Relevant Life Policy: How Is It Suitable For You?

Relevant Life Policy
Relevant Life Policy

The relevant life cover has been designed to provide protection to the employees who are working in small organizations. It is funded by employers who wish to set up a death-in-service benefit for their employees beyond the coverage offered by the chief company plan. This plan is typically suited for organizations having too few workers to qualify for group life schemes. As the employer is funding the relevant life policy, only he should complete the application form. If you are thinking about securing this cover but are not sure as to how suitable it would be for you, then you can go through the features, benefits and restrictions of this policy thoroughly to make a decision. As we progress through this article, we will know more about them.

Requirements to be fulfilled if you want to secure this policy

This relevant life policy is fairly new in the market. Therefore, it would only be wise for you to go through the legislative requirements that need to be fulfilled if you want to opt for it:

  • The policy can be secured by limited companies having directors.

  • It does not have a surrender value.

  • The kind of insurance can’t be sought for covering business loans, or for business succession or planning.

  • The benefits are payable before the client turns 75 years old. The cover stops providing protection as soon as the insured celebrates his 75th birthday. There are certain insurance carriers that allow a cover to be set up for a fixed tenure until the client turns 50 years old, or else be renewed for every five years. But whatever be the case, the cover can’t extend beyond 75 years, as already mentioned.

  • The amount is payable through a discretionary trust.

  • Income protection, disability, and critical illness can’t be covered by relevant life insurance. A terminal illness cover, though, can be added. But the benefits of this cover will only be paid when the employee is still working for the employer who had originally set up this cover for him.

  • Both the employer and the employee are entitled to substantial tax relief. But the purpose of securing the cover should not solely be tax avoidance.

How Suitable Is It for You?

Provided you fulfill the legislative requirements of the relevant life cover, then it would be sensible to invest in one since it will offer you significant tax benefits that a traditional life insurance policy won’t do. Let us find out more about them.

The employer is entitled to significant tax rebates as the premiums paid are considered to be part of trading expenses. It is particularly suitable for the high-earning employees with substantial pension funds as they can keep the benefits of this policy separate from the pension funds and other allowances that they receive. The amount provided can even be worth 20 times the annual salary received by you.

What is the role of the trust in the payment of the benefits?

As soon as the employer completes the documentation process (i.e., the application process), the relevant life policy trust is set up. Please remember most of the insurance providers would require the trust to be set up before the policy is issued. The employer is one of the trustees. A separate trust deed has to be drafted in case the need for additional trustees arises. You can leave behind a letter of wishes, indicating how you want the money to be spent, or else when you want your children to be in charge of the money. Though this letter does not have a legal significance but the trustees will definitely take the points into consideration while paying the benefits.

Author Bio: ST is a regular blogger, writing mainly about insurance and loans. His writings primarily reflect the changing trends in the finance sector.

 

Relevant Life Policy: How Is It Suitable For You?

Demerits of Payday Loans: Know More

Payday Loans
Payday Loans

In the wake of the economic crisis in America, a lot of its people are opting for payday loans to tide over their temporary financial problems. Borrowers take help of short-term financing to attend to their immediate needs like paying off medical bills in case of a sudden accident or illness in family or for paying off various utility bills. However, these fast cash loans have some serious shortcomings that you should be aware of if you are thinking of getting one.

Short term financing- Demerits

1) Availability of Easy Money

One of the most significant features of payday loans is that they can be obtained very easily, without any conventional credit check involved. Thus, there are chances of borrowers getting addicted to them. Borrowers with low earnings find it difficult to obtain the traditional loans, owing to their poor financial situation. Therefore, they rely more on short-term financing that carries very high interest rates to tide over temporary problems. Fast cash loans with high interest rates only make matters worse for them as they are already reeling under financial hardship. So, it is advisable that you judge your requirement properly before borrowing. For instance, taking their aid to pay medical bills is understandable. But it is not prudent to consider this type of credit for funding a short pleasure trip, when you already are faced with economical hardships.

2) High Rates of Interest

As already mentioned, the no credit check payday loans carry very high rates of interest. Since these are high-risk loans (as they require no credit check and can be secured within 24 hours), they carry exorbitant APRs that can even touch the 1000% mark.

3) Serious consequences on failure of payment

It might be very easy to secure the online loans same day but in case you fail to repay them on time, you might face serious consequences. The creditor will probably charge you high penalty fees. If you do not pay off the debt within one month, then the interest rates will add up, whereby you might find that your total debt has spiraled out of your control. Therefore, take only that much of money that you think that you can repay.

Some Solutions

As you are now aware of the demerits of short-term financing, it is important for you to exercise due prudence before and after securing it. Go through the tips mentioned below to know more.

  • Repay on time. Do not opt for a rollover as that may cost you dearly. Plan your budget properly so that you are able to manage the debt and other expenses at the same time.

  • Conduct due market research before taking these loans. Compare the rates offered by a few lenders to find out who is offering more affordable rates. However, if you discover that a particular lender is offering very low rates, then call the lender up to inquire about the hidden charges.

  • It would be advisable for you to consult a financial advisor if you are not clear about the features of short-term financing.


Author Bio:
Sidney Terrell has been writing informative articles for well-known web portals on a regular basis. Loans, investments and equity markets are some of the significant topics that she writes about.

Demerits of Payday Loans: Know More

Financial reports: how to make them easier

Financial report
Financial report

When it comes to making financial reports, many businesses can go into a period of brief chaos. Not only can they be extremely complex and difficult to put together, but in doing so a great deal of your company’s time and energy can be wasted on correcting mistakes and making sure everything is in order.

But they needn’t be a chore. Just like anything, making a financial report does have several very important keys to make the process extremely easy. Below are just a few.

Keep financial report periods shorter

All financial reports are usually presented either quarterly or annually. Both have very definite benefits and drawbacks. Presenting reports annually can lead to a much clearer overall picture of your company’s present state, but this can take a lot longer to put together. Making quarterly reports, however, can be much easier with less information to have to collate. Quarterly reports are a good solid place to start.

Use in conjunction with financial management software

Using financial management software such as Sage One will help you collate all your information and makes for an easy reporting tool when it comes to tracking, logging and collating all of the company’s business information, incomings, outgoings and overheads.

Attempting to do this freestyle can lead to erroneous calculations that could be potentially serious for a company, especially as financial reports are often for the use of official bodies. Financial software will also let you log all of your businesses transactions in real time and not leave anything out that could be of supreme importance.

Label everything clearly

When working with spreadsheets to collate the raw data before it is presented, it is absolutely essential that all of them are labelled correctly and thusly avoid anything being put into the wrong bracket accidentally. This is a very easy task to do before all the information is gathered up, but not doing so will quickly see the confusion mounting up under the weight of a month’s worth of business transactions.

Present them in simple yet elegant forms

When you deliver your reports, do so in a fashion that is simple and uncluttered. Simple pie charts and graphs are a very effective way of underpinning all of the heavy information contained within the report itself. It can also be a great way to present the information to employees regarding the company itself and areas which require a little rethinking to run smoother with lower overheads.

Triple check anything manually inputted

Information, which has been manually inputted, must be checked and double-checked and checked again. Human error is the main reason for miscalculation but can be easily avoided if careful.

Seek assistance

For those looking for further help you can even find guides available from the government. Their ‘Simpler Reporting for the Smallest Businesses’ is a great place to start and can be accessed online.

Financial reports: how to make them easier

Unsecured Loans for People with Bad Credit History

Unsecured Loans
Unsecured Loans

Those who have a poor credit score often find it difficult to qualify for unsecured loans. But the fact that you have a bad credit does not mean that your expenses won’t be there. You still have to pay those utility bills, you may need to consolidate debts, cover the tax bills, pay for repair etc. And what if you can’t keep your home or car as a collateral? Do you have any other borrowing options at all?

Well, to tell you the truth, yes you have! You can get an unsecured loan even when your credit score is not-so-fair. Here are some good tips to help you out.

Hire the service of a broker – If you are trying to get an unsecured loan with bad credit, consider consulting a broker. He will help you contact many lenders who provide bad credit finances. Brokers are familiar with a number of lenders and banks and therefore, successfully help borrowers with bad or good credit score get loans that fulfill their requirements.

Work with a co-signer – If you are going to apply for an unsecured credit with a poor credit score, it is advised that you take the help of a co-signer. This person can be from your family, friends or acquaintances and must have a good credit score as well as enough income to pay off the amount. He/she will apply for the finance with you and promise to repay the loan if you fail to do so within the given time-frame.

Though initially it sounds very attractive to get the help of a co-signer, it’s not that easy always. Remember, your co-signer is completely responsible for the amount that you borrow and therefore won’t be able to borrow much for himself until and unless your loan is paid off. If he plans to buy a home in the near future, it might become impossible. If you become unemployed or get injured during the repayment period and fail to pay the installments, the co-signer will be answerable to the lenders. If he can’t afford the payments, his credit score will suffer.

Apply for bad credit loans – There are ways to get unsecured loans. There are companies that exclusively deal with people with poor credit scores. They will match you with lenders who are not so interested in the past credit records of the borrowers. Naturally, these lenders don’t ask to furnish any credit report as well. The only thing that you require is a valid bank account.

Try to improve your credit score: This is probably the most natural option to qualify not only for unsecured loans but also for all sorts of finances. An improved score will always help you get approved for any type of secured or unsecured loans. Factors that affect your score include available credit to your account, debt and credit ratio, and collection accounts. If you have a number of bills that are overdue, paying all of them will help you improve your score as well as increase the possibility of qualifying for further credit.

Unsecured Loans for People with Bad Credit History

Choosing the Right Office

Choosing the Right Office
Choosing the Right Office

If you own a business, and its employees comprise of more than just yourself, then chances are you’ve got an office. If you are setting up a business, then choosing the right office is essential. Remember, every office is unique. Choosing how your space is presented is actually quite an important tool in presenting your brand.

Remember…

Of course, actual location is important. There’s no point in having an office way out in the sticks if the majority of your business requires meetings with clients. So you want something close to transportation links.

Next…

If you’ve gone and found the ideal location, then it’s all about the space initially. You might only want a small office initially. But you have to look at the long term game as well.

  • Do you want to expand?

  • Is the space going to accommodate growth?

  • Does it have the functionality you need, both now and in the future?

If you go too small, and clients constantly have to squeeze between the employees, then it doesn’t create a very positive image for your brand. But if you have a huge office and there are only three people working in it, then this can also be detrimental to your image. Clients might think there’s a problem with staffing levels.

Design

This is a huge thing to consider. Your office layout will dictate how visitors and staff will perceive your business.  Having a cubicle-themed space might encourage productivity, but can also appear sterile and unimaginative.

Likewise, having an open plan office (which is fast becoming the norm) might make things much more friendly and personable, but can sometimes be distracting. Many offices will offset some disadvantages by providing elements such as rest rooms, breakout areas and games rooms.

The little things

A business needs computer and communication systems. This is a given. So ensuring that you, your employees and your clients are able to work effortlessly and safely is important.

Basically, the logistics of your office need to be considered at all times. There is no point creating the perfect office space if you cannot have the right amount of computers, adequate internet bandwidth or the electrical connections to power them all with.

There are many factors for a business to consider when choosing an office space. By planning ahead and taking into account everything, from where plants will go, to the computers you will use, then there is no reason why your office can’t be an impressive place to be each and every day.

Bio: Written on behalf of Handd, providing businesses with expert file transfer security solutions.

Choosing the Right Office

How to Survive a Divorce Legally and Emotionally

How to Survive a Divorce Legally and Emotionally
How to Survive a Divorce Legally and Emotionally

For most people, a divorce isn’t just difficult, it is also the blow of a lifetime and there is nothing that can truly prepare you for it. Anger, depression, confusion and frustration are only a few emotions you will be feeling in this period, but you have to get it together and fight for your rights and your children’s rights. Here are a few things, which can help you with the process.

Legal Grounds

Whether you are the one initiating the divorce, or not, there are a few legal things you should consider. You have to make smart decisions about your divorce, and this means that you have to be very well informed. Don’t be afraid to ask questions, and try to understand what negotiation, mediation, litigation and collaborative family law means. Your advocate should make things clear for you in this matter. The subject of family law has always been a sensitive one, and this is why you should choose your lawyer carefully. You will need someone who can relate to your situation and who will do anything in his or her power to help you deal with the problem.

There are many things that can happen during a divorce. If you are afraid that you might go to court, you can relax, because very few cases end up in a court hearing. The majority of divorce cases are undefended, and once the papers are filled both parties come to an agreement. This is good news because court hearings are extremely expensive, and in this fragile state you don’t need to stand in a box and talk about your personal situation. Family Law solicitors in London explains that although almost every stage of a divorce happens on paper, you should always voice your opinion.

The Law is Neutral

Forget about the things you see in movies, family law does not favour women, or men. It is neutral. In others words you will have to come with viable proof if you want to gain certain advantages. Moreover, the fact that the man pays maintenance for the women happens because men usually win more than women, but in the case that the woman is the breadwinner, she will have to help her former partner with money. As far as children are concerned, they are usually entrusted to the parent who can better care for them.

How to survive a divorce emotionally

Divorces are traumatic and they can lead to depression, but there are ways to limit these effects. First of all you have to realise when the marriage has stopped working and understand that you have to stop hurting each other, for the sake of yourselves and your children. Secondly, it is only after the divorce that the true healing process begins. You are turning a new page in your life, and this means that you shouldn’t continue grieving. Rebuilding your social status and re-establishing your identity will help you forget about the turmoil that you’ve been through, and the support of family and friends can prove to be invaluable.

In conclusion, the best way to minimize the stress of a divorce is to realise that no marriage is better than a bad marriage, and that the needs of your children are above yours. Believe us when we say that becoming part of all the fights isn’t better than spending quality time with each parent separately. Divorces have become so common, that the children of today have come to the understanding that at some point, their parents don’t love each other anymore, so you shouldn’t beat yourself up about this matter. Last but not least, avoid conflicts and try to rebuild your life.

This is a guest contribution by Roxana.

Image Source: http://www.hartnellchanot.co.uk

How to Survive a Divorce Legally and Emotionally

Ecommerce Integration Using E-Trackit Software

Ecommerce Integration
Ecommerce Integration

Brick and mortar businesses have already realized that they cannot depend solely on sale from one location. Most such businesses are now using multichannel retailing to achieve higher sales and better profits. At the same time, multichannel retailing entails managing complex sales systems. It is difficult to track sales and order processing of products when products are being sold through multiple channels. However, it is easy to handle all aspects of multichannel sales by using effective sales integration software. Businesses that also sell their product through online retail stores and ecommerce trading websites have to use a software that can integrate data of both online and offline sale systems. This is possible with ecommerce integration using e-Trackit software.

This software has been used since 1995 by thousands of clients. Initially version of the program was limited to effective management of Electronic Point of Sale (EPOS) systems. After years of experience in this field, its developers have started offering their software with features that help integrate EPOS sales and ecommerce sales. The program is easy to use and any seller can track product availability, current position of orders and shipments, pricing, and many other types of data from the comfort of home using a simple home computer.

To use this software, a seller only needs to just feed details of all products into the program. Next step is to choose the channels where the products will be sold. It can include EPOS system as well as other online sales channels. With just these two steps, a seller is ready to sell items at the local retail store as well as on online stores. The whole process of multichannel sales is integrated. There is no need to hire IT employees, buy additional IT hardware, or use other software programs. With the help of e-Trackit, sellers can check all details through a central database.

All market research data point to a future where multichannel retail is going to be the main driver of sales. Already online sales have taken over brick and mortar sales in most product categories. With the help of ecommerce integration using e-Trackit software, businesses can manage all aspects of selling easily and economically. The software automatically populates the product across multichannel retail counters. Information related to sales, orders and stocks are updated in real-time. A good thing about this software is that it can be customized according to specific requirements of a retail seller. It can also be integrated with the system of suppliers so the seller’s warehouse never runs out of any product. Most importantly, the software can be used for customer profiling which helps predict future buying trends.

 

Ecommerce Integration Using E-Trackit Software

Five ways to spot a good Accountant

If you are self-employed, having a good accountant is absolutely vital to maximise the advantages associated with your status.

However, if the accountant you are thinking of using is good at marketing, it can be difficult to tell what a worthwhile benefit is and what’s nothing more than bluster.

If you are deliberating over your choice of accountant, here are five tips which should help you identify the right professional for you.

1) Be specific

If you are self-employed, you could probably use more or less any qualified accountant and get a decent result but in order to get real value, it’s a better idea to find an accountant who is familiar with the ins and outs of your industry.

Every sector has its own particular quirks and having an accountant who knows where the problems are likely to arise, and acts to anticipate and resolve them before they rear their ugly head can be simply priceless.

For example, IT contractors can be particularly vulnerable to a piece of legislation known as IR35 and it can take accounting wizardry to ensure that all contracts and documents prove this HMRC rule does not apply. Having an accountant familiar with the problem will give you a better chance of being successful.

2) Think local

You might be under the impression that you will only be seeing your accountant once every year for a tax return but you could well end up in their office more often than you think. Picking an accountant because they have a swanky city office might seem a real plus at first but when you have to sit in traffic for miles and face a long round trip every time you have an appointment, you might end up wishing you had considered somewhere a little closer to where you live or work.

Spot a good Accountant
Spot a good Accountant

Picking an accountant with an office which is easy to reach could be a blessing if you have to visit them regularly – sitting in long traffic jams is less than fun

Image source: http://farm1.staticflickr.com/70/199670739_a8e994e0cd.jpg

 

3) Expect to see them regularly

Linked to the point mentioned above, people often assume they will not need the services of their accountant very frequently. However, you could benefit from using their expertise for more than simply completing a tax return. Whether it’s advice on setting up a pension or queries over whether you would be better off changing the set-up of your business, a good accountant should be there to provide you with sound and practical advice when you need it the most.

Setting out with this expectation could change who you decide to appoint.

4) Innovation and technology

The stereotypical image of an accountant might be an individual almost buried by heaps of paperwork, but in the modern world, nothing could be further from the truth.

Accountancy firms have become spectacular at developing software which enables calculations to be completed simply with a click of the mouse, saving them hours poring over their calculator and reams of scrawled figures.

When you are selecting an accountant, you should therefore look for a firm who can offer you the latest in technology including an online portal and a link up to your live data any time day or night. Having to wait days to get your accountant to return your call with the figures you need should be a thing of the past.

5) Pick some-one you like!

Whilst qualifications and the ability to stay up to date with changes in legislation is important, your accountant should be some-one you can turn to for honest and helpful financial advice. And in order to have a good working relationship, it’s essential to find some-one you think you can trust.

Once you have appointed an accountant, they should get to know more about your business, not simply be a vessel which you pass trivial data to. By taking an active role in getting to know you and what you do, they can help you to optimise your earnings and maximise any advantages which are available.

But to have this kind of working relationship means being able to open up and risk sounding silly by asking daft questions when you need to, which is why your accountant should be some-one that you ‘click’ with when you meet.

If the accountant you have in mind is difficult to get along with you might struggle to develop the necessary professional relationship for optimum results

Conclusion

The chances are that you will be working with your accountant for many years to come so finding some-one who you can develop a good rapport and working relationship is important, as is having existing knowledge and experience of your industry. The right accountant could be surprisingly influential on your business so take your time and make sure you choose some-one that ticks all of the above boxes.

An article by Samantha who suggests Brookson – Warrington Accountants if you are looking to find a new Accountant.

Image credits: Pete Nijenhuis

Five ways to spot a good Accountant

What is Medical Billing Software and What are its Uses

Billing software
Billing software

Billing software is being increasingly used in various fields. It is also used by medical institutes like health care clinics and hospitals where the billing process becomes simpler and easier to manage. The fact that there are many patients that make payments, the billing process is basically a complex one. As such it cannot be carried out manually as it would be definitely a cumbersome process for the individual that has been entrusted with the responsibility. This has made the medical billing software gain greater importance over the years. Let us find out more about the software, how it is used and the different types of the same.

When we refer to billing, it does not necessarily include just calculating payments but it also includes making bills for insurance claims, track payments, and a general overview of the patient’s expenses incurred on the various medical facilities availed and the trends followed. Also you can obtain the cost of medicines used.

Medical Billing Software – How it works

There are different companies that design the software that is used for medical billing. They usually design a standard framework as International Statistical Classification of Diseases and Related Health Problems. The framework that is designed basically revolves around various codes that imply a particular specification. For instance, a single code when entered will give details of the patient’s payment track record, if you enter another code, it will imply the kind of treatment the patient in undergoing and so forth.

However, these codes are made known only to the billing personnel present at the billing department and individuals other than those working in the billing division are usually not aware of these codes.

An essential aspect of this billing software is that it has to be updated on a regular basis. This is because as the software also helps in calculating insurance claims and the insurance carriers keep changing their policy codes from time to time, the software has to be compatible with the changed codes too.

Individuals are usually imparted training to handle the software efficiently. Since it is specially designed accounting software, it is usually expensive, especially the ones that have to be updated on a regular basis. Moreover, as compared to manual billing and maintenance, these electronic ones generate error free bills, which is crucial to the final payment made by the patients or the insurance companies.

Popular medical billing software programs

Although you will come across a number of billing software that are used by the health care professionals, given below are names of few of the same that are quite popular and widely used by health care providers. These are as follows-

  • Lytec
  • Medisoft
  • Eclipsys

There are yet other PIMS or Patient Information Management Solutions that are being used extensively in hospitals, private practice clinics, and pharmacies. The error free records obtained make these software programs so popular.

What is Medical Billing Software and What are its Uses

How to Always Have Your Family First and Foremost in Your Thoughts

Lasting power of attorney
Lasting power of attorney

Most people would agree that the older they get, the more complicated their life becomes. This is certainly true when one compares the worries and responsibility of a young child to those of a young adult. Nature has managed to allow for this, by making sure that our bodies and brains were developed enough by a certain age to be able to handle the increasing complexities of our life. As parents, we often try to do the best for our children. This could involve making sure they get some educationally enriching toys for recreation, which will help them learn things and feed their young brains. Modern technology has undoubtedly created somewhat of a threat, by producing violent and in some cases perverse video games, which tend to attract children, especially young boys. Although they apparently feed some inner need, they also are poor model of how to act in a civilized society.

As parents, we have a responsibility to provide a balanced counterpoint to all of the violence and gore that children are exposed to through television, movies and even their video games. Among the more important lessons that we can teach our children is the need to be responsible, and have respect for our fellow man. Even as adults, we sometimes need to be reminded of our responsibilities toward our own family. Creating and signing a lasting power of attorney is one way to remind ourselves of the importance of having a safety net if something should happen to us. This document, which is often referred to as an LPA, is meant to look after not only our own personal health, but the safety and security of our own family should we become incapacitated due to an accident or illness.

Think Things through

There are really two different areas that you need to be concerned about should you become incapacitated for any reason. On the one hand, there is the financial aspect of your life, such as paying the mortgage, the household bills and even the various insurance policies you may have. It could even involve having someone that you have named run your business for you in your absence. This is referred to as the Property and Financial Affairs LPA. It can designate up to four different representatives, who are legally referred to as your Attorneys, to deal with all the items that the name implies.

But there’s a second document which, depending on your situation, could be equally as important. It is known as the Health and Welfare LPA, and as the name implies has to with any medical decisions that might involve you. Once again, you can name up to four separate individuals to handle any medical decisions that concern you. You may be the candidate for some type of experimental drug, or a new surgical procedure which could make your life substantially better. Your Attorneys will be tasked with making those decisions for you, and inform the doctors or surgeons accordingly.

Have a Strategy in Place

If you want to feel that you are completely protected for any eventuality, you will want to have a lasting power of attorney that covers both your financial and medical needs. Be sure to choose people that you can trust absolutely, as they will be making important decisions regarding your life and well-being, as well as the safety and security of your family.

How to Always Have Your Family First and Foremost in Your Thoughts