Universal Life Insurances Can Be Popular – But Is It For You?

Of all the different types of policies, the universal life insurance seems to be the most favorite among today’s policyholders. It is a much later innovation, conceived to meet a modern need. However, it does not mean that the earlier policies have all become redundant. No, even term life, the original life insurance policy, has quite a big following even today and so have the whole life policies. Nonetheless, people seem to prefer universal life because it combines the low cost protection of the term life with the saving elements of a whole life to provide a perfect solution to modern insurance need.I am sure you are aware that the term life is the original type of insurance policy. Indeed, life insurance may have actually started in the form of burial clubs and artisans’ guilds in the Middle Ages, but the term insurance that we know of today is a much refined version. It is a pure life insurance policy valid a temporary period only. You can buy one for a period of 1/5/10/15/20/25/30 years. Since these policies do not accrue any cash value, you can have a large coverage at a very reasonable rate.However, on the con side, unless you die within the valid period, the term insurance policies offer no return. The whole life policies were next conceived as its antidote. They had saving element incorporated in them. However, such policies were little too expensive and premium payment mode was little too rigid. The universal policies came next. It became instant hit because it offered more flexibility when it comes to cost and coverage.Indeed, if you want to take advantage of the market without loosing the security of the life policy, there can be nothing better than a universal life. Following are some of its salient points:• It is a permanent policy valid for the life of the insured and so whenever the insured dies, his beneficiary is sure to get the benefit.
• These policies are slightly overpriced and amount paid above the cost of insurance is credited to a cash value account.
• Interest too is credited to the account. It may either be determined by the insurer or pegged to financial indexes such as stock, bond etc.
• If you fail to pay the premium, the amount will be debited from this account, thus keeping policy in force in spite of occasional lapses.Today we also have variable universal insurance, which allows the cash value to be directed to a number of separate accounts that operate like a mutual fund. However, since these policies are equity based, they can offer higher return, but if the market goes down, they offer greater risk too. If you are buying the policy solely for insurance purpose, such a policy may not be a very good idea because the death benefit will be paid as long as you have enough cash value to pay the costs of insurance in the policy.However, it is not for me to tell you what type of policy to buy. Receive different categories of life insurance quote on line and then decide. All said and done, I cannot stop myself from adding that, for life insurance purpose, you will do well if you buy only a term life insurance. It is true that a term life does not offer cash value, but its rates are so low that only a financial fool will expect it from the policy. Instead, the financial advisers say that one should buy a low cost term life for insurance purpose and then invest the difference in separate fund.However, not every type of term insurance is cheap. The term life insurance no medical exam policy for example is so expensive that the concept of investing the difference cannot be applicable here; in fact, the price structure of such a policy does not leave any difference to invest. Sometimes they are as expensive as a universal life policy is. Yet, such policies are no less popular because they too have some unique advantages.No medical policies provide instant coverage. You apply today and if you qualify, your family will start being covered by the policy from tomorrow and that too for the full amount. Of course, just as every other case, suicide within first two years is always excluder from its purview; otherwise, every other type of death in included under this policy. You may wonder why this policy is so expensive. Actually, without the medical test, the carriers can never work out the exact cost of insurance and so they charge more. Remember, they are here to do business, not for charity.

Effective Resume that Works in Canada

WHAT SHOULD MY RESUME IDEALLY LOOK LIKE, FOR A JOB IN CANADA?A question that I am asked very frequently by New Immigrants, when I meet them for an Interview. I do advise them on this issue; however the following components need to be addressed. This MUST be done before one starts applying for employment in Canada.Generally a resume MUST HAVE the following: CONTACT DETAILS: This includes the name of the applicant, address, phone numbers and email address. Please drop the PHOTOGRAPH, as it is definitely not required. Furthermore, there is no need at all to mention your Age, Marital Status and your Residency, Country of Origin and religion. There are laws governing these issues in Canada and hence they may not be the basis, on which any individual may be discriminated against in terms of employment.Clarity of an Objective at the beginning of a resume can certainly help in inducing the Reader to continue reading. Eg -Looking for an opportunity in the area of Financial Analysis and Planning, within an Organization that is value driven and customer oriented ORLooking for a Supervisory position in Sales, within the Consumer Packaged Goods Industry. Here is an executive summary of the individuals experience and skills. Eg – Controllership experience of over 10 years in ManufacturingDesignated Accounting and Finance professional Excellent leadership and interpersonal skills Managed large groups of staff ranging from 5 – 15 Have been exposed to Public Company Reporting for over 5 years Proficient in the usage of computers and various softwares WORK EXPERIENCE: A Chronological submission of employers worked with in your work life, beginning with the Most Current one. Important components to note here are – the name of the employer, tenure of employment with month/year, title of position and brief of the company worked in. Then you may describe the role you performed. Eg. -General Manager Jan 200 – Aug 2006 A Manufacturing Organization with Revenues – $100 million and 2000 employees Role Description ACHIEVEMENTS: Do not misinterpret this as a role addition or activity performed. This is a specific mention of an Accomplishment, where you have done more than required and gone that extra mile. Eg -Managed to bring down the month end closing days from 5 to 3 OR Successfully implemented a Costing system that resulted in an annual savings of $2 million across the companyListing of your degrees, certifications and so on. Please list the most current one first with details like – Degree obtained, year of certification, Institution that certified you and location. Eg -CA – ICAO – 2004 B.Com – University of Waterloo – 2000 SOFTWARE SKILLS: This is a comprehensive listing of the various softwares that you are proficient in like SAP, Lawson, Great Plains, Excel, Access, and ACCPAC.PROFESSIONAL MEMBERSHIPS/VOLUNTEER ACTIVITIES: This is not a must have for resumes, however cannot harm you in anyway. You may want to mention your involvement in a ROTARY CLUB for example, in addition to your association with CICA, ICAO, etc.Overall, a resume that has all or most of the above mentioned components stands a better chance of getting its owner an Interview than a resume that doesn’t.

Starting a Law Firm – Ideas About Office Space

One of the things that you will notice when you first open your law office is that you will write a lot of checks. You will make a lot of payments. It will seem like there is much more money going out than there is money coming in and, at the beginning, that probably will be the case. Consequently, one of the major aims when you are staring out is to keep overhead costs as low as possible. That means you don’t need that corner office overlooking Park Avenue. Right now, you don’t have the client base to justify that sort of expenditure. With that in mind, below are some ideas for some “starter” office space, at least until you get your feet on the ground.1) Traditional Office.Traditional office space, while the most liberating and enticing, is also the most expensive. However, that doesn’t mean you can’t lease office space from the outset. The key is to put your office in a location where the cost is justified. For example, if you are a litigator and can get prime office space next to the courthouse (where everyone who walks by can see your sign: “Law Office of Blankity Blank”), then the investment could be worthwhile. Be sure to consult with other attorneys who have offices near the courthouse, and see how much business they get from walk-ins. Then evaluate whether the risk is worth it.2) Home Office.The home office is the least expensive of the options. Additionally, the expense is not ongoing – once you outfit your home office with furniture and technology, there really isn’t a further expense until something needs to be replaced. Be aware that some practice areas (i.e. criminal defense or family law) do not lend themselves well to practicing out of your home. However, others fit well into the warm environment that the home offers (i.e. elder law or estate planning), especially if you will be meeting clients there. You will need to create a separate office within your home, to separate work from home life and to maximize productivity.3) Office Sharing.Office sharing can be a great alternative to the traditional office. While still more pricey than other options, sharing an office with someone else creates a natural avenue for referrals. This is especially true if you are sharing with other attorneys who practice in different areas than you do, or if you are sharing with non-attorneys. If you choose wisely, the referrals alone can justify the cost. As with any option, the key is to do your research, and meet with the people who you could potentially share space with, prior to making any decisions.4) Virtual Office.A relatively new phenomenon is the virtual office. The variations on the virtual office seem limitless, but it is essentially a place where you can meet with clients, receive your mail, have your telephone answered, while not being tethered to the office space. Additionally, the cost of a virtual office can be much less than traditional or even shared office space. It is a great way to keep costs low while growing your law firm, and maintaining the look of an established law firm.At the end of the day, your office says a lot about who you are as an attorney, but also as a businessperson. Make wise choices now, so you can thrive in the future.