Aside Posted on Updated on
We normally plan Life Insurance in UAE, Dubai and Abu Dhabi with various types of financial planning for the security of our life and our family and among them doing proper planning for our families life in our absence is the most important. Life is very uncertain and we never know when our life will change its’ track. If any mishap occurs to us, this planning for the life will save us and our family. During any adverse situation in our life, if we go with proper life insurance plan, we will get financial support after a certain time period or after the demise of the person for whom insurance taken.
Know more about life insurance
Life insurance policy is a contract between the assurer and the policy holder. According to this contact the assurer or insurer agrees to pay a benefit to the policy holder after a certain time period in exchange of premiums. We can notice the use of the concept of life insurance in the year 1706 and there was a contact between William Talbot and Sir Thomas Allen. Since then, lots of modification done to this policy to make it more convenient to the people in general. Basically, life insurance can be categorized into two major areas.
- Protection policies
- Investment policies
Benefits of life insurance
In recent days it’s mandatory for all in UAE to opt for Life Insurance UAE to make life secured and protected. Various insurance companies offer a wide range of policies keeping in mind the different needs of an individual. There are several features of life insurance which are beneficial to us.
- Covering risk: With this feature we can give our loved one a secured and happy life in case there is any occurrence of any mishap happens in our life.
- Proper planning for life: If there is any untimely death of any family member, especially the earning member, then this long term investment will be a great support to fulfill the basic needs of the family.
- Safeguards against any illness: Suffering from critical illness increased a lot and we can get huge support in paying the bills of hospitals and treatments with suitable life insurance cover.
- Savings for the life time: Life insurance is a long term investment and this is a safeguard to the policy holders and their families.
- Tax benefits: Every insurance policy is well facilitated with all tax benefits and hence whatever premium we pay we will get deductions on that as per income tax rule.
Do’s and don’ts with Life Insurance Dubai
A suitable life insurance policy can make our life safe and protected and here we should be aware of certain point before availing a policy for Life Insurance Dubai.
- Check out basic options: There are mainly three basic options which must be taken into consideration. The level term, life term and decreasing policy are the points to be noticed properly. According to your need you can opt the suitable option.
- Considering linking mortgage with insurance policy: you can consider the life insurance policy more specifically to link it with mortgage payment even after the death of earning member of the family.
- Reduce your debt: If you are under the coverage of death in service with the employer then this life insurance policy can reduce your projected coverage requirement.
- Waiver of premium: You can have waiver of premium if you go under suitable life insurance policy. This policy can support you in your future inability to pay any premium.
- Never hesitate to assess the right policy: You can make your life well secured only if you can choose the policy after proper assessment. After assessing the proper coverage you require you can opt for the best Life Insurance Abu Dhabi. Joint life policies are comparatively cheaper and if you have your partner then go for joint policy for better cover and lower premium. Look for such policy which will pay out for the regular needs of the family after your demise or inability to work.
- Not to smoke: Being a potential insurer as non smoker will make your insurance premium lower and hence it is suggested to stop smoking for at least 12 months so that you don’t get your insurance premium reduced for more coverage. If you are a smoker then for an insurance company you are a risky client and your premium will be doubled.
- Review policy annually: Annual policy renewal is a must to do job and should be kept in top priority in order to keep your insurer updated about the latest changes in your life for getting prompt service at the time of need.
So, be ready to get quotation by mentioning all your details and speak to the experts of a trusted broker firm to have the right policy. There are different types of insurance policies which will keep you and your family members safe and protected from any unforeseen situations.
Aside Posted on
Protect yourself and your family in times of uncertainty. 36 critical illnesses covered. Our lives are fraught with difficulties and so to safeguard ourselves from accidents or mishaps we need to protect ourselves. So what would do we do? Life insurance policies in Dubai, Abu Dhabi and UAE can be the most effective way by which we can protect or at least insurance ourselves against these uncertainties. But there are certain things that you should keep in mind while investing in life insurance policies.
These Things to be kept in mind:
Businessmen should go for Key Man Life Insurance Policy. This type of insurance is taken to safeguard the business organization from financial losses in case of the death of one or more employees or owners. Any person can be a Key Man provided they should be either director of the company or key project managers or key sales people or people with specific skills occupied in a particular business. This it also helps the company in its tax planning and protects the immediate families of the businessman from getting affected by the vagaries of the company.
Shareholders should go for Shareholder Protection Plan Saudi Arabia. This not only helps the shareholder but also the deceased shareholder’s family as they can realize the value of the business interest. The shareholders thus can reduce the risk involved in their business. Stefan Terry provides financial assistance to various corporate companies.
Life Insurance should be a must:
Every person needs life insurance cover to his or her personal debts, medical plan and funeral bills. Therefore insuring yourself and your business should be one of your main concerns until you have enough assets to cover the expenses after you are gone. Moreover, even if you are single, you still need to insure yourself.
Thus it is clear from the above discussion that insuring oneself and ones business has various advantages. Although insuring may initially involve some costs but it will definitely benefit one in the long run. So, leave all the stress aside and let your insurance policy deal with them, while you rest at peace and enjoy a carefree life. One cannot predict future disasters or mishaps that may happen in your life but through insurance, you can protect yourselves from them and live a happy life!
Aside Posted on Updated on
Expats in any country most of the time feel insecure due to lack of proper financial planning. To make correct financial planning expert guidance and advice is always needed. The expert financial advisor always makes the best effort to support customers for planning.
Dubai is one such destination of the world which acts as a home to a huge percentage of expats from different parts of the world. Dubai expats need the guidance and support of such experts who can open up new avenues in front of them to plan for future well. Stefan Terry is one such expert of the financial world in Dubai on whose suggestion you can blindly trust and can make your future secured.
Types of planning which expats must due in Dubai
Estate planning: Estate planning solutions are made for High Net worth Individuals and to get the best assistance in this regard getting in touch with the experts of Expat Wealth Care will always be the best option. The areas which are to be considered for proper estate planning are
- Investment planning related to accumulation of capital
- Tax Planning
- Distribution of wealth
- Succession in planning
- Tax implications such as inheritance tax etc
While doing the investing planning the expats may think of the amenities that they can get from these planning. Check out the list below
- Application of highly governed security is done
- Confidentiality is another important advantage in this plan. Minimal reporting for the assets of the expats within these jurisdictions is done
- The biggest advantage for Expats is that these investment planning will not be included with any tax on capital gain.
- A perfect structure of estate planning is included without any tax liability. So, it can be said that the gross roll up is always available without any tax liability.
- With this wealth care plan, one can become able to protect the assets.
- These investment management planning is included with mutual funds, investment in direct stock, investment with structured notes, modified non-listed funds and many more.
Retirement Planning: Retirement planning is one of the important decision of life which if not done properly can hamper the well being of a person in retired life. Everyone needs to opt for timely planning for retirement so that after retirement one can get the best benefit. People who lives as an expat in a country, he or she should take necessary step to have proper offshore pension plan. To get in touch with Stefan Terry will be the best option. His guidance and advised planning options will also be extremely helpful in getting the best tax saving.
This is also important to know whether these retirement plans are governed by Tax implications and Act of Government Pension or not. Generally these expat retirement and pension plans are not governed by these rules and hence the growth is completely tax free. The selection of the retirement age is totally dependent on the customers themselves and at the time of retirement they will be able to draw the maturity amount. These offshore pension plans is available with greater flexibility.
Investment advice and expert portfolio management: For doing proper financial planning, having perfect advice from professionals is a must. The professional planners will do the necessary task for helping the expats in having the best plan. They work directly with many reputed financial organizations which always deal with lots of financial planning. In the market these expat investment planning are widely accepted. Such planning’s are able to give a good return of 7 to 8 percent per annum. The famous Financial Planner always offers the best service so that you can easily opt for the best plans like
- Education plan for the children
- Savings on any existing portfolio
- Savings in cash within your bank account
The customers will also be able to visit the client portal from where they will get the real time valuation. Expats here will also be able to get in touch with various analytical tools which will help to review the performances done by these professionals.
Proper education planning: While expats are opting for proper planning for wealth management, they also need to take a look at the best education planning so that in future children will not suffer at time of opting for higher education. Recent days, the cost of education has gone up a lot and hence proper planning for education is a must.
This is always necessary to think about doing investment in children’s education plan quite in advance. The experts will guide all to have the best solution in having the best education plan. The expert will suggest the expats how they can spread the expenditure regarding education over many years so that there will not be any burden on any particular year.
Investment in SIPP: SIPP or famously known as Self Invested Personal Pension plan is an excellent tool for those who are retired and living as expat in a country. In the countries like UK, SIPP has become too famous. SIPP is a bit different than that of simple pension plan. SIPP falls under the HMRC tax rule in UK and hence tax will be applied on the drawdown amount in the person resides back in the country.
Investment in QROPS and ONUPS: Qualifying Recognized Overseas Pension Scheme in short QROPS is the perfect plan for those who do not want to retire in UK and those who want to transfer the pension drawdown to other countries. This is tax free pension but this depends on the jurisdiction where the pension amount is going to be transferred. This is also dependent on the rules of double taxation of the country.
ONUPS is another special pension scheme for those who are non-residents. This scheme is also under HMRC. According to this plan, the assets and cash which are not eligible for having relief under tax rule, will be contributed.
Those above mentioned three schemes, SIPP, QROPS and ONUPS have become quite famous in recent days and these will control the pension earned by the expats. While any expat is going to have these schemes, he or she will be thinking regarding the benefits that they can have. Here we can take a look at the benefits that are available while having these pension schemes.
- These schemes will provide 100 percent value of the pension to the family of the pension holder.
- With these schemes, it will be easier for you to accumulate all pension schemes under one wealth management scheme according to the date of retirement etc.
- These schemes can be controlled by the persons themselves. The expats can control the process of their own.
- The expats are eligible to access the personal client portal and this will offer them to have the perfect analysis of the performance.
- These are actually a tax free income however the tax liability depends up to the country of residence at the time when the amount is withdrawn.
Offshore Banking: Offshore banking is also known as the best way to do wealth management. Stefan Terry Dubai guidance will assist in having the best offshore banking. The professionals always work nicely with various reputed offshore banking corporations to offer the best help.
Planning with life assurance: Life assurance is known to be the base for a secured future. Life Insurance is a must to opt planning choice to protect your family from any uncertainty.
- This will cover the mortgage involved with any property. Hence, the family of the expat will face relief.
- This scheme is able to cover the cost of education of the children.
- This is the best way to plan for inheritance tax.
- Proper planning for life assurance will be great for having an income to the family.
The professionals are always in direct connection with the various professional health insurance companies and thus they can offer the best advice and guidance.
Here every expat in Dubai must be thinking of how to get in touch with the famous and reliable professionals to get the best help. Well, the best option is to go through the website of Expat Wealth Care. From the website it will be easier to know how these professionals are assisting and offering the best advice.
From the website, one can go through the testimonials section to get a complete idea regarding the exposures of these professionals for wealth management can be obtained.
Again, if anyone is thinking of how to get in touch with these professionals then all need to fill up the contact form mentioned in the website. In the contact form, every necessary detail is required to be mentioned such as name, phone no, email id and the type of financial assistant a person is looking for. After submitting the contact form, the professionals will take a look at your application and will contact with you at the earliest.
Again, here one can also get the choice for subscribing for newsletters and these newsletters are extremely necessary to take a call on exact planning for wealth management.
Aside Posted on Updated on
Are you an expat in Dubai or in any other country in the Middle East? Do you feel that you need to take professional help from the expert financial advisor to have the best service? Well, the getting in touch with Expat Wealth care will always be the best option.
If you are interested to get more details about the company then you will need to go through the websites of these companies. The company started is in this service for nearly seven years and Stefan Terry is the prime person of this company. Stefan Terry is the chief wealth officer and he knows everything regarding scrupulous methods related to client management. He is also well knowledgeable in offshore investment.
Know why expat need support of financial planner in Dubai
The expat who lives in Dubai or in any other country in Middle East always lead a different lifestyle than rest of the world. Due to the difference in culture and lifestyle, expats here require to be very cautious in making expenses. Hence, they need to do proper investment planning so that they can save their wealth properly. So if you are also an expat here you need to take help of Financial Planner to get the best help. There are various areas for which you will need the help of agency like Expat Wealth Care. So, have the best professional help to open bank account, to have safe fund transfer, to have a proper pension plan etc.
The role of Expat Wealth Care
Are you opting for taking the help from Stefan Terry Dubai and his company? Well, then you should know well why this company has become famous. The company has become extremely famous due to its’ huge experience in all types of financial planning. The company provides the following services in all types of wealth care management.
- Estate Planning: Estate planning is the vital point in Dubai. There are various areas where the experts of the agency will guide you such as transferring the asset into trust, preparation of will, helping in having the best life insurance policy to cover the issues relating to inheritance tax. So, having the best guidance from the experts of the company will always be the best option.
- Retirement planning: Planning for your retirement while you are young is always necessary. Retirement planning is dependent on the rules and regulations of the residential country. Here in Dubai, separate retirement planning is followed and professionals from this reliable company will give you the best support.
- Planning for education: cost of education is getting raised day by day and hence the expat in Dubai needs to plan properly for their children. Here taking help of professionals will be the best option. The experts here will guide you to select the best education plan.
- Adequate Life Assurance: In financial planning, life insurance is known as the best wealth management planning. There are separate policies for life insurance in various countries. In Dubai too, you will get various policies and depending on your personal circumstances, you need to select the best one. Also, while you are opting for Life assurance policy in Dubai, you should know the following areas like
- Whether the policy will ensure paying off any outstanding debt and loan
- Having proper fund for education of the children
- Family of the beneficiary can enjoy the present standard of living.
Apart from those there are other areas such as transfer of pension, foreign exchange, savings and lump sum investments, etc where also the experienced professionals will provide the best support in Dubai.
Blog Source: http://stefanterryblog.blogspot.in/2017/02/trust-financial-guidance-and-advice-of.html
Aside Posted on Updated on
Expat Wealth Care is an independent brand created and operated by Stefan Terry. We provide advice and guidance on the topic of financial planning, solely focussing our strengths on the Middle Eastern market. Stefan has been advising clients in this region for over 7 years and Stefan’s support team has carefully been selected to ensure that customer satisfaction is kept at the highest level throughout the relationship with our company.
Expat Wealth Care is a Globaleye operated enterprise, and as such, we are licensed by the UAE Insurance Authority and registered with the Ministry of Economy and Department of Economic Development and under UAE Federal Law (8) of 1984.
We provide advice to expats and locals in the UAE, with all aspects of tax efficient savings and financial planning to ensure that time spent in the UAE is time well spent from a financial point of view.
Typically we help individuals and families with retirement planning, education fee planning, life cover, critical illness cover and medical cover and we partner with companies such as Zurich International Life, Standard Life, Royal Skandia, Friends Provident International, Generali International and Royal London 360.
Stefan has been working in the Middle East since 2007. His very thorough and meticulous methods of client management and his breadth of knowledge in the offshore investment market has developed his client base at an incredible rate. His superior work ethics along with his professionalism and his knowledge are all traits that his clients always praise.
Stefan enjoys providing financial planning and offshore investment management expertise to private clients in and around the Middle East. Stefan’s client’s range from typical expatriate families to ultra-high net worth individuals and corporate clients.
Stefan studied at a UK University and obtained a 2:1 in BSc (Hons) in Business IT & Finance. Furthermore, Stefan is a member of The Personal Finance Society and The Chartered Insurance Institute (CII) and he has obtained an International Financial Planning qualification with the CII (The CII Award).
Personal Honour & Awards
The International Financial Planning Award (FSA Approved) – The Chartered Insurance Institute (CII)
The Top 1% most viewed Linked In profile of 2012 – Linked In (www.linkedin.com)The Valedictorian Award – Bournemouth University Graduation
Life insurance is the insurance given to life and available in different format by different insurance companies. There are some of the policies, where insurer is one person and the insurance coverage is for another person. One such insurance policy is in the form of Key Man Life Insurance Policy. There the insurer is the managing director of a company or an employer in one word. The insurance will be on a key person and that is known to be the key man. You do not have the idea about the full policy. If you have also that idea, then also the advantages or the disadvantages of the policy is not known to you. Here are the details related to the advantage and disadvantage of this particular policy.
Advantages in a nut shell for the company for availing Key Man Policy cover
- If the key person dies, the company is going to get the money back and that will help you to bear the loss, that you are incurring.
- The investment of the company in this particular insurance policy will be getting a deduction in income tax, under the section 37(1). This is going to add value to the company in either way. In other way, you must make it a point that the return from the insurance too is left out from the income tax.
- In the income tax reduction, there is no need for additional acclamation from the Income Tax authority. This is going to make sure that you will have to consider less hazard while paying the premium payment. The premium value is auto intimated to the income tax department and hence the update is automatically made.
- The use of this policy can be made at the time of retirement through a benefit of superannuation or even through the ex-gratia payments. The amount that is received, if the employee dies is free of tax, but the amount that is received after the maturity is taxable.
- Loans can be raised on the amount that has been paid to the company as premium and you can pay the loan with an interest rate of 12%.
- Two things are to be confirmed here. The first one is the turnover of the employee has to be restricted, since the insurance company is paying that much amount for the employee’s death. The second thing is that you will have to ensure the loyalty for the employee too.
- For high income executives, you can include the amount of maturity value in the hike of their salary and thus you can save the tax amount that you will be paying to the income tax department.
- Tax planning, according to Key Man Life Insurance Policy is also assisted with this insurance policy. This is the additional support that the policy is going to give you.
- The directors and their families can be safe guard with the help of this insurance policy. This is going to give the perfect support in all possible ways. The different conditions a company faces can be avoided by this policy in the best possible style.
- Financial loss and the chances of that is least in this case.
- The loan that can be availed from the insurances can be used in the different business related expenses of the company.
- The premium that has been paid by the company will not be regarded as a perquisite by any chance. To avail the support, the competent authority must be interpreting in the entire function.
- If you are looking for the different scopes to retain the employee in the company, you can use this policy for the same purpose.
Disadvantages for the company
- The policy amount or the maturity value is not to be considered as an exempt for the general 10 (10D) tax exemption. The premiums are not under the provision of the Income tax exempts. However, when the policy is to be handed over to the employee and if he pays the amount, the amount will be regarded as tax exemption.
- If the policy is surrendered and endorsed to the employee, the amount is taxable under the section 17 of the IT act. The amount will be regarded as the profit in lieu with the salary.
With all the above detail related to Key Man Life Insurance Policy, you can easily understand, how you are going to handle the policy. This is the best support that you can avail, since all the details regarding the advantages and disadvantages are regarded here. To get more information about this insurance you can contact the leading broker firms of the industry dealing in different format of insurance for life.
Aside Posted on
When you venture into business, there are several numbers of risks to which you are prone. These include the volatile condition of the market, the lack of trust of the business partners and other factors. Key Man Life Insurance Policy is the ideal business insurance policy for you, and you will be able to get the right support from the company when you plan to invest in a business insurance scheme. After all, a lot of planning is need before you invest, and you will get the right schemes when you seek the assistance of the professional advisors.
Here are the reasons that justify why you need the business insurance schemes. Key Man Life Insurance Policy protects you from the following conditions:
Death of a business partner: During a business, you need to take the necessary precautions against a number of odds. The life of the business partner also has an effect on your business. In case the partner dies, the business is likely to land up in a critical turmoil. So, you will be able to have a support from the insurance policy when this kind of a situation arises. The right business insurance policy ensures that you will be protected against such threats in business.
Instability in the market: The market conditions are prone to frequent changes. It is often found that the changes in the market conditions result in the instability of the business. In such business cycles, you are unable to reap many benefits. So, you will have to bank on the expert services so that you can keep the business afloat. With the right support from the insurance schemes, you will be able to have a stable business in spite of the volatile conditions in the market. They provide you with the much needed financial backup and you will be able to continue with your business without much of a hassle.
Handling of the business after the death of a partner: You need to assess whether the business can be continued after the death of a partner by any of the family members of the person. If they are to do so, you can continue the business. If not, there is a transaction for the purchase of the share. So, you will need the assistance of the insurance when such an occasion arises. The professionals will guide you in the right manner when you seek such a scheme. In these occasions, you are in need of finance, and when you avail the trusted services from the seasoned professionals, you will get the best financial advice. With so many schemes around you, you will need the assistance of the company to choose the personalised one from the lot.
Replacement of staff: There are times when the staffs in your company need to be replaced. In these conditions, the swiftness of the replacement has to be focussed on. These incur heavy investments and you are free to avail the services of the professionals to choose the scheme. Key Man Life Insurance Policy secures you from the financial expensed that come without a warning. So, you will be able to continue with your business in spite of the instability that is caused due to various factors. The expert advice of the professionals will guide you in the right track. The expert financial advice is needed to make a proper business plan that comes beneficial when you suffer a loss in the business. With the right company around, you will face the least problem when you avail the expert services and this will ensure that you can carry on with the business in a hassle-free manner.
Disability of a person: It might occur that an employee in the business firm becomes disabled during the process. So, when you seek the assistance of the professionals, you will be able to cope up with the situation with the financial support that you need. When you seek the Key Man Life Insurance Policy, you will be protected against all such problems and get the financial support that you need.
So, when you are looking out for the right schemes, you can simply bank on the professional approach the experts and get the advice.
In case you are looking for more ideas about the benefits which you can enjoy from availing a Key Man Life Insurance all you can do is speak to the experts of the insurance companies or of the broker firms. The broker firms will give a brief of the policy and will also suggest you the policy which will best suit your requirement and will offer you the required cover which you want for the business.