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 Posted: Fri Apr 17, 2009 5:54 am Post subject: |
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| life insurance also play a key role in Covering Mortgage Payments for some families |
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SuperAgent
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| Posted: Fri Apr 17, 2009 6:20 am Post subject: |
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steven
guaranteed annuities could also be termed as 'joint
annuities' if they're being offered to two or more beneficiaries but the difference would be that 'gauranteed' annuity is extremely inflexible.All products of this type are irreversible, meaning you cannot switch to a new annuity when you please, and a fixed product of this type means you will never get more than what has been agreed.......whereas in 'joint' returns might depend on stocks and shares.
tell me if am not right |
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SuperAgent
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| Posted: Fri Apr 17, 2009 6:22 am Post subject: insurance |
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| Quote: | sdchargersfan, it's interesting that you say that your concern is your offspring, yet he is not the beneficiary of your life insurance.
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My son IS one of the Beneficiaries on my Life Insurance. I have more than one ( I think I explained that in a previous post). Remember...this Life Insurance is through the Military. According to Militsry 'guidelines', if the child/children is a Minor, someone else over the age of 18 has to be 'Primary' until the child/children turn 18. At that time, I can change the information on my Life Insurance. |
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sdchargersfan
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| Posted: Fri Apr 17, 2009 7:16 am Post subject: |
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Hi Insurance Expert..
| Quote: | | A trust can very easily have negative financial aid impacts when it comes to college. |
Would you care to illustrate a bit more.. Steven |
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steven
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| Posted: Fri Apr 17, 2009 9:17 am Post subject: |
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Hey,
| Quote: | | .whereas in 'joint' returns might depend on stocks and shares. |
That means joint annuities are much more flexible in nature. If so, then it becomes inevitable for them to be more risky than the other kind of annuities. The returns could be much more than what is expected or could even be too less when the value of the equity falls.
ArindamSenIndies |
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ArindamSenIndies
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| Posted: Fri Apr 17, 2009 9:22 am Post subject: |
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| Quote: | | My son IS one of the Beneficiaries on my Life Insurance. I have more than one ( I think I explained that in a previous post). Remember...this Life Insurance is through the Military. According to Militsry 'guidelines', if the child/children is a Minor, someone else over the age of 18 has to be 'Primary' until the child/children turn 18. At that time, I can change the information on my Life Insurance. |
You are having a hard time understanding something. Your son is NOT the beneficiary of your life insurance. Your son is the contingent beneficiary. If you die today, I'll get as much money as your son gets...nothing! Your friend gets everything. Your son won't ever have rights to this money until you change the beneficiary designations.
Sorry about screaming, but...
CHANGE YOUR BENEFICIARY DESIGNATIONS TODAY.
For children as primary beneficiaries, I work with my clients' attorneys. The beneficiary usually ends up being something along the lines of "Trustee Under the Will of SDChargerFan". This way, the will dictates the specifics, but the money must be used to benefit the child and it can all go to the child at a certain age. |
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InsuranceExpert
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| Posted: Fri Apr 17, 2009 9:31 am Post subject: |
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Steven,
Let me give you one simple example:
Joe's parents have $100,000 saved for his college. The money is in an investment account that they own.
Tom's parents have $100,000 saved for his college. The money is in a trust for his benefit.
Federal Financial Aid uses something called an Expected Family Contribution. Different assets get counted differently.
The financial aid calculations will expect Joe's parents to use $5,600 of the money for college.
The financial aid calculations will expect Tom's parents to use $20,000 of the money for college.
Therefore, Joe could qualify for $14,400 more aid assuming all other factors are equal. |
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InsuranceExpert
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| Posted: Tue Apr 21, 2009 2:07 am Post subject: |
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Different person buying life insurance for different reason and considerations. I can't say for others whay they want to buy life insurance, but for me i only have one most important reason, that is :
" I want to make sure my love one, my family is are having a better life, and they won't having financial problems when i am no more."
If i am gone, there is nothing left, money won't cant bring over to another world. Thats why i put most of my priority on life insurance policy. |
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eddielkk
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| Posted: Tue Apr 21, 2009 11:24 am Post subject: |
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Expert,
| Quote: | | Therefore, Joe could qualify for $14,400 more aid assuming all other factors are equal. |
Yes, $14,400 extra for other things remaining the same would be worth it.
But I guess if other factors are not the same, it could even be more beneficial for Tom under some circumstances. That would very much depend upon areas wherein each individual needs more aid. Am I right! Steven |
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steven
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| Posted: Tue Apr 21, 2009 3:21 pm Post subject: |
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| There are certainly times where a trust can be beneficial. Every situation is different. |
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InsuranceExpert
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| Posted: Wed Apr 22, 2009 2:34 pm Post subject: |
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Expert,
| Quote: | | Every situation is different. |
Are you pointing to a special situation wherein trusts could be more beneficial!
I've always found that trusts are beneficial to friends who're 'rich'. Steven  |
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steven
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| Posted: Fri Apr 24, 2009 11:46 am Post subject: |
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I think people buy life insurance depends on individual considerations and necessities. Life is very uncertain,unpredictable and know one knows what will happen in future.So the prime reason is to protect the policy holder and his family even after the person is no more.
I have heard about the insurance product for mentally disabled persons.It is specially design for autism,mental retardation and multiple disability.I think its a great step and family members of mentally challenged person reduce financial burden to some extent. |
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article
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| Posted: Fri Apr 24, 2009 2:03 pm Post subject: |
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Dear article..
Welcome to the community!
There's been enough of physical disability at our forums..you've really picked up another interesting topic. It would certainly reduce the cost burden.
By 'multiple disability' are you referring to both mental and physical disability at once??
Steven |
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steven
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