Mis sold pensions can still be claimed. You only need to know the procedure that you need to undergo. This is needed so you can file a claim, have the case evaluated, and then receive the compensation that you deserve.
Determining If You Are Dealing With Mis Sold Pensions
The most typical type of this is the pension transfer. In this scenario, an individual is advised to have a company based pension plan transferred into a personal plan. How can you tell if your pension is missold?
- You were forced by a financial adviser to have the pension funds transferred to a personal pension plan due to the belief that it will yield higher rates or returns.
- You were not informed that the charges incurred during the pension transfer will be deducted from the pension plan.
- You are incurring more loses and the value of the new pension plan is lesser than the original one.
- You received a recommendation from a financial adviser that you are transferring the funds to get higher cash value. You were also told that bonuses are guaranteed and it will be tax free.
Did any of these situations apply to you? If they did, then there is a possibility that you can start the process of filing a claim. How can you do that in the easiest way possible?
How Can You Start A Claim For Mis Sold Pensions?
Some start by writing to their pension plan company. This is to request a review and evaluate if the pension is missold. The written request is also a means to find out the amount that they are entitled to as compensation.
Many hurried to provide this data back in 2000 but it does not mean that you no longer have a chance. If you missed filing for a claim in 2000, you can start by requesting a special pension’s review procedure. This request should be made to your pension plan provider to check if you are qualified for compensation.
How Will You Know The Amount Of Compensation You Will Receive From Missold Pensions?
This will be determined by the review procedure that you requested. Comparisons will be made in the procedure. The amount that a person may have possibly accrued if he kept an occupation pension to that amount he will get from a personal pension will be compared. If it is found that the amount you will get in an occupation pension is higher than that of a personal pension, the company where the personal pension is purchased will be required to produce the difference. To simplify, the amount is dependent on the calculations on whether you are at a financial disadvantage due to the transfer of pension plans that occurred.
Once the amount is finalized, the compensation will either be added to an existing pension plan or awarded as lump sum. This depends on whether you are already retired or still employed at the time that a decision is reached and the compensation is finalized. Either way, you are still at an advantage once you receive the compensation for mis sold pensions.
A mortgage term assurance is a form of insurance created to lend protection to a person’s repayment mortgage. Some call this as the decreasing term assurance because the amount of the payout will reduce as the mortgage decreases. If the policyholder dies while the insurance is still in place, the policy will render a payout amount sufficient to pay the remaining mortgage balance.
The Pros Of Getting A Mortgage Term Assurance
It is not enough to just know what this assurance is all about. You should also search for how this assurance can protect you and your property to the fullest. Other than the most obvious reason of having protection on your mortgage, there are still other benefits that this form of assurance can bring.
- Lower premium. The premium you will pay for this is considerably lower than others because the coverage is only for the mortgage. If you opted for a life insurance, you will have to pay for the same premium for the entire duration of the policy while in the mortgage term assurance, the amount usually decreases and becomes lighter in the pocket.
- Flexible options for payment. Depending on your preference and payment capacity, this form of assurance provides you with varied payment options and schedules. The payment schedules often given are yearly, quarterly, and monthly. This all depends on your choosing and the agreement you will reach with the company.
What To Consider Before Purchasing A Mortgage Term Assurance
Before you get excited with the pros and agree with the terms set for this assurance, you need to think if this is the right option for you. Does it meet all of your needs? Will it be a blessing for you?
- What is the mortgage repayment method? This will guide you whether or not this form of assurance will be efficient and the most effective in dealing with a mortgage. Evaluate the repayment method and see if the assurance terms are applicable.
- Did you apply for any loans? Think about any tied loans that you applied for in connection with the mortgage. This form of assurance is most effective when the mortgage or the loans are in full capital and interest is added in the repayment method.
- How much and how long do you need the coverage? This will depend on the remaining balance of your mortgage. If there are no loans tied to the mortgage then that it is all you have to handle. Is this balance payable in the next 5 or 20 years? Remember to get a policy that if not equal, at least a little more than the remaining mortgage term.
If you consider all these factors, you will not find it difficult to deal with an assurance no matter how daunting the task sounds like. An assurance brings many benefits to you and gives a guarantee that your loved ones will still have a home should something bad happen. Think carefully when you decide for mortgage term assurance.
People today are getting interested in applying whole of life insurance. This can be a great help to individuals in order to purchase an insurance that can be utilized as a preparation of something that might happen in the future. Before deciding on obtaining the insurance, one should understand what this insurance is all about.
Overview Of Whole Of Life Insurance
It is a form of insurance that offers coverage for a particular individual from the time he opens the policy until the death of the insured individual. The premiums that are paid on the policy insurance facilitate the build-up of its value. There are some policies that contain a maturity date wherein the policy may be paid out when the insured individual has not yet passed away at the particular time.
Basically the maturity date falls on the 100th birthday of the insured individual. The policy will be maintained throughout the insured individual’s life until its redemption. Listed below are some of the common characteristics about whole of life insurance:
- Cash value. This characteristic under this form of life insurance states that a certain part of the premium will be going towards establishing the cash value of the policy. Then, the policy will pay during the death or the 100th birthday of the insured person with that cash value. A lot of insurance policies provide the option of taking out loans against the cash value. This could be a great characteristic of individuals who are experiencing financial strains and those who need a little help. After which, they can repay the loans at a fair interest rate in order to restore the cash value of the policy. If there are instances that the loan remains unpaid, the loan amount including the interest will be revealed of the payoff amount once the insured individual dies. The remaining balance will then be distributed to the beneficiaries of the policy.
- Steady premiums. This is another characteristic of whole life insurance wherein the applicants can obtain steady premiums at the length of the term. However, those who want to renew the policy once the term expires. With term life insurance, insured individuals will deal with the significant increase of the amount of premium levels imposed by the insurance company. Nevertheless, with whole of life insurance, insured individuals will continue to pay the same amount of premiums from the time they take out their policies until their respective deaths. Although the figures of money could be a bit large at first, the premium will eventually become affordable in the long run since the prices of other commodities also continue to increase.
- Tax benefits. This is one of the significant characteristics of whole life insurance to the insured individuals and its beneficiaries. The insured individuals will not be paying additional taxes on the accumulating cash value of the insurance policy. When the insured individual dies, their beneficiaries will receive the insurance policy proceeds without gaining income taxes in most of the circumstances.
These are just some of the best characteristics that this particular insurance provides to its clients. It is a known fact that whole of life policies will comprise the majority of the insurance policies sold in different countries worldwide.