Is Income Protection Insurance a Liability?

Is Income Protection Insurance a Liability?

I for one am very tired of all the life insurance advertisements as they have one purpose in mind; to spread fear into the customer to urge them to purchase a policy. They also like to make us believe that they are our friends and that they are here to help us "but first we must fill your consciousness with fear" as this is the only way they can sell these policies.

Then of course there are those advertisements which tell us that at some point we will all become sick and will not be able to support our families, so you need this other policy to protect your income.

When is a Policy an Asset?

I admit that anyone who is self employed in any manner should have at least a base policy to help them in the event that a claim has to be made. However, you really do need to ask a lot of questions before accepting the policy as everything is not as it seems.

These types of income protection policies are usually tax deductible.

However as I mentioned in a previous article business expenses are deductions not rebates, just because its a tax deduction it does not automatically mean that this expense will not end up costing you anything, as it will, but at least it's a shared expense.

Some things you should know when taking out a policy

Before you take out an income protection policy you need to ask a series of questions to ensure the policy is going to pay you if you need it.

I have personally been involved on both sides of the fence, and whilst these 3 questions are not the only questions you need to ask they are a great place to start. How long is the true waiting period ?
What happens if I return part time ?
What effect does my existing skills have on the policy ?

The waiting period before making a claim is significant as sometimes you have to double this period of time. My policy states I have a waiting period of a month, as this is what I choose... But this does not mean I will be paid after the first month of illness or injury. For me this is the qualifying period I must wait before I can claim, then I have to wait another month before I will be paid, as they pay in arrears. So for me I consider I have a 2 month waiting period.

Will you pay me if I return to part time work. A lot of policies will tell you that you can actually return to part time work under doctor advice and they will pay you a difference whilst you are getting back on your feet. However, they also don't make it clear that in some of these cases they mean returning to a part time position in another occupation, not your normal occupation. They may immediately cease payments if you return to your normal occupation for ANY period of time, even 1 hour a day, and even if your doctor clearly states that you cannot return to full time. If you have this type of policy you might be best volunteering in a soup kitchen while you get fit and well.

Your existing skills and education can also be used to get out of paying you. I have a policy that relates only to my current occupation. If I need to make a claim they can only look at whether I can perform my usual occupation, not the other 50 odd occupations I performed over my lifetime. Some policies will do something like this; if I am a carpenter and I damage my back and cannot work in my occupation, but I drove taxi's part time 10 years ago, the insurance company may not pay because they will tell me that my injury does not restrict me driving, and because I have already proven skills in driving a taxi, they will tell me to stop bothering them and go drive a taxi for a living.

Remember

Behind all the advertising and all the social fear you will find a company that exists primarily for themselves only. They are usually not here for us, they are skilled marketers, they exist to make a profit, and if they can find a way not to pay you then this is the choice they will take.

But remember that in a time of a crisis, when illness or injury strikes you might want this protection to save your own butt. Don't let your insurance policy become a liability, ensure that your policy will cover you if you need it.

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Small Business Owners Insurance and Liability

Small Business Owners Insurance and Liability

Helios Protection is a component part of Helios Insurance group and initially participates in insurance brands like general liability insurance and casualty insurance market. We have a good experience in commercial insurance sector and provide effective platform to protect your business. It does not matter whether your business is small or large, one disaster can take away all of your profits and obliterate your business. The best way to protect the money and effort that you have invested in your business is to take business owner insurance.

One type of insurance policy that is available is the business owner's insurance policy. It is a package that is usually purchased by smaller or mid-size businesses, which combines liability risks and major property protection, together in one package deal.

Package policies are designed for businesses that generate similar risk factors, as opposed to larger companies, which would purchase a commercial package, or a customized package policy that would be created to suit their special needs.

Insurance for business owners safeguard buildings along with other features such as additions (completed or being built); indoor and outdoor fixtures; machinery and equipment; landlord furnishings, and maintenance property (such as mowers, snow blowers, ladders, etc).Equipment insurance is also covering outdoor furniture, floor coverings, and appliances used for refrigerating, ventilating, cooking, dishwashing, and laundering. The insurance for equipment coverage will also apply to materials, equipment, supplies and temporary structures located near the insured premises.

 

Naturally, there are certain situations that are not covered by Small business liability insurance. For instance, there is no coverage for losses involving most vehicles, money and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.

Nobody thinks that a disaster is going to happen to him or her, although a disaster can happen to anybody, so it is better to be prepared. Before taking Business Owner Insurance it is important that you take inventory of your property and make a note of its value. If you have a list of your business inventory, and it is up to date, it will be much easier to settle your insurance claim quicker. The verification of your losses on your business income tax return can also help you to buy the right amount of insurance that is needed. The insurance liability coverage provides comprehensive protection for claims or suits made by other parties. This section covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an ope ration's products or services.

 

Katrina watson is well known writer, focusses on Insurance for business ownersand know more about information Small business liability insurance

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What Are Car Insurance Split Liability Limits?

What Are Car Insurance Split Liability Limits?

We all know that car insurance is essential in today's society. Not only is liability insurance required by most states, but it is simply common sense to protect yourself in case you cause an automobile accident.

However, many drivers assume that their standard policy is enough to cover them in most situations. When you consider that a serious accident can result in significant medical cost (not to mention lost wages and pain and suffering), you realize that a typical liability insurance policy that covers, say, 0,000 in damages is not enough.

Not only that, but you need to be aware of any restrictions and limitations that are part of your insurance coverage. In particular, some policies have what are called split liability limits. In other words, the amount the insurance is willing to pay will differ depending on the circumstances of the accident.

Usually, you choose a limit for any injuries you cause to a single person.

You then have another liability limit for any injuries you cause to multiple people in a single accident. Lastly, your policy will have a limit for the damage you cause to property in a single accident.

As you can tell, this can be pretty confusing when you have different amounts for different situations. More importantly, you may believe that you are adequately covered, but depending on the specific situation you may not have enough insurance to pay for damages.

For example, let's say your insurance policy has a total liability limit of 0,000. This is the maximum amount the insurance company will pay for any damage you cause in an accident, including property damage and physical harm to the driver of the vehicle. However, this particular policy has a limit of ,000 per person.

Let's say you cause an accident in which two passengers are seriously injured. Let's also assume that their medical bills come to 0,000 each. The total cost is 0,000, so you might think that you are covered because your total limit is 0,000. However, remember that the limit per person is only ,000, so the insurance company will only pay a total of 0,000. It would be your responsibility to pay the rest.

As you can see, split liability limits have their dangers, and you should be careful to completely understand your policy in case you ever need it. Odds are you will be involved in some sort of accident at some point during your driving career. You need to be prepared in case the worst happens, even though you should take precautions to avoid accidents. You may want to avoid split liability policies altogether.

Learning to choose auto insurance wisely could be one of the best decisions you make for you and your family. Click Here to learn more about auto collision insurance

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Insurance Companies For Medical, Liability & Car Insurance UAE

Insurance Companies For Medical, Liability & Car Insurance UAE

Insurance

Insurance is a business which provides assurance of reparation for particular loss, damage, illness, or death in return for payment of a premium. This risky and unpredicted world has increased the scope of insurance in the world especially in developed countries and UAE is no exception, and this is why you can see many companies for medical insurance, car insurance UAE, etc.

Types of Insurance

Any risk that can be calculated may be potentially insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in details which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist.

Home Insurance:

Home insurance provides a package of indemnity for damage or destruction of the insured’s home.

In some areas, this home insurance policy does not include certain kinds of risks such as flood and earthquake that involve extra coverage.

Health Insurance:

Health insurance or medical insurance policies cover the cost of medical treatments. This kind of insurance provides various medical benefits to the insured.

Casualty Insurance:

Casualty insurance insures the policyholder against accidents, not essentially fixed to any definite property.

Life Insurance:

Life insurance provides a financial assistance to a deceased’s family or other nominated recipient’s expenses.

Property Insurance:

Property insurance provides protection against risks to property such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.

Liability Insurance:

This type of insurance provides assures to protect your business in case of any potential loss due to policyholder’s liability for any injury or damage caused to others. In the event of any liability insurance, policy will be responsible party to repay the loss of other party.

Credit insurance:

Credit insurance is a type of insurance which repays some or all of a loan when certain circumstances arise to the policyholder like unemployment, disability, or death.

Car insurance:

Car insurance also known as auto insurance, gap insurance, vehicle insurance, or motor insurance is the insurance paid for different vehicles like cars, trucks, motorcycles, and other vehicles. Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own such as in a traffic collision. You can avail the car insurance UAE from reliable companies.

Other types of Insurance:

Other types of insurance includes all-risk insurance, bloodstock insurance covers, kidnap and ransom insurance, legal expenses insurance, locked funds insurance, livestock insurance, media liability insurance, business interruption insurance, collateral protection insurance, Defense Base Act (DBA) insurance, expatriate insurance, pet insurance, pollution insurance, purchase insurance, title insurance, and travel insurance.

There are many good business quality insurance companies active in United Arab Emirates. These companies provide the best opportunities in car insurance, disability insurance, home insurance, liability insurance, property insurance, life insurance, casualty insurance, medical insurance and many other types of insurance policies.

Author Bio
Andy Robert is a reputed medical insurance agent, and has been working in the local insurance companies and car insurance UAE business for the last three years. He has worked as a consultant with a number of reputed financial institutions, and is currently residing in Abu Dhabi.

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Tax Liability

Tax Liability Tax Breaks reduce average tax liability by about ,000 per return. A TAS analysis found that, on average, the tax liability of each individual who files a federal tax return is reduced by about ,000 a year due to these tax breaks. Moreover, since tax is computed as a percentage of income, a taxpayer who pays a 25% tax rate could be benefiting from deductions or exclusions from income worth ,000. The report presents an example of a fairly typical taxpayer who faces a 25 percent marginal tax rate on his taxable income, yet ends up paying an average tax rate of 9% on his gross income because of tax breaks.

If tax breaks are to be substantially lowered, many existing tax breaks will have to be eliminated immediately and others will be phased out. But I believe most taxpayers will conclude this is a worthwhile trade-off. If tax reform proceeds on a revenue-neutral basis, the average taxpayer's liability will not change, and we will end up with a tax system that is simpler, more transparent, and easier and cheaper for taxpayers to navigate.

The report acknowledges that Congress may at some point raise tax revenues to address the nation's long-term fiscal challenges. However, the report suggests that Congress first enact structural tax reform on a revenue-neutral basis and keep separate the decision whether to adjust tax rates.

Zero-Based Budgeting approach recommended. The report recommends that Congress approach tax reform in a manner similar to zero-based budgeting. The starting assumption should be that all tax breaks would be eliminated; a tax break would then be retained only if a compelling case can be made that the benefits of providing the tax break outweigh the complexity burdens it creates. The report suggests additional core principles for tax reform and summarizes key simplification proposals the Advocate's office has made in past reports, including repealing the Alternative Minimum Tax for individuals and consolidating the number of incentives that encourage taxpayers to save for education and retirement.

The National Taxpayer Advocate is today launching a web page to solicit taxpayer suggestions regarding tax reform. What would taxpayers be willing to give-up if they knew that others are giving up their tax breaks and the end result would be a much simpler system? Olson asked. What particular provisions of the existing tax system are especially burdensome or seem particularly unfair? Suggestions may be submitted at http://www.TaxpayerAdvocate.irs.gov.

If you have any questions about online income tax filing or where to file taxes online please visit our site: HTTP://free1040.com

Sandi Lattin
Free 1040
Russellville, Arkansas
http://free1040.com

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Tax Liability

Tax Liability Tax Breaks reduce average tax liability by about ,000 per return. A TAS analysis found that, on average, the tax liability of each individual who files a federal tax return is reduced by about ,000 a year due to these tax breaks. Moreover, since tax is computed as a percentage of income, a taxpayer who pays a 25% tax rate could be benefiting from deductions or exclusions from income worth ,000. The report presents an example of a fairly typical taxpayer who faces a 25 percent marginal tax rate on his taxable income, yet ends up paying an average tax rate of 9% on his gross income because of tax breaks.

If tax breaks are to be substantially lowered, many existing tax breaks will have to be eliminated immediately and others will be phased out. But I believe most taxpayers will conclude this is a worthwhile trade-off. If tax reform proceeds on a revenue-neutral basis, the average taxpayer's liability will not change, and we will end up with a tax system that is simpler, more transparent, and easier and cheaper for taxpayers to navigate.

The report acknowledges that Congress may at some point raise tax revenues to address the nation's long-term fiscal challenges. However, the report suggests that Congress first enact structural tax reform on a revenue-neutral basis and keep separate the decision whether to adjust tax rates.

Zero-Based Budgeting approach recommended. The report recommends that Congress approach tax reform in a manner similar to zero-based budgeting. The starting assumption should be that all tax breaks would be eliminated; a tax break would then be retained only if a compelling case can be made that the benefits of providing the tax break outweigh the complexity burdens it creates. The report suggests additional core principles for tax reform and summarizes key simplification proposals the Advocate's office has made in past reports, including repealing the Alternative Minimum Tax for individuals and consolidating the number of incentives that encourage taxpayers to save for education and retirement.

The National Taxpayer Advocate is today launching a web page to solicit taxpayer suggestions regarding tax reform. What would taxpayers be willing to give-up if they knew that others are giving up their tax breaks and the end result would be a much simpler system? Olson asked. What particular provisions of the existing tax system are especially burdensome or seem particularly unfair? Suggestions may be submitted at http://www.TaxpayerAdvocate.irs.gov.

If you have any questions about online income tax filing or where to file taxes online please visit our site: HTTP://free1040.com

Sandi Lattin
Free 1040
Russellville, Arkansas
http://free1040.com

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Read More .....

Tax Liability

Tax Liability Tax Breaks reduce average tax liability by about ,000 per return. A TAS analysis found that, on average, the tax liability of each individual who files a federal tax return is reduced by about ,000 a year due to these tax breaks. Moreover, since tax is computed as a percentage of income, a taxpayer who pays a 25% tax rate could be benefiting from deductions or exclusions from income worth ,000. The report presents an example of a fairly typical taxpayer who faces a 25 percent marginal tax rate on his taxable income, yet ends up paying an average tax rate of 9% on his gross income because of tax breaks.

If tax breaks are to be substantially lowered, many existing tax breaks will have to be eliminated immediately and others will be phased out. But I believe most taxpayers will conclude this is a worthwhile trade-off. If tax reform proceeds on a revenue-neutral basis, the average taxpayer's liability will not change, and we will end up with a tax system that is simpler, more transparent, and easier and cheaper for taxpayers to navigate.

The report acknowledges that Congress may at some point raise tax revenues to address the nation's long-term fiscal challenges. However, the report suggests that Congress first enact structural tax reform on a revenue-neutral basis and keep separate the decision whether to adjust tax rates.

Zero-Based Budgeting approach recommended. The report recommends that Congress approach tax reform in a manner similar to zero-based budgeting. The starting assumption should be that all tax breaks would be eliminated; a tax break would then be retained only if a compelling case can be made that the benefits of providing the tax break outweigh the complexity burdens it creates. The report suggests additional core principles for tax reform and summarizes key simplification proposals the Advocate's office has made in past reports, including repealing the Alternative Minimum Tax for individuals and consolidating the number of incentives that encourage taxpayers to save for education and retirement.

The National Taxpayer Advocate is today launching a web page to solicit taxpayer suggestions regarding tax reform. What would taxpayers be willing to give-up if they knew that others are giving up their tax breaks and the end result would be a much simpler system? Olson asked. What particular provisions of the existing tax system are especially burdensome or seem particularly unfair? Suggestions may be submitted at http://www.TaxpayerAdvocate.irs.gov.

If you have any questions about online income tax filing or where to file taxes online please visit our site: HTTP://free1040.com

Sandi Lattin
Free 1040
Russellville, Arkansas
http://free1040.com

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