will have gone up cause you've gotten older. as far as whole life vs. term i tell people it depends how old they are and what they're responsible for financially. ie: If you're young and don't have a family basically you're just responsible for putting yourself in the ground. Here you can get free quotes from different companies in your area, its the best way to find an affordable health insurance with a reliable company. Hope this help,
What is the waiting period on a health insurance policy?
I was in a car accident about 1 1/2 months after I got my new health insurance coverage. I didn't have personal injury protection on my auto insurance policy so I'm billing my health insurance for the costs. Anyways they just sent me a letter saying that the services occurred within the waiting period of the policy therefore this claim is pending for receipt of physicians report. What does all this mean? Can they deny the coverage?
Companies normally have a 60 day "underwriting period" to see if they even want to accept your application. Since yours was a NEW application and still within this period, they are probably still waiting on reports from your doctors to see if you had any pre-existing conditions that might have caused the accident. If not...you shouldn't have a problem - it just takes a little waiting time. Good luck and I hope this helps!
Sunday, June 14, 2009
Religare -Swiss Reinsurance Joint Venture for Health Insurance
A joint venture health insurance company in India is being formed by Religare Enterprises Ltd and Swiss Reinsurance Company (Swiss Re). An agreement has been agreement in this regard by the two parties.
Swiss Re will be a minority shareholder and will seek to provide its actuarial, risk management and underwriting expertise to the new venture.
The proposed joint venture will seek to commit sufficient investment to achieve a successful launch of the business, which Religare and Swiss Re anticipate will be operational by 2010.
The proposed joint venture will further strengthen Religare’s diversified portfolio and bolster its presence in the insurance domain.
Swiss Re will be a minority shareholder and will seek to provide its actuarial, risk management and underwriting expertise to the new venture.
The proposed joint venture will seek to commit sufficient investment to achieve a successful launch of the business, which Religare and Swiss Re anticipate will be operational by 2010.
The proposed joint venture will further strengthen Religare’s diversified portfolio and bolster its presence in the insurance domain.
Tuesday, June 9, 2009
Portability of Health Insurance Policy on the Anvil
Switching policies from health insurance providers will be possible soon according to IRDA and this will be done without any change in premiums. The issues with health insurance portability are being sorted out.
Some of the issues are:
Exchange of data
Bonus transfer
Two policies could be dissimilar.
To overcome these and other hassles the General Insurance Council has designed sort of basic health plan which can be completely portable.
The present health insurance policy holder is given health cover for a year and the same has to be renewed every 12 months. If there is no claim, the policy holder is entitled to a bonus in the form of increased sum and for every claim-free year, this bonus gets accumulated.
After the expiry of the term, if one intends to switch over to a new company, the accumulated bonus is not carried forward and one has to start all over again.
Some of the issues are:
Exchange of data
Bonus transfer
Two policies could be dissimilar.
To overcome these and other hassles the General Insurance Council has designed sort of basic health plan which can be completely portable.
The present health insurance policy holder is given health cover for a year and the same has to be renewed every 12 months. If there is no claim, the policy holder is entitled to a bonus in the form of increased sum and for every claim-free year, this bonus gets accumulated.
After the expiry of the term, if one intends to switch over to a new company, the accumulated bonus is not carried forward and one has to start all over again.
Thursday, January 29, 2009
Three more health insurance policies by Oriental Insurance
Aiming to widen its focus on the health insurance business, state-owned general insurancer Oriental Insurance on Friday said it would launch a slew of health policies early next fiscal.
Company's Chairman and Managing Director M Ramadoss, said "Health segment is one of our core areas. We are planning to launch two-three long-term health policies.”
The company, he said, is also "fine-tuning" its mediclaim policies to extend enhanced benefits to customers.
Ramdoss said that the company would be filling these products with the regulator ,IRDA, by end-this fiscal and hope to start selling them from April. Oriental's health insurance business grew by 25 per cent. This year, we expect to grow by more than 35 per cent.
Company's Chairman and Managing Director M Ramadoss, said "Health segment is one of our core areas. We are planning to launch two-three long-term health policies.”
The company, he said, is also "fine-tuning" its mediclaim policies to extend enhanced benefits to customers.
Ramdoss said that the company would be filling these products with the regulator ,IRDA, by end-this fiscal and hope to start selling them from April. Oriental's health insurance business grew by 25 per cent. This year, we expect to grow by more than 35 per cent.
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