individual insurance

2007-05-02 10:04:19

( Health )



Employers offer individual insurance coverage with an appropriate contribution from their employees. However, it is important to evaluate the needs and individual insurance options before any coverage is made for an individual. Finding the right balanced cost can be challenging for an individual as well as for an employer. The importance of coverage among families and especially employees cannot be ignored and must be provided to prevent any health risks. However, the coverage chosen should be appropriate with a provision of timely assistance in health aspects.

Individual insurance retirement account enables or qualifies people to save and invest for retirement. The investment can be in stocks, bonds, certificates of deposit or mutual funds. Assistance in investing is provided by stockbroker or a bank. Before opening an IRA, certain information, rules and procedures have to be followed about each product. In the view of complexity of IRAs and options, a good advice of a qualified financial advisor is necessary to be aware of personal goals and risks.

Individual savings account (ISA) is a tax-benefiting scheme for investors to save and invest without inviting any tax on capital gains on the proceeds. ISA enables investments in the form of cash deposits, stocks, shares and life assurance investments. All the investments made through ISA are tax beneficent up to a certain limit. ISA can also be transferred to from one ISA provider to another ISA provider through the compliance of rules and regulations of ISA service providers.

Individual stock ownership plan (ISOP) is a special IRA which can be opened with any bank or approved financial institution for financing new stock issues by any company. Individual stocks are traded at stock exchanges quoting high and low prices for each particular stock. It also indicates charts, graphs, of individual stocks informing investors how an individual stock is placed through trading.

Individual insurance voluntary arrangement is useful when debts are mounting leading to bankruptcy. Individual voluntary arrangement takes place between a debtor and creditors to repay a certain percentage of debt over the period of IVA, which is usually 5 years. At the end of five-year period, any amount of outstanding debt is written off. Only a debtor can initiate IVA, however, if the debtor is a bankrupt, a court or an official receiver is an alternative. IVAs are also restrictive to some extent. There are few key effects to be considered before making a decision.

Voluntary arrangements are of two types. The first is informal ‘family’ arrangements where friends and relatives are prepared to extend monetary help or provide guarantees to help in short term. The second is formal voluntary arrangement which is a meeting with creditors and a help of advisers. Advisers are mostly insolvency practitioners. If the creditors accept the proposal of debtor, in such case suing for any defect of debt can be made and all the creditors are bound to accept the proposal.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.