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Term life insurance plans are much more affordable than whole life insurance. This is because the term life policy has no cash value until you or your spouse passes away. In the simplest of terms, it's not worth anything unless one of you were to die during the course of the term. Then that's when you receive money.

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QROPS: Advantages and Disadvantages of Transferring Your UK Pension

At times, people living and working abroad do not wish to settle there and come back to their native country. In such scenarios, moving their pension overseas is ideal. While the schemes vary for different countries, transferring their pension or term policy options to a Qualifying Recognised Overseas Pension Scheme (QROPS) is a popular option available to UK employees.

What is QROPS?

Approved by HM Revenues & Customs (HMRC), a Qualifying Recognised Overseas Pension Scheme (QROPS) is an overseas pension plan for individuals who worked in the UK, made contributions to the UK pension schemes and now want to move back to their native countries. The individual can transfer this pension corpus to a pension scheme, which is registered as QROPS. These transfers are called as recognised transfers and are usually made without tax deduction provided the member meets certain criteria.

In order to receive HMRC approval, you must meet the following requirements:

The term policy must be recognised for tax purposes by the equivalent tax authority of the country where it is based

The scheme must be recognised by an appropriate locally-based regulator so that the administration can be monitored accordingly

Retirement benefits are not allowed before the age of 55.  

The scheme must be based in an EU member state/country where the UK has a tax information exchange agreement

What are the advantages and disadvantages of QROPS?

Now that we know what QROPS mean, here are the advantages and disadvantages of the same.

Advantages

Ability to have all your pension funds at the place where you reside instead of spread across different jurisdictions

Pension drawn can be from the age of 55 years

QROPS are offered with attractive benefits

Flexible access to funds without obliging to purchase an annuity

Transfer to a varied range of currency options available

Access to a range of investment options

Favourable tax treatment in the country you reside

Disadvantages

An overseas tax charge of 25% is to be incurred when opting for QROPS

Benefits provided under QROPS may not match in comparison to UK pension

Added cost in the form of advisor’s fees and charges

Fluctuations in the exchange rate if the QROPS is not based in your resident territory

Before you plan to transfer your UK pension to QROPS, it is strictly advisable to seek the guidance of a pensions expert to understand if this move is suitable for you.  

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Why Life Insurance?

In simple terminology, life insurance is a trust where money is pooled by a group of people to share the misfortune of a selected few.

In modern times, it represents an institution, which pools money from a large group of people in the form of premiums to take care of the not-so-fortunate ones. This money is invested in government securities and bonds and paid to the policyholder either on maturity or his nominees or assignee in case of his untimely demise.

Basically Life Insurance policies are classified in to two classes - the term policy and the pure endowment Policy. All other policies are admixture of these two policies in different proportions.

The term ‘policy’ is an insurance contract wherein the insurer agrees to pay (the legal heirs or assignee of the insured person), a sum assured on his/her death against a periodical payment of insurance premium. However, if the insured person survives till the end of the policy period, nothing is payable to him as per the insurance contract.

Pure Endowment Policy is an insurance contract, which is the exact opposite of the Term Policy. In this, the insurer agrees to pay a sum assured to the insured if he/she survives till the policy period against a periodical payment of insurance premium. However, if the insured person dies during this period, nothing will be payable to his legal heirs or nominee as per the insurance contract.

The various life insurance policies available with the present insurer can be broadly classified as follows-

Term Policies- These are the cheapest policies where there is a life cover but no survival benefit. The claims in case of these policies are less, as normally the insured lives longer than the policy period. As such the premiums are lesser than the other policies.

Whole Life Policies- As the name suggests, this policy is in force till the lifetime of the policyholder. The sum assured is payable to the nominee or heir of the insured on his expiry. As there is always a claim in case of this policy, the premium is more than the other policy.

Endowment Policies- These are the best selling policies for the life insurance. These are combination of Term Policy and Pure Endowment Policy wherein the insured gets a dual benefit. If the policyholder expires during the policy period, his nominees/heir gets the sum assured immediately along with the accrued interest. However if the insured survives till the policy period, he gets the sum assured along with the bonus.

Annuities- These are also called as pension policy. In this case, the policyholder pays the premium periodically or in lumpsum to get a regular pension starting from an age as agreed upon.

Policies like Education Policy, Marriage Policy, etc are all revised fixed term policies where the sum assured is paid to the assignee at the end of the tenure.

Money back policies are endowment policies where some part of the sum assured is paid back to the insured at regular intervals and the remaining amount is paid on the maturity along with the bonus. However if the policyholder expires during the policy period, the entire sum assured is paid to the nominee immediately along with the accrued bonus without deducting the periodic payments.

This post on " Why Life Insurance? "appeared first on personalFN.

[myfairpolicy]

A term plan can help you protect your loved one's future by offering a high cover at an affordable premium. This will ensure that no matter what, your family will be able to maintain the current lifestyle and continue to pay off the loans even in your absence.

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