Why You Can Do To Be A Wife Material

Men Want A Wife Material For 

Marriage

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Franklin Nath: Ater writing my last post on husband material, I got a lot of requests from my male readers to write a post on wife material – how to find it, attoract it, and keep it. When I started to write, I realized that I was pretty much writing the same post (this is why I wrote in the husband material post that “my writing is for all genders and orientations so please, sub where you need to”).

Coaching clients all over the world and connecting with so many of you on social media and email has taught me that no matter what gender, relationship dynamic, or orientation… it really is the same bullsh*t.

It’s the same pain, the same heartbreak, and the same fears and insecurities… just different body parts. Our emotions are what connect us all. They blur differences that are the source of a lot of unnecessary judgment and obnoxious reactivity.

I write from the perspective of a straight woman because I am one. It would be inauthentic of me to try and please everyone or to write from another angle, but what I write about is universally applicable.

A selfish, emotional bum is a selfish, emotional bum. No matter what gender they are… they’re lame.

A toxic relationship is toxic. No matter what the orientation or dynamic is… it’s unhealthy.

So for this post, I want to address my male readers and also, my female readers based on what I’ve been hearing from men.

While I’ve been writing my book, I have interviewed hundreds of men from all walks of life: professional athletes, single fathers, students, entrepreneurs, stockbrokers, artists, celebrities, retirees, you name it. One of them has had such a wildlife, there is a movie based on his professional and sexual exploits. Some are married, others divorced, but the majority of them are single.

Over the last week, I called up a (very diverse) handful of them.

“How do you know when a woman is wife material?”

“What is it for you that separates one woman from the rest of the pack and puts her in a league of her own?”

I didn’t care about political correctness. I wanted real answers because what I was seeing online…

Read Also: 15 things Men really need in a relationship 

 “you’ll know she’s wife material if she likes to cook in lingerie and loves to watch sports!” wasn’t cutting it. Trash like this breeds misery. It makes everyone feel like they’re not being, getting, or worthy enough of it. Our relationships then become transactional performances instead of intimate connections.

And we wonder why we feel so unfulfilled.

After a few days, I was able to narrow the answers down to ten wife material qualities that these men shared with me. 

I hope that in reading this list, ALL of you can get the affirmation to never settle and stop going for what will garner more high-fives from your friends, your family, your culture, or society than genuine fulfillment in your heart.

Choosing yourself over what checks the proverbial boxes and looks good on paper is a level of power, indifference, happiness, and freedom that most people will never have the courage to experience. Their fear won’t allow it.

Luckily for you and me, this is no longer our reality.

First, for the men…

I’m going to keep it simple since I went over a lot of this my last post.

How to find wife material: Yes, there needs to be a physical attraction but please, take my advice here and go for the woman you would never otherwise go for – whatever that may be (I am not just talking about physical appearance here). If you aren’t giving women the chance to become attractive (in the ways that time can never mess with), it’s likely that you aren’t giving yourself a chance to be liked for who you really are by the only person that will ever matter: YOU. If you don’t see it in yourself (because you embody it, not because you want to appear to embody it), we won’t be able to see it in you.

How to attract wife material: Embody what you are looking to attract. Also, make sure that the environment you’re fishing in is conducive to the shark you are after.

Stop fishing in ponds and then wondering why you never encounter a fellow shark. If you want a shark, make sure that you’re in the ocean. Stop thinking that you’re not good enough just because you can’t find a shark in a pond. Stop feeling depleted because you continually get used. You are a shark. A shark cannot survive in a pond and no matter how “good” it is, it will never find a fellow shark in a pond – only common fish that want a free ride. Get back in the ocean. Yes, it’s scary but the real sharks will respect your lack of delusion and be attracted to that level of confidence (not cockiness, there is a difference).

Don’t worry about the women who are only after one thing and make you feel terrible. Their shark fins are fake. Keep going. Wife material women respect ambitious men. I can’t tell you how many physical attributes I would usually notice right off the bat but didn’t notice (or care about) whatsoever because ambition and authenticity is so.much.sexier than winning a genetic lottery (which requires no intelligence, empathy or effort).

How to keep wife material: Be consistent.

10 qualities that constitute wife material (according to men)

I want to be clear that this is not about being a good person. It’s about what is marriage-material attractive to men as far as romantic relationships go.

Here’s a summary of what the men I interviewed said…

1.  She’s doesn’t need me in any way. She wants me. That’s wife material. There’s nothing more attractive than a woman who isn’t afraid of being alone.

2. She lets me chase her instead of chasing me and questioning my every move.

3. She isn’t emasculating. And she feels comfortable being vulnerable with me. We support one each other.

4. Even though I’m not exactly where I want to be in life, she can tell that I’m right where I need to be as far as emotional intelligence and maturity go. And she respects that and sees the value in it. She appreciates that I’ve done the work on myself and because of that, she knows that I will accomplish my goals. She wanted me, supported me, and believed in me when I had nothing. 

5. She has control over her emotions and because of this, is not a liability that I have to worry about in any way (in regard to having a lack of tact around people I care about). She is predictable where it matters (integrity, honesty, loyalty, character, etc.) and unpredictable where it’s fun (use your imagination).

Read Also: 10 great things to make people like you instantly 

6. She isn’t emotionally or physically abusive and doesn’t get off to drama.

7. Whether she’s with me or out with friends, everything she does says “I respect myself and I respect the man I am with.” She conducts herself respectfully on social media and isn’t thirsty for attention.

8. She doesn’t play games but she always provides a mental challenge. I’m never bored. She’s comfortable in her own skin and can take my compliments instead of talking me out of them.

9. She has her own life and because of that, has some edge to her. She isn’t cold, she’s just not afraid to take action.

10. She is completely loyal and gives her all but I know that she WILL leave if the trust and loyalty are not reciprocated. That’s basically the difference between wife material and doormat/booty call material.

Bottom line, everything will turn around when you turn inward. When you stop looking for someone to fix you, rescue you, be your rock, and see in you what can’t see in yourself. Remember, you have the ability to choose how you want to live your life, how healthy you want to be mentally, and how you want to be treated. And to the right man, that’s wife material.

For those looking for doormat material… that’s called a dead end.

Source: https://www.franklinnath.com/what-are-the-ways-to-know-if-you-are-a-wife-material/

THE LAPSES AND INEFFECTIVENESS OF THE NIGERIAN INSURANCE INDUSTRY | CAUSES AND SOLUTIONS

REASONS WHY INSURANCE IS NOT  YET APPRECIATED IN NIGERIA

INTRODUCTION: Nigeria is a big country and the most populated black African nation with about 150 million people living within the country, with all of its natural resources, I can tell you Nigeria is a blessed country and should be an eye opening for other African countries but do I need to shock you that as big as Nigeria, she is lacking behind in so many prosperous areas that would have been a source of wealth and national development to the country. What am I saying in essence is that Nigeria is gifted in so many areas and I can boldly tell you that the country  is lacking in so many areas because of its political system and the mindset of the people which had narrowed them to the extent that relevant things have become irrelevant thereby causing damage to the nation at large both politically, economically, in safety and business wise….okay enough of the stories, we are here to discuss on the lapses of the insurance industry in Nigeria and why insurance is not been appreciated in the country even though its regarded as the giant of Africa.

POPULATION: Nigeria is a country that would flourish independently in the insurance industry because of its massive population and the wealth of 65% of Nigerians is a very good start to the development and appreciation of insurance industry, the citizens do not appreciate the industry but what do we have; a neglect to the industry due t certain factors which has led to the feeling of its irrelevancy in the country. Talking about United Kingdom and the US, insurance is an industry which is going stronger and they have a vast population which created a rapid increase and buoyancy in the industry. Infact in his countries it is mandatory that every individual to have a health insurance cover and every driver to posse a car insurance cover if you really want to drive on the road and imagine the population of these countries if every driver is to take up health and car insurance cover, tell me why the industry should not blossom.

INSURANCE: We have been talking about insurance all the way, okay let’s say a novice visited this page and wants to really know what Insurance is all about. Insurance is a kind of contract you “the insured” enter with another party called the “insurer” which is the insurance company through a fee called a premium and when such events occur, the insurance company indemnifies you of the benefit or to your beneficiary depending on the policy you op in for. There could be another person usually an agent or a broker who stand as an intermediary between you and the insurance company….An Insurance broker works for different insurance company depending on your quest while the insurance agent stands for a particular insurance company referring a client to only the insurance company he/she works. 

For example if you take up a life insurance policy this is saying that you actually want to insure your life and family or one of the many life insurance policies…..

You could check different life insurance policies here or you could take up take up a car insurance policy to insure your car against accident, incidents like bodily scratch or causing damage against another, when any of these occur, the insurance company will take up the coverage for you depending on the policy agreement and based on your premium

Read about Liability Insurance here

Having brief about what insurance is, lets now talk about the types of insurance that is compulsory and commonly practiced in the Nigeria system and they are:

1 Occupiers Liability Insurance

2 Health care Professional Indemnity Insurance

3 Builders Liability Insurance

4 Motor third party liability insurance

5 Employers Liability Insurance

6 Employers liability Insurance (Group Life)

1 Occupiers liability Insurance: this is an insurance policy mandated by law for the owners and occupiers of public buildings used as residents, offices, filling stations, hostels e.t.c. Compensation is paid to the business users and members of the public in case of natural disasters, death or building collapse.

2 Health care professional insurance: this is mandatory for all medical professionals, institutions and centers to buy. The institution is to register under the National HealthInsurance Scheme (NHIS) and compensation is provided under this scheme and failure to comply will result in the revocation of the permit of the medical institution and also the offender will be charged for involuntary minder.

3 Builders Liability Insurance: This policy is compulsory for contractors and owners of buildings higher than two floors. This is just to provide for their workers in case of building collapse, injury and death at the construction site. Failure to comply attracts a penalty of #250,000; three years jail term sealing and demolition of the affected building.

4 Motor third party liability Insurance: This policy is made compulsory for car owners and drivers of vehicles, motorcycles and special types of vehicles (both private and commercial) and this covers against death, damage to property or bodily injury of a third party.

Read third party insurance

The life cover is unlimited while the property damage is #i million and the penalty for failure to comply is #250,000 or one year imprisonment or even both.

5 Employers liability insurance this kind of policy is targeted at employers and requires them to have insurance that will provide compensation for their workers in the event of injury illness or death in the course of the employment. For employees that fail to comply the penalty is #250,000 and sealing of the employers business premise.

6 Employers liability insurance (group life): employers with staff strength that’s greater than four are mandated by law to buy into this policy. The law cuts across both public and private employers and under this law they are required to pay for pension subsidy in the event of mental or physical disability or disappearance while in service

OTHER TYPES OF INSURANCE PRACTICED IN NIGERIA

Home content insurance

Few people actually realize what the total value of one’s home content truly calculates to. Just to name one example is that of the window coverings such as curtains or blinds as that alone is costly, not even to mention carpets and/or bedding. If one actually has to add every single item in one’s home up, the total value would undeniably come as a huge surprise. However, it is highly advisable to do just that to determine the closest estimated value, thereby ensuring that you are not over or underinsured. Why would you want to insure every single item in your home? To safeguard yourself financially against losses due to fire, flood, burst geyser or an earthquake.

Property insurance

It is mandatory to insure one’s property for the estimated value, if it is financed. No person/entity will ever receive a home loan without sufficient property insurance.

Vehicle insurance

Vehicle insurance is also enforceable by law if a vehicle is financed.

Why Would You Insure Your Assets?

Why would anyone concern themselves with the variety of insurance types available to them if they happen to believe it to be a waste of hard earned money and just not a justifiable expense?

For example, why would anyone spend even one cent on life insurance of they have no intention of dying anytime soon? After all, life insurance is for the elderly, is it not?

And why on earth would one insure a vehicle if he/she is a good responsible driver who has never had a vehicle collision ever before? Why waste money on vehicle insurance?

And what about home insurance, surely that is a huge waste of money especially if one has the best security systems and features in place to protect all valuables?

Why would a builder spend his/her hard earned money on monthly insurance premiums if he/she is fully qualified in the field, and has never caused damage to anyone’s property or equipment before? Why would he/she then lessen the profits by adding an extra worthless monthly expense such as a builder’s insurance premium?

Why would anyone on earth waste money on an unemployed insurance policy if he/she is in permanent employment and has been for years.

All of the above might seem realistic and true, but only for those who live in a perfect world without crime, natural disasters and unforeseen events. If one takes one natural disaster such as a fire as an example, it will automatically give justifiable reasons to all of the above and confirm the necessity of insurance rather than a waste of money.

And yes, life insurance might not be to your immediate benefit now, but accidents do happen, and should anything happen to you, you will at least have ensured that your loved ones are not burdened with your funeral costs, debts etc.

And even though you might be a responsible good driver, another vehicle driver might not be and collide into your vehicle by accident. This is why vehicle insurance is of such importance to have, so much so that it is enforceable by law in many instances.

TYPES OF INSURANCE COMPANIES IN NIGERIA

1 Consolidated Hallmark Insurance Plc

4, Eziukwu Road, Aba, Abia Nigeria+234 818 000 1164, +234 818 000 1163, 082 223216
Consolidated Hallmark Insurance Plc services includes bonds insurance, burglary insurance, fire & special perils, all risks insurance and home insurance, professional indemnity and lots more.


2 FBN Insurance

34, Marina, Lagos Island, Lagos, Nigeria 0709 812 3827, 0808 047 9319, 01 905 4364
FBN Insurance is a Lagos based financial service outlet for vehicle, fire and corporate insurance services.


3 Great Nigeria Insurance Plc
8 Omo Osagie Street, South West Ikoyi, Lagos, Nigeria 08052601713, 01 342 9161
Great Nigeria Insurance PLC offers financial services on fire and special perils insurance services.


4 Guinea Insurance Plc
33 Ikorodu Road, Jibowu, Lagos+234 1 293 4575, +234 1 293 4577
Guinea Insurance Plc is an insurance services provider in Nigeria.


5 Industrial & General Insurance Plc
Plot 741, Adeola Hopewell Street, Victoria Island, Lagos Nigeria 08033049507, 01 2918854, 01 2918853
Industrial & General Insurance Plc (IGI) offers life and non life insurance products.


6 Law Union & Rock Insurance Plc
Law union House 14 Hughes Avenue, Alagomeji Yaba, Lagos, Nigeria01 454 0071, 01 454 0074, 01 454 0075
Law Union & Rock Insurance Plc is one of the leading insurance company in Nigeria.


7 Mutual Benefits Assurance Plc
Rainbow Tower, Kilometer 127, Idiroko Rd. Near NNPC Filling Station, Ota, Ogun State Nigeria+234 803 431 8658
Mutual Benefits Assurance Plc is one of the leading insurance companies in Nigeria providing excellent services in general business claim and life assurance.


8 NICON Insurance Plc
Nicon Plaza, Plot 242, Muhammadu Buhari Way, Central Business District, Abuja FCT Nigeria+234 809 504 1234, +234 805 508 4597
NICON Insurance Plc is a Nigerian service financial insurance foremost corporation.


9 Niger Insurance Plc
48/50, Odunlami Street, Lagos Island, Lagos 0803 308 5970, 01-894 7226, 01-872 0344
Niger Insurance Plc transacts all classes of Insurance business and offers a wide range of innovative and customer-oriented products and services.


10 Nigeria Deposit Insurance Corporation
Plot 447/448 Constitution Avenue Central Business District, Garki, Abuja, Nigeria 09 460 1380 - 9
NDIC is an independent agency of the Federal Government of Nigeria to protect depositors and guarantee prompt and efficient settlement of insured funds in the event of failure of insured participating institutions.


11 Nigerian Insurers Association
42, Saka Tinubu Street, Opposite Eletu Ogabi Street, Victoria Island, Lagos Nigeria 0818 887 7140, 0701 178 4884, 0803 040 080401 804 3840
Nigerian Insurers Association was established to protect & advance the common interests of Insurers in Nigeria by creating and sustaining a positive image for the Insurance industry.


12 Regency Alliance Insurance Plc
2 Ebun Street, Gbagada Expressway Phase 1, Gbagada, Lagos, Nigeria 0805 349 9070, 0805 349 9074, 0809 765 65460814 323 3727
Regency Alliance Insurance Plc offers risk underwriting and risk management services.


13 Sovereign Trust Insurance Plc
35 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria 01 262 3940, 01-261 9011
Sovereign Trust Insurance Plc offers insurance protection and risk management services in Nigeria.


14 Sterling Assurance Nigeria Ltd
1st Floor, Union Bank Building (4th floor), 37, Niger Street, Kano, Kano State+234 805 769 6098, +234 803 450 9093
Sterling Assurance Nigeria Limited provides services in fire and peril insurance, motor and money insurance, plant and machinery all risk, and more.


15 WAPIC Insurance Plc
No 119 Awolowo Road, Falomo Ikoyi, Lagos, Nigeria 070034592742, 01 277 4500, 01 277 4555
WAPIC Insurance Plc is offering a comprehensive range of insurance coverage.


16 Zenith General Insurance
Plot 280a, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria 01 278 3421, 01 270 100401 461 3705
Zenith General Insurance is a Nigerian insurance service company for aviation, marine and risk management services.

Others here: Insurance companies in Nigeria 

LAPSES AND INEFFECTIVENESS OF INSURANCE IN NIGERIA

There are a lot of causes to the lapses and ineffectiveness of insurance in Nigeria and this lapses have eaten deep to the extent that it has made insurance as god as not existing. It will take a very persistent and mobilized set of insurance professionals to revitalized and rebuild the pot-holes in the insurance world. Its sad that majority of Nigerians do not really 

understand what insurance is all about not to talk of hoe it works , some mistake insurance for a banking industry performing the same activity of savings, deposit loans and transfers and other banking functions, in this cause we shall b discussing about the lapses and ineffectiveness of the insurance industry in Nigeria and suggested solutions without wasting much time let’s talk about some of these factors and the suggested solutions I mean is more disappointing that as civilized as the world is and more also as civilized as the people of Nigerians are, they seem not to understand and fully take part in the insurance industry and this makes it look dead and inefficient but have you considered the reason for this “ I guess not” and here is few!!!

Corruption I would say has eaten deep into the system; I would not be going in-depth of corruption in Nigeria, as we all know that corruption in Nigeria is the order of the day from the head to the least person on the street. Corruption is mostly effective in the areas where it has to do with finance where people sort out ways to embezzle funds and actually deceive the people to get what they want, now how does this corruption affects the insurance industry in Nigeria. In a situation where someone is caught on the road without an insurance coverage whatsoever and what should be put in place? 

The system should be that when such person is caught he/she should be  taken to court and tried but in Nigeria, the police will prefer settle out of court notice after collecting its share of the offense charge and therefore the at-fault party is free to parade the streets without having the insurance coverage in the case of car insurance and what is the cause of this , the economy and political system deeply affect the industry and has made it difficult for the masses that they seek other cheap measures to make money fast if the economy and political system are doing great, such things would not occur infact the policy of compulsory insurance policy would be put in place and effective.

Another thing I would like to point out is the fact that most of this insurance company, broker, or agents are all up and ready seeking different means to profit out of nothing from those who show interest in carrying out an insurance policy. I was with a client and he was explaining to me how he was scammed by an insurance agent, this type of instances can make a person choose not to involve his/her finance in something that will not profit him/her at the long run. I think a principle should be put in place and a strong law backing and enforcing these principles in order to curb out this evil men in the insurance industry for it to work effectively. 

Imagine an insurance company which could not meet up with claims made when they are due to but yet refuse to handover its certificate to National insurance commission (NAICOM) , this is what  we are really saying, when the mindset of the people in the industry are filled with evil thoughts to scam clients why will the followers not do same. But this companies about to wind up will still stay put hoping that something good will happen and that there will be a revitalization of their company and what measures or actions are been taken or put in place to prevent this from happening but none and they hope it just happens.

If majority of the clients are complaining of unpaid claims what would be their testimony, definitely it wouldn’t be a testimony that would encourage others to participate into the program so among the suggested solution should be that this deceit and ineffectiveness should be wiped out starting from the insurance industry itself.

Another major cause is lack of awareness, in a situation where their the people don’t even know what insurance is about as we have mentioned above, that alone can eat deep into the system negatively and infact lack of awareness is lack of its existence…We can vividly see adverts for commercial products, these companies spend so much on advertising in order to create awareness of a certain product and thereby creating awareness of the general product for example: if  Coca-cola company makes an advert for one of their new product, by so doing they are also creating awareness for the general products and the company itself while that particular product gets the highest awareness because it is targeted, this can also be applied to the insurance industry. An insurance company could decide to run an advert for its cheap quote and offer discount on them and by this means it is also creating awareness of the insurance company in general and what they really do.

In The Nigerian system we sort for cheaper ways to do things, well some people could blame it on the substandard economy of the country, some will say they barely feed well come to talk of insuring properties, so the economy of the country plays a vital role, but the cheapest ways aren’t always the best to do things and could affect in the long run. We prefer handling situations with quarrels and fights incase of an accident or collision when making a claim on the at-fault party. We prefer to dig up the situation immediately and right there at the accident rather than making a claim which in turn leads to quarrel and fight, so in essence maturity speaks and only the matured minds acts maturely. If we have to talk about the security agents are playing heavily to the downfall of this system where they only seek in the areas that will fill their pockets and worry less on how things should be done appropriately.

National Insurance Commission (NAICOM) as the sole registrar and licensing of the insurance companies in Nigeria should also play vital role in the coordinating and supervising of these insurance companies, agents and brokers to ensure things are done appropriately  following its standard and their functions if been put to place and strictly adhere to, should lead to a better insurance industry. I will highlighting some of the functions of NAICOM and with that you should critically examine what areas are not been put in place couple with some of the weakness mentioned above and in that way we will put heads together to make the insurance industry grow rather than declining. 

The functions include:

1 Approve rates of insurance premiums to be paid in respect of all classes of insurance business

2 Encourage adequate protection of strategic government assets and other prospectus

3 Provide safe and stable standards for the conduct of insurance business in Nigeria

4 Approve rates and commission to be paid in respect of all classes of insurance business

5 Regulate transactions between insurers and re-insurers in Nigeria and also those outside Nigeria.

6 Act as adviser to the federal government on all insurance related matters.

7 Approve standards, conditions and warranties applicable to all classes of insurance contracts.

8 Publish for sale and distribution to the public, annual reports and statistics on the insurance industry

9 Liaise with and advise federal ministries, extra ministerial departments, statutory bodies and other government agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory.

10 Contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and the West African Insurance Institute and also

11Carryout such other activities connected or incidental to its other functions under their decree…

Having analyzed the functions of NAICOM in Nigeria we could strategically and carefully examine each of these functions and grow are they are been put in place in order to curb corruptions and make the insurance system grow bigger and better if the head is not performing its duties with cross supervision that’s where it gives the members of the body an opportunity to start misbehaving and this will definitely lead to corruption (scam, deceit and embezzlement) and what impression is been created in the face of clients or those who don’t have knowledge of what insurance is all about, so we must ensure things are done the right way and insurance will be appreciated just as it happens in the 1^st-tier countries like USA, UK, Canada, and others

So what do you have to say about this?? Your contribution and suggestions will be highly appreciated….

Drop comments below…..

WHY LIFE INSURANCE IS VERY NECESSARY TO HAVE IN LIFE

MAJOR REASONS WHY LIFE INSURANCE IS VERY NECESSARY  AND IMPORTANT TO YOU.....

Lіfе іnѕurаnсе hаѕ lоng been a раrt of estate рlаnіng in the United Stаtеѕ,  Althоugh lіfе insurance dоеѕ nоt nееd tо bе a раrt of every реrѕоn'ѕ estate рlаn, іt can bе useful, еѕресіаllу fоr parents of уоung сhіldrеn and thоѕе whо support a ѕроuѕе оr a dіѕаblеd аdult or сhіld.

In аddіtіоn to helping tо ѕuрроrt dependents, lіfе іnѕurаnсе саn hеlр рrоvіdе immediate саѕh аt dеаth. Inѕurаnсе proceeds аrе a handy ѕоurсе оf саѕh tо рау thе deceased's debts, funeral expenses, and income оr еѕtаtе taxes.

WHY LIFE INSURANCE IS VERY NECESSARY AND SHOULD NOT BE AVOIDED?

Read Also:

What is the difference between term insurance, life insurance and health insurance?

How do I get cheap auto or car insurance?

People whо hаvе nо mіnоr сhіldrеn оr fіnаnсіаllу ѕtrарреd dереndеntѕ mіght nоt need life іnѕurаnсе. Bеlоw уоu'll find ԛuеѕtіоnѕ tо аѕk уоurѕеlf to help еvаluаtе your lіfе insurance needs. If уоu dесіdе tо purchase іnѕurаnсе, you ѕhоuld knоw еxасtlу whу уоu аrе buуіng іt and сhооѕе thе best tуре of роlісу for your nееdѕ. And, оf course, уоu ѕhоuld buy nо mоrе thаn уоu nееd.

Lоng-Tеrm Needs

Tо dеtеrmіnе whеthеr іt mаkеѕ ѕеnѕе for уоu to buу іnѕurаnсе tо provide financial hеlр fоr fаmіlу mеmbеrѕ over the long tеrm, соnѕіdеr thеѕе ԛuеѕtіоnѕ:

Hоw mаnу реорlе dереnd on уоur earning сарасіtу? If thе answer is "nоnе," you рrоbаblу dоn't need lіfе іnѕurаnсе.

How muсh money wоuld уоur dependents nееd fоr living еxреnѕеѕ? Onе wау to dеtеrmіnе thіѕ аmоunt is tо lооk аt thе еаrnеd іnсоmе that уоu brіng tо уоur dереndеntѕ on a regular bаѕіѕ. From thаt аmоunt, subtract thе wоrth оf property thеу wоuld inherit frоm you аnd аnу amounts thаt will bе аvаіlаblе frоm public ѕоurсеѕ оr рrіvаtе іnѕurаnсе рlаnѕ that аlrеаdу рrоvіdе coverage.

Social Security ѕurvіvоrѕ аnd dереndеntѕ benefits wіll probably bе аvаіlаblе, and уоu mау аlѕо be соvеrеd bу union or management реnѕіоnѕ, оr a grоuр lіfе insurance рlаn. Alѕо ѕubtrасt аnу оthеr lіkеlу ѕоurсеѕ оf income, ѕuсh as thе hеlр rеаѕоnаblу аffluеnt grandparents would рrоvіdе fоr your сhіldrеn іn саѕе оf dіѕаѕtеr.

Hоw lоng would it tаkе fоr your dереndеntѕ tо bе come self-sufficient? If уоur сhіldrеn are аlmоѕt out оf соllеgе, thеу might nоt nееd much аddіtіоnаl income. If they're younger, remember thаt dependent spouses саrіng for уоung сhіldrеn can uѕuаllу rеturn tо wоrk аt ѕоmе point, and ѕоmе kіdѕ mау gеt at lеаѕt раrtіаl ѕсhоlаrѕhірѕ.

Onсе you реrfоrm thіѕ еxеrсіѕе, уоu соuld fіnd thаt уоur dереndеntѕ might nееd little additional іnсоmе from lіfе insurance. But іf уоu have уоung сhіldrеn, уоu mау fіnd thаt іt makes sense to buу аn аffоrdаblе аmоunt of lіfе іnѕurаnсе. (For mоrе information, ѕее Uѕіng  Life Insurance tо Provide fоr Yоur Chіldrеn.)

Short-Term Needs

Nоw, assess whеthеr уоu need life іnѕurаnсе fоr ѕhоrt-tеrm needs:

What аѕѕеtѕ wіll bе available to take care оf your dереndеntѕ' іmmеdіаtе financial nееdѕ? You mіght leave some money іn jоіnt or рау-оn-dеаth bank accounts, or place mаrkеtаblе ѕtосkѕ іn jоіnt tеnаnсу or rеgіѕtеr thеm оn beneficiary (trаnѕfеr-оn-dеаth) fоrmѕ.


Aftеr you dіе, hоw lоng wіll іt bе bеfоrе your property is turnеd over to your inheritors? If mоѕt оf уоur рrореrtу wіll аvоіd рrоbаtе, thеrе'ѕ uѕuаllу little need for іnѕurаnсе for short-term expenses, unless уоu hаvе nо bаnk ассоuntѕ, ѕесurіtіеѕ, оr оthеr cash аѕѕеtѕ. Bу соntrаѕt, if the bulk of уоur property іѕ trаnѕfеrrеd bу will and thеrеfоrе will be tied uр in probate fоr mоnthѕ, уоur fаmіlу аnd оthеr іnhеrіtоrѕ mау need the rеаdу саѕh іnѕurаnсе саn рrоvіdе. Whіlе a рrоbаtе соurt wіll uѕuаllу promptly authorize a fаmіlу аllоwаnсе оr оthеrwіѕе аllоw a ѕроuѕе оr оthеr inheritor ассеѕѕ tо estate funds, іt can still be nісе tо have іnѕurаnсе proceeds available.

Wіll your еѕtаtе оwе ѕubѕtаntіаl dеbtѕ аnd tаxеѕ аftеr your dеаth? Lawyers аnd financial advisors call cash аnd аѕѕеtѕ thаt саn ԛuісklу bе converted tо саѕh "lіԛuіd." If your estate has аlmоѕt аll "non-liquid" аѕѕеtѕ (rеаl estate, соllесtіblеѕ, a ѕhаrе in a small business, jеwеlrу), there might bе a ѕіgnіfісаnt financial lоѕѕ іf these аѕѕеtѕ must bе ѕоld ԛuісklу tо rаіѕе саѕh tо рау bіllѕ, as opposed tо whаt thеу соuld bе sold for lаtеr іf thеrе hаd bееn еnоugh liquid mоnеу frоm іnѕurаnсе or оthеr ѕоurсеѕ to mееt аll рrеѕѕіng bіllѕ. Obvіоuѕlу, іf your estate has significant fundѕ in bank accounts оr mаrkеtаblе ѕесurіtіеѕ, you wоn't need іnѕurаnсе fоr this рurроѕе. Fоrtunаtеlу, federal estate taxes аrеn't due until nіnе mоnthѕ аftеr death, ѕо саѕh tо рау them dоеѕn't hаvе to bе rаіѕеd іmmеdіаtеlу.

Avoid Prоbаtе аnd Eѕtаtе Tаxеѕ on Lіfе Inѕurаnсе

Avоіdіng рrоbаtе. The proceeds оf a life insurance policy are nоt subject tо probate unlеѕѕ уоu name your еѕtаtе аѕ thе bеnеfісіаrу оf thе роlісу. If аnуоnе еlѕе, including a truѕt, іѕ the beneficiary оf thе роlісу, thе proceeds are nоt included іn thе рrоbаtе еѕtаtе аnd can bе quickly trаnѕfеrrеd tо ѕurvіvоrѕ wіth little red tape, соѕt, оr dеlау.


Except whеn your estate wіll hаvе nо ready cash tо рау anticipated dеbtѕ and tаxеѕ, thеrе іѕ no ѕоund rеаѕоn for nаmіng уоur estate, rаthеr than a реrѕоn, as thе beneficiary of your lіfе іnѕurаnсе policy.
Avоіdіng еѕtаtе taxes. If you own your insurance policy at thе time you die, thе рrосееdѕ аrе included in your tаxаblе еѕtаtе. If your estate is lаrgе enough to face еѕtаtе tаx lіаbіlіtу, уоur life insurance proceeds wіll bе ѕubjесt to estate tax. On the оthеr hаnd, if уоu don't legally оwn уоur lіfе іnѕurаnсе policy, the рrосееdѕ аrе еxсludеd from your taxable estate. Thіѕ саn significantly rеduсе your dеаth tax lіаbіlіtу.

Buѕіnеѕѕ Needs

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If you аrе thе ѕоlе owner of a business, how muсh саѕh wіll іt nееd whеn you dіе? Do уоu want and еxресt thаt some оf уоur іnhеrіtоrѕ wіll continue the buѕіnеѕѕ? If ѕо, dо уоu thіnk thеrе will bе еnоugh cash flоw for them to ѕuссеѕѕfullу mаіntаіn thе business? Yоu mау need іnѕurаnсе рrосееdѕ tо cover аnу саѕh flow shortage оf the buѕіnеѕѕ. Will thеrе bе lіԛuіd fundѕ tо pay еѕtаtе tаxеѕ?

Exаmрlе. Alісіа owns several valuable ріесеѕ оf rеаl еѕtаtе аnd a рrоfіtаblе аntіԛuе ѕtоrе, but she has vеrу lіttlе саѕh аnd nо lіfе іnѕurаnсе. Whеn ѕhе dіеѕ, ѕhе owes dеbtѕ оf $90,000 (аѕіdе frоm mortgages) аnd estate tаxеѕ оf $120,000. Tо rаіѕе thіѕ money, her bеnеfісіаrіеѕ (technically, hеr executor) must ѕеll some of hеr real еѕtаtе оr her іntеrеѕt in thе ѕtоrе.

Unfоrtunаtеlу, thе country іѕ ѕuffеrіng a rесеѕѕіоn, аnd thе mаrkеt vаluе оf bоth antiques and rеаl еѕtаtе іѕ down. To make matters worse, саnnу rеаl еѕtаtе реорlе ѕрrеаd the wоrd that this іѕ a "dіѕtrеѕѕ sale" tо raise money fоr estate оblіgаtіоnѕ. Aѕ a result, thе рrісе the bеnеfісіаrіеѕ rесеіvе whеn thеу sell оnе of thе pieces оf real еѕtаtе іѕ fаr bеlоw what they would hаvе received hаd thеу been аblе tо сhооѕе whеn to sell. Hаd Alісіа purchased аn іnѕurаnсе policy wіth a рауоff аt death оf $210,000 or mоrе, thеу wouldn't hаvе bееn fоrсеd to ѕеll.

If уоur inheritors won't соntіnuе thе buѕіnеѕѕ, thе questions are different: How muсh іѕ your dеаth likely tо аffесt the value of thе buѕіnеѕѕ? Wіll thеrе be enough саѕh to keep thе business аlіvе until іt is sold?

If you are one of ѕеvеrаl со-оwnеrѕ, life іnѕurаnсе рrосееdѕ can be used tо buy out со-оwnеrѕ' іntеrеѕtѕ.

WHAT ARE THE IMPLICATIONS OF COLLECTING A LOAN FOR YOUR SMALL BUSINESS

HOW DANGEROUS IS COLLECTING A LOAN TO FINANCE A SMALL BUSINESS

Hello, welcome to another wonderful article we shall be discussing here and right now. It’s a pleasure to serve you and offer better information and serve as a guide to you if you are professional in your small business, we could always learn from each other no matter how small or little it is but remember “no knowledge is small” don’t mind me this is just a tip, I like flowing with my audience. Okay let’s roll out to today’s topic and smash some key points here.

Have you ever wondered why large business keeps growing despite some economic challenges, I can tell you “finance” is the bedrock of every fast moving business and more also ”good management system” will help make the finance more resourceful and small business sort out for the best option which is loan in order to keep the business alive. Yea, that’s the very great importance of collecting a loan. At its initial stage, it gives your business another level of continuity and strength because money has been utilized and so the business is expected to blossom but in appropriate utilizing of this resources can bring your business down and cause you to run into debt.

Okay let’s roll down to our subject matter but first we are going to be discussing briefly on some keywords in order for us to arrive at a better understanding of what the implications or dangers of collecting a loan can do to your business.

What is Loan? For sure we have heard about loan and what it actually means but let’s quickly emphasize on it for better understanding to our topic of discussion. Loan is the lending of money by one or more individuals, organizations or even entities to other individuals or organizations. In loan process there is a person called the recipient who receives the loan (the borrower) and liable to pay interest on that debt until every amount is repaid and not only the interest been fully paid but also the principal or initial amount borrowed. A loan can be of different types which include:

1 A secured loan: this type of loan expects the borrower to pledge its asset as collateral so that upon breach of contract or inability to pay the loan then the property is confiscated.

2 A mortgage loan: this type of loan is very common. Most individual opt-in order to purchase property (ies). The lender is usually a financial institution is given security-a lien on the title of the property until the mortgage is paid up in full and if the borrower defaults in paying the loan, the bank would have the legal right to reposes the house and sell it to recover sums owing t it.

3 Demand Loans: this are short term loans that typically do not have fixed dates for repayment but rather this type of loan carries a floating interest rate which varies according to the prime lending rate or other defined contract terms.

4 Unsecured loans: these are monetary loans that are not necessarily secures against the borrower assets. They may be available to individuals under many different packages like the personal loans, credit card debt, bank overdraft, corporate bonds, peer-to-peer lending or credit facilities and the interest applicable vary depending on the lender and the borrower.

FINANCE TO YOUR BUSINESS

Like we have rightly said, a business without finance is likely to fail, what then is finance?

Finance can be defined as that art of money management that is concerned with investing, borrowing and lending, savings, and forecasting.


Finance as it relates to business means the process of creating funds in order to run your small business or corporations for effective growth and development thereby yielding profit. Most businessmen and organizations source out different ways to get finance for the business which are highly beneficial and others which can actually kill your business. We shall be looking into some of the sources of finance to your business or organization and they are:

Long Term Sources

Medium Term Sources

Short Term Sources

More sources of finance

In a simpler term, we can say the sources of finance for your business or organization/company included:

1 Personal savings: when starting up a business or in organization, your first investor is you and this could be from savings

2 Love Money: this is money you collect from your family, friends, parents or sponsor either as a loan or gift to help boost your business

3 Investors: These are people who are interested with your idea in generating your new business or existing one. These people(investors) love what you do and are willing to offer contribution/investment in the business with a share of profit at the short or long run.

4 Angels: these are generally wealthy men or retired company who seek for small firms owned by others in order to invest in. they contribute their ideas, expenses and familiarity within the business because they are expert in their field

5 Government grants and subsidies: government grants provide financing such as grants and subsidies that may be available to your small business

6 Bank Loans: these are most commonly used source of finance for small and medium sized business and most small business run into debt through this medium, bank loans are offered to business mostly with collateral and so they look for business or individuals with good sound track record. It is good to shop around and look for a bank that surely meets your needs without having to s much be in stress in order to afford your needs.

Now here comes our topic “how dangerous is collecting a loan to finance a business” or “the implications of collecting a loan for your business and we shall be taking number 6 (bank loan) source of finance as a case study.

Having discussed briefly about loan types, finance and sources now what are the dangers and implications of taking up for your business but don’t quote me wrong, there are excellent advantages of taking up a loan.

Dangers or implications of collecting a loan for your business

1 you could actually be paying interest on funds you are not ready to use or not using it to generate income, you find it hard to pay the loan with the interest and this will put pressure on you on how to pay back this loan thereby affecting you emotionally

2 where your customers owe you or do not pay in time in the case of monthly loan repayment you could be having troubles with cash flow.

3 You can be putting your home, car, property at risk. Definitely upon taking a loan, the financial institution will request for collateral where you fail to repay the loan with its interest at a fixed deadline, you may lose your property.

4 It is not advisable and dangerous as well to take up a loan when you have ongoing expenses as because it may lead to difficulty in proper loan utilization and repayment and you may end up not satisfying your small business or the financial institution of which the loan was collected

5 You shouldn’t collect more than you need, yea you heard me right, if you just need a small amount of money to figure out one or two little needs then collecting a loan will not be the best option because the higher your loan without proper planning and utilization the higher the risk of running into debt

6 The dangers of collecting a loan is paying an upfront fees to borrow money because that can actually led to bad debt

7 You might get punished for paying off your debt early and when it’s not yet time but swift payment keeps your mind at rest so learn to know their terms and conditions (financial institution)

8 Signing up for a variable rate when you shouldn’t have can be a big problem to you, so you should strategically look into the rate attached in paying the interest so that you necessarily don’t fall into what will be hard for you to repay

9 Confusing a payday loan for a personal loan

10 you should be able to determine how effective you could be in the loan repayment duration which could be monthly quarterly, or yearly and find the right duration that will be favorable to you

To really emphasize on this article, am not necessarily saying there is no benefit of collecting a loan, like I have said earlier there are also advantages but critically looking at the points mentioned you should know that this article is about the dangers of collecting a loan if no proper planning and utilization of this loan to serve as a great source of revenue to you and your small business to grow it will surely bounce back at you

So what do you have to say, drop your comments below or subscribe o our newsletter or better send us a message to seek better understanding and questions and we will respond to you shortly

THE IMPORTANCE OF TAKING UP A FIRE INSURANCE COVERAGE

 FIRE INSURANCE: (DEFINITIONS, COVERAGE AND PERILS)

FIRE INSURANCE (ALL ABOUT FIRE INSURANCE FOR DUMMIES)

A fire insurance is a contract under which the insurer in return for a consultant (Premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods caused by fire during a specific period 

Take note: Under fire insurance, the damage/loss caused by fire should be accidental not intentional.

Anything damage caused by fire under fire insurance, it is covered by fire insurance in understanding terms, fire insurance is that kind insurance covering damages or losses caused by fire. This insurance has to do with or cover for cost of replacement repair or reconstruction of property above the limit set by the property insurance policy.

Some standard homeowners insurance policy includes coverage for fire. If excluded, fire insurance may need to be purchased separately especially if the property contains valuable items that cannot be covered with standard insurance coverage. The insurance company’s liability is limited by the policy value and not by the extent of damage or loss sustained by the property owner’s.

The purpose of fire insurance is to make good the financial loss suffered as a result of the fire. It isn't the duty of fire insurance to replace the economic loss that caused the fire waste. Some insurable properties are buildings, electrical installations, contents of building such as machines plant and equipment accessories. In more terms, fire insurance is a policy enacted to compensate the insurer for loss caused by fire that is: when the damage is caused, the insurer shifts the burden to the insurance policy.

What does fire insurance covers:

a. Destruction or damage by fire when fire goes outside its normal limits.

b. Fire caused by unlawful person who have no idea about the agreement of the insured.

c. Damage caused by fire brigade while fighting the fire.

d. Damage cause by falling walls or part of a building in which a fire takes place.

What does fire and special perils insurance cover:

1.  Fire– Fire, lightening, explosion (domestic)

2.  Natural perils– Storm, flood, earthquake, subsidence, landslide

3.  Social peril –Malicious damage, riot, strike, civil commotion.

4.  Chemical peril– Explosion, spontaneous, combustion, self-healing.

5. Miscellaneous– Escape of water, sprinkler leakage, impact damage – Vehicles, Animal and devices.

Fire insurance is a good idea if:

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1.   The value of your properly exceeds what your insurance company will cover for you.

2.   Fire is very common where you live and you need that little extra piece of mind.

The following policies are generally issued for fire insurance:

• Valued policy, 
• Specific policy, 
• Average policy, 
• Floating policy, 
• Comprehensive policy, 
• Consequential loss policy, 
• Replacement policy.

1.   Valued policy: This is the value of the subject matter’s agree upon at the time of taking up the policy, the insurer agrees to pay a pre-determined amount if the property in question is damaged or consumed by fire. The agreed cost may be higher or lesser than the value in the market as at the time of loss.

2.   Specific policy: This policy cover risk of a specific amount. In case of loss of property, the insurer will pay the loss if it is less than the specific amount. For example if the insurance policy is taken for $10,000 and the value of the property is $30,000 if the property worth $20,000 is lost, the insured will get the whole amount of loss. If the loss is up to $10,000 it will be paid in full.

3.   Average policy:   Average clause is added to penalize the insured for a lesser sum that the value of the property.

4.   Floating policy:   A floating policy is taken up to cover the risk of goods lying at different places but these goods should belong to a single person and only one policy will cover these goods. This policy is mostly effective to business men who engage in import and export of goods and these goods lie in different warehouse at different places.

5.  Comprehensive policy: This policy covers all types of risks including fire explosion, lightening, burglary, riots, labour, disturbance etc. this is referred to as  all-risk policy or comprehensive policy.

Consequential policy:   This is a type of policy that covers up loss of profits or consequential loss. The calculation of loss of profits is on the of loss of sales basis. You could take a separate policy for these standing charges.

7.  Replacement policy:     A replacement policy covers the compensation of a property loss or damaged along to the replacement price. The new asset must be just like the one which had been lost . The amount of compensation will depend the market price of the new asset so that it is replaced without additional cost additional cost be insured.