Esther Mfonobong Obinyan
Experienced Project Manager & Business Analyst | Expert in Customer Service, Client Relations, and Team Leadership
- Report this post
Well, this is enlightening. Until now, I assumed that a Next of Kin (NOK) is automatically a beneficiary. Now I understand both terms better and will use them appropriately moving forward. Thank you for the lesson.
To view or add a comment, sign in
More Relevant Posts
-
Seyi Abiodun CFEI®ACIFC
PhD Student || Strategic Executive || Certified Financial Education Instructor || Personal Finance || Influencer
- Report this post
One prevalent misconception within estate planning, is the distinction between Next of Kin (NOK) and Beneficiary.It is not uncommon for individuals to name their underage children as Next of Kin(NOK) in various forms such as bank account openings, health insurance documents, and Retirement Savings Account (RSA) applications, with the belief that the NOK will inherit the assets in case of their demise.However, it is essential to note that Next of Kin does not automatically inherit your assets unless there is a specific process in place designating them as beneficiaries.The significance of Next of Kin includes:In urgent medical situations requiring immediate decisions, your Next of Kin possesses the authority to make choices and provide consent on your behalf.If crucial personal information is needed but you are unable to provide it, your Next of Kin can be contacted to supply the necessary details.Considering the aforementioned points, it becomes evident that designating a two-year-old as your Next of Kin is highly improbable.What do you think?#FinancialPlanning #Finance #Moneymanagement
12
Like CommentTo view or add a comment, sign in
-
Enuel Caraballo
Financial Broker
- Report this post
Becoming Your Own Bank and saving $33/Day Into An IUL Can Make You $1,280,000 CASH While You’re ALIVE And Pay You $83K In The Future Every Year FOR LIFE Comment below “Bank”Not all life insurance is created equal. This is called an indexed universal life insurance policy. Compound and grow your money tax free, never lose when the stock market takes a hit, and build a tax free pension in retirement, all while you protect your legacy and become a bank along the way!🔥This client contributes $1k/mo for 30 years into an IUL. In retirement they build over $1.2Million Tax free that can pay them $83k a year for life! Let’s get you started, comment below “Bank”#indexeduniversallifeinsurance,#LifeInsuranceAgent,#WholeLifeInsurance, #FinancialProtection,#FamilyProtection,#InsuranceTips,#Insurance101, #FinancialPlanning,#NewYorkLifeInsurance,#ProtectYourLovedOnes, #InsuranceCoverage,#InsuranceQuotes,#TermLifeInsurance,#RetirementPlanning,#EstatePlanning,#RothIRA,#FinancialSecurity,#LifeInsurancePolicy,#InsuranceAwareness,#401k,#finalexpense,#wholelifeinsurance,#compoundinterest, #livingbenefits,#annuities,#financialfreedom
2
Like CommentTo view or add a comment, sign in
-
Marlon Lacaba
Licensed Financial Advisor at Pru Life UK & Marketing Professional at Honda Cars Manila Bay
- Report this post
𝐈𝐧𝐢𝐢𝐬𝐢𝐩 𝐦𝐨𝐧𝐚 𝐛𝐚 𝐬𝐚𝐚𝐧 𝐦𝐨 𝐢𝐥𝐚𝐥𝐚𝐠𝐚𝐲 𝐚𝐧𝐠 𝟏𝟑𝐭𝐡 𝐦𝐨𝐧𝐭𝐡 𝐩𝐚𝐲 𝐦𝐨?For only 84 pesos a day, you can start opening an Investment + Insurance Plan. 7-in-1 Insurance with Investment PlanWhere you can have:✅ Life Insurance✅ Disability Benefit✅ Accident Benefit✅ Critical Illness Benefit✅ Hospitalization Benefit✅ Investment✅ Retirement Funds / Educational FundsYou want to know more? Send me a message and get a sample proposal 📨#WealthProtection #Emergencyfund#IncomeReplacement #Insurance#Investment #VUL Pru Value
Like CommentTo view or add a comment, sign in
-
VINEETA PUNJABI
Tax Consultant at EY //Chartered Accountant (Nov 23) // B.Com //
- Report this post
1st April 2024The beginning of new fiscal year🗓Some Important updates about this fiscal year📢📌Life insurance policiesAccording to Union Budget 2023, under the new tax regime, the amount obtained from life insurance policies will be taxable if the yearly premium paid is more than Rs 5 lakh in a year.📌E-insuranceThe Insurance Regulatory and Development Authority of India (IRDAI) previously announced that digitisation of insurance policies will become mandatory from April 1, 2024. This mandate will apply to all insurance categories, encompassing life, health, and general insurance, requiring policies to be issued electronically.📌National pension system (NPS)The Pension Fund Regulatory and Development Authority (PFRDA) introduced a two-factor authentication measure for security improvement. A two-factor Aadhaar-based authentication will be mandatory for all password-based logins into the CRA system.📌EPFOThe Employees’ Provident Fund Organisation will now automatically transfer a subscriber’s balance to their new organisation when they change jobs. EPFO account holders do not require a request to transfer the PF amount.
14
Like CommentTo view or add a comment, sign in
-
Dennis Villegas, CIA
Financial Advisor & Insurance Agent at Pru Life UK with expertise in Financial Management, Life and Health Protection Plan and Investment types.
- Report this post
2024 na! Insured ka na ba?For only 117 pesos a day, you can start opening an Investment + Insurance Plan with Prulife UK.5-in-1 Insurance with Investment PlanWhere you can have:✅ Life Insurance✅ Disability Benefit✅ Accident Benefit✅ Critical Illness & Hospitalization Benefit✅ InvestmentImagine, by just saving P117/day or P3,500/month. You already have millions on your financial portfolio.You are saving your money, invested in stocks and if something happens you have the Insurance benefits, if you live long you will experience the best retirement ever! You want to know more? Send me a message and get a sample proposal 📨#lifeinsurance #prulifeuk #healthinsurance #insurancepolicy
Like CommentTo view or add a comment, sign in
-
Kevin Greene
Financial freedom is available to those who learn about it and work for it. Talks about #lifeinsurance, #retirement, #ByoBoss #financialfreedom
- Report this post
4 things every responsible adult should have going into 2024. ) Life Insurance outside of your job. Tomorrow is not promised and it’s unfair to your family to have to rely on virtual gifts from associates & strangers. )An emergency fund. An emergency will happen and if you don’t have cash to handle it, you will have to go into debt, which compounds the problem. ) Retirement Accounts/Assets: one day you will want to relax and not be required to work for money. You should be in position to live off your savings/investments. If you save money, one day money will save you.)Will/Trust: what happens to your money and assets if and when you become disabled or deceased. Who gets what? Who handles what? I’ve been looking at people’s finances for almost 10 years and I’ve never heard a person say that they regret being too prepared. It always the opposite, “I wish I would have started earlier” “I wish I would have saved more money” “I wish, I wish, I wish” Drop in the comments 1-4 on which ones you currently set up!
Like CommentTo view or add a comment, sign in
-
Reed Family Wealth Services
715 followers
- Report this post
Do You Know Who You Have Listed as Beneficiaries? 🤔 Questions We Often GetAt Reed Family Wealth Services, a common estate planning question from new clients involves confirming they have correctly updated beneficiary designations everywhere essential to carry out wishes.Many may overlook listing contingent beneficiaries on retirement accounts, adding children as life insurance policy recipients as families grow, formally documenting transfer on death instructions for investments, or granting IRA authority to adult children assisting with required minimum distributions during later years. That's why we recommend periodically reviewing designated beneficiaries and estate executors across key accounts beyond just your last will, as these direct, legally binding distribution orders occur outside of probate. Have beneficiary specifics changed with life developments? Let us analyze if estate intentions still align with documents to prevent unwanted gaps. We can identify any priority updates needed so inheritors and trustees have clear direction later. Set up calls this month!#FinancialPlanning #EstatePlanning #BeneficiaryReview #ReedFamilyWealthServices #tuesdayvibes #TuesdayThoughts #beneficiaries #advice #tips #tipsforsuccess #wealthadvisers #financialadvisor #financialadvisortips #financialadvice #lakecounty #lakecountyflorida #RFWS #southlakechamber #2024southlakebusinessawards #southlake #clermontflorida #centralflorida #orlando #advisor #banking #investing📋✏️
3
Like CommentTo view or add a comment, sign in
-
Cory Burnett
Husband | Father | Minister | Army Officer | Financial Professional
- Report this post
Learn and understand an excellent way to create and build wealth for generations.
Like CommentTo view or add a comment, sign in
-
Ratiranjan Panda
Business Development Manager | Bancassurance Expert | Growth Driver and Results-Driven Professional | Passionate About Delivering Exceptional Results 🚀
- Report this post
Let's Understand What is #Human_Life_Value ?Human Life Value (HLV) is a calculation of the economic value of a person's life, used to determine the amount of life insurance coverage needed. It's a way to quantify the financial impact of a person's death on their dependents.The HLV calculation considers factors such as:1. _Income_: Current and future earning potential.2. _Expenses_: Financial obligations, like mortgage, education, and living expenses.3. _Dependents_: Number of people relying on the person's income.4. _Age_: Life expectancy and remaining working years.5. _Inflation_: Expected inflation rate to account for future costs.The HLV calculation provides a basis for determining:1. _Life insurance coverage_: Amount of coverage needed to protect dependents.2. _Income replacement_: Amount needed to maintain dependents' standard of living.3. _Funeral expenses_: Amount needed to cover funeral costs.4. _Outstanding debts_: Amount needed to pay off debts, like mortgages or loans.5. _Education expenses_: Amount needed for dependents' education.The HLV calculation is not a direct measure of a person's worth but rather a way to ensure that dependents are financially protected in the event of their death.Here's a simple example of an HLV calculation:- Annual income: $50,000- Number of dependents: 2- Age: 35- Life expectancy: 30 years- Inflation rate: 3%HLV calculation: $1,500,000 (approximate)This means that the person's life insurance coverage should be at least $1,500,000 to ensure their dependents are financially protected.#lifeinsurance#hlv#whyitsimportant#hlvcalculation#insurance#trending#know_why_how
Like CommentTo view or add a comment, sign in
-
The World Changers
8,474 followers
- Report this post
It's not a secret, yet many are unaware of the fact that Life insurance indeed plays a significant role in creating multi-generational wealth when used strategically. 💰🏆 Here are some tips on how to leverage life insurance for this purpose: √ Opt for lifetime coverage. Don't have your insurance expire before you do.√ Start Young: Lower premiums by starting early.√ Maximize Cash Value: Consistent payments and extra contributions grow cash value.√ Use Policy Loans: Borrow against cash value for retirement, education, to start a business or more.√ Smart Beneficiaries: Designate wisely; consider trusts.√ Periodic Reviews: Adjust policies as goals evolve.√ Estate Integration: Minimize taxes through estate planning.√ Educate Heirs: Ensure they understand your policy.√ Expert Guidance: Consult specialists for optimal strategy. #TheWorldChangers #ChangeYourFinancesChangeYourWorld #YouChangeTheWorldChanges #LifeInsurance #LastingWealth #GenerationalWealth #Legacy
6
Like CommentTo view or add a comment, sign in
74 followers
- 25 Posts
View Profile
FollowExplore topics
- Sales
- Marketing
- Business Administration
- HR Management
- Content Management
- Engineering
- Soft Skills
- See All