Is Life Insurance tax-free in Canada?

Life Insurance plays a crucial role in providing financial protection and security for individuals and their families. However, amidst the various benefits that Life Insurance offers, questions often arise regarding its tax implications. Specifically, many wonder: Is Life Insurance tax-free in Canada? In this comprehensive guide, we'll explore the tax treatment of Life Insurance in Canada, shedding light on key considerations, exemptions, and how Life Insurance plans can impact your financial strategy.

Understanding Life Insurance in Canada

Before delving into the tax implications, let's first understand the basics of Life Insurance in Canada. Life Insurance is a contractual agreement between an individual (the policyholder) and an insurance company, wherein the insurer promises to pay a designated sum of money (the death benefit) to the policyholder's beneficiaries upon the insured individual's death. This financial protection provides beneficiaries with financial support to cover expenses such as funeral costs, mortgage payments, and ongoing living expenses.

Tax Treatment of Life Insurance Death Benefits

One of the primary concerns for individuals considering Life Insurance is the tax treatment of death benefits. In Canada, Life Insurance death benefits are generally tax-free. This means that beneficiaries receive the full amount of the death benefit without having to pay income tax on the proceeds. This tax exemption applies regardless of the size of the death benefit or the type of Life Insurance policy.

Exemption from Probate Fees

In addition to being tax-free, Life Insurance death benefits are also exempt from probate fees in Canada. Probate is the legal process through which a deceased individual's estate is settled and distributed according to their will. Probate fees, also known as estate administration taxes, are levied on the value of the deceased person's estate and can be significant. However, Life Insurance death benefits bypass the probate process entirely, ensuring that beneficiaries receive the full amount of the proceeds without deduction for probate fees.

Tax Treatment of Cash Value Accumulation

While Life Insurance death benefits are generally tax-free, the tax treatment of cash value accumulation within Life Insurance policies varies depending on the policy type. Whole Life Insurance policies, for example, accumulate cash value over time, which policyholders can access through policy loans or withdrawals. In Canada, the growth of cash value within a whole Life Insurance Policy is tax-deferred, meaning that policyholders are not required to pay tax on the cash value growth until they withdraw funds from the policy.

Taxation of Surrender Values

If a policyholder surrenders or cancels their Life Insurance policy before the insured individual's death, any cash value or surrender value received may be subject to taxation. The taxation of surrender values depends on various factors, including the amount of cash value accumulated, the premiums paid, and the policy's terms and conditions. It's essential for policyholders to consult with a tax advisor or financial professional to understand the tax implications of surrendering a Life Insurance policy in Canada.

Tax Treatment of Premiums

In Canada, premiums paid for Life Insurance policies are generally not tax-deductible. This means that policyholders cannot claim a tax deduction for the premiums they pay on their Life Insurance coverage. However, the tax-free nature of Life Insurance death benefits and the exemption from probate fees make Life Insurance an attractive financial planning tool for estate preservation and wealth transfer.

Integration with Estate Planning

Life Insurance plays a vital role in estate planning, allowing individuals to transfer wealth to their beneficiaries tax-efficiently. By designating beneficiaries and structuring Life Insurance policies strategically, individuals can ensure that their loved ones receive financial support without the burden of taxes or probate fees. Life Insurance plans can be integrated into broader estate planning strategies to maximize tax efficiency and achieve long-term financial goals.

Choosing the Right Life Insurance Plan

The most important thing about Life Insurance is that it protects people and their families financially. However, with various types of Life Insurance policies available in Canada, selecting the right plan can be daunting. To help you navigate this decision-making process effectively, it's essential to understand the different options and factors to consider. Here's a comprehensive guide to choosing the right Life Insurance plan tailored to your unique financial needs, objectives, and circumstances.

Understanding Your Options

Before diving into the specifics, let's explore the three primary types of Life Insurance policies available in Canada:

• Term Life Insurance: Term Life Insurance provides coverage for a specified period, typically ranging from 10 to 30 years. It offers a straightforward death benefit without cash value accumulation, making it a cost-effective option for individuals seeking temporary protection.

• Whole Life Insurance: Whole Life Insurance offers lifelong coverage with fixed premiums and guaranteed cash value accumulation. It provides stability and certainty, making it suitable for long-term financial planning and estate preservation.

• Universal Life Insurance: Universal Life Insurance combines a death benefit with a savings component, offering flexibility in premium payments and death benefit adjustments. It caters to individuals seeking both insurance coverage and investment opportunities.

Evaluating Your Needs and Objectives

When choosing a Life Insurance plan, it's crucial to assess your financial needs, objectives, and circumstances. Consider the following factors:

• Coverage Duration: Determine how long you need coverage. If you have temporary financial obligations such as a mortgage or children's education expenses, term Life Insurance may suffice. For lifelong protection and estate planning, consider whole life or universal Life Insurance.

• Budget and Affordability: Evaluate your budget and premium affordability. Term Life Insurance typically offers lower premiums initially, making it suitable for individuals on a tight budget. Whole life and universal Life Insurance may involve higher premiums but offer long-term value and financial security. 

• Risk Tolerance: Assess your risk tolerance and investment preferences. Whole Life Insurance provides guaranteed cash value accumulation, offering stability and predictability. Universal Life Insurance offers flexibility and investment opportunities, appealing to those comfortable with market risk. 

• Financial Goals: Consider your long-term financial goals and objectives. If you're primarily focused on providing financial protection for your family, term Life Insurance may suffice. If you're looking to build wealth and preserve your estate, whole life or universal Life Insurance may be more suitable.

Consulting with a Licensed Professional

Navigating the complexities of Life Insurance requires expertise and guidance. Consult with a licensed insurance advisor or financial professional to discuss your options and develop a tailored insurance strategy. An experienced advisor can help you:

• Understand the features and benefits of each type of Life Insurance policy.

• Assess your insurance needs and financial goals. 

• Compare quotes and coverage options from reputable insurance providers.

• Navigate the underwriting process and ensure proper policy implementation.

Conclusion: Leveraging the Tax Benefits of Life Insurance in Canada

In conclusion, Life Insurance enjoys favorable tax treatment in Canada, with death benefits generally being tax-free and exempt from probate fees. The tax-deferred growth of cash value within whole Life Insurance policies further enhances the tax efficiency of Life Insurance as a financial planning tool. By understanding the tax implications and integrating Life Insurance into your estate planning strategy, you can leverage its benefits to protect your loved ones and preserve your wealth for future generations. Consult with a qualified insurance advisor or financial professional to explore Life Insurance plans and develop a comprehensive financial strategy tailored to your needs and goals. With the right guidance, you can make informed decisions and achieve peace of mind, knowing that your financial legacy is protected.

Can you pay up a universal life policy?

Hey there! Today, let's delve into the world of Universal Life Insurance policies in Canada. If you're wondering whether you can pay up a universal life policy, you're in for a treat. We'll break down the nitty-gritty in a way that's easy to grasp, like having a chat with a friend over coffee.

Understanding Universal Life Insurance Policies

First things first – what's a Universal Life Insurance policy? It's like a financial Swiss army knife that combines life insurance with a savings component. The idea is to give you flexibility, making it possible for you to adjust your premiums and death benefits as life unfolds.

Now, the burning question: Can you pay up a universal life policy? Absolutely! "Paying up" essentially means completing your premium payments early, and it's akin to finishing your mortgage before the agreed term. It's a fantastic option for those who want to settle their policy sooner rather than later.

Also Know: Universal Life Insurance Benefits

Making Sense of Premium Payments

Premiums are the money you pay to keep your universal life policy alive. Here's the cool part – you have the flexibility to pay more than the required amount. If your budget allows, you can contribute extra funds to the policy, giving it a boost.

So, how do you go about this? It's straightforward. You can make extra payments on top of your regular premiums, essentially accelerating the process of paying up your universal life policy. Picture it like making extra payments on your car loan to own it outright sooner – same concept!

Benefits of Paying Up

So, you've heard about paying up your universal life policy, but what's in it for you? It turns out quite a bit! Let's break down the benefits in a nifty listicle, making it as easy to understand as your favourite to-do list.

• No More Premium Payments: Imagine that you've met your required payments, and now your universal life policy stays in force without the need for further premiums. It's like reaching the end of your mortgage – no more monthly payments, just the joy of ownership.

• Peace of Mind, Like a Fully Paid-Off Car: Picture owning a car outright, no more loan payments. Similarly, once you've paid up your universal life policy, it's yours to keep, and you can enjoy the peace of mind that comes with it. It's like driving your car without worrying about monthly bills – pure financial tranquillity.

• Building a Solid Cash Value: Paying up early means you've been diligent in meeting your premium commitments, resulting in a significant cash value buildup within your policy. This cash value is like a financial treasure chest that can be accessed in the future for various needs. It's your own little savings account attached to your insurance – talk about a win-win!

• Financial Safety Net for Future Needs: The cash value you've accumulated by paying up becomes a versatile financial safety net. Need some extra funds for unexpected expenses, your child's education, or even that dream vacation? Your paid-up universal life policy has got your back. It's like having a savings account you can dip into when life throws surprises your way.

• Flexibility in Financial Planning: With a paid-up universal life policy, you gain flexibility in your financial planning. No more worrying about budgeting for insurance premiums. It's like having an extra layer of financial freedom – you decide how to allocate those funds for your future goals and aspirations.

• Long-Term Financial Security: As you pay up your policy, you're not just meeting short-term commitments; you're setting the stage for long-term financial security. The cash value and the assurance that your policy remains in force without additional premiums contribute to a robust financial foundation.

• Savings Account with Growth Potential: Think of the cash value within your paid-up policy as a savings account with growth potential. The longer you keep it, the more it grows, offering you a valuable asset that aligns with your financial goals.

In conclusion, paying up your universal life policy in Canada is a strategic move with a myriad of benefits. It's not just about fulfilling obligations; it's about unlocking financial possibilities and ensuring a secure future. And hey, exploring a Universal Life Insurance quote online is the first step towards understanding how this tailored insurance can fit seamlessly into your financial plan. Your financial journey just became a whole lot easier!

Exploring Universal Life Insurance Quote Online

Now, let's dive into the exciting world of exploring a Universal Life Insurance quote online – think of it as your virtual menu for financial security. Just like you'd check out the offerings before choosing a restaurant, getting a quote online lets you see what's on the table in terms of a Universal Life Insurance policy.

Consider it a sneak peek into the universe of possibilities. Getting a Universal Life Insurance quote online is a breeze, and it's akin to browsing through your favourite online store. Here's the lowdown on why this step is crucial in your insurance journey.

When you're contemplating a Universal Life Insurance policy, the online quote is your starting point. It's like window shopping but for financial protection. With a few clicks, you input some basic details – your age, health status, and the coverage you're eyeing. It's as simple as customizing an order at your go-to online store, tailored precisely to your preferences.

Picture it like this: you're deciding on the features you want, much like choosing the toppings for your pizza. Your age helps determine the baseline cost, your health status ensures the quote aligns with your unique needs, and specifying the coverage is like deciding whether you want a regular or extra-large portion.

The best part? It's a no-pressure situation. This quote is like the appetizer before the main course – you get a taste of what's available without committing to anything. Feel free to explore different quotes online, just like you'd explore different sections of a menu until you find the perfect fit for your appetite.

And here's the kicker – it's all about transparency. You get to see the costs and benefits laid out, helping you make an informed decision. Once you've taken this step, you'll have a clearer understanding of what a Universal Life Insurance policy entails and how it aligns with your financial goals.

So, whether you're an experienced online shopper or just starting out, exploring a Universal Life Insurance quote online is your passport to a well-informed decision. It's your chance to navigate the world of insurance at your own pace, ensuring that the policy you choose is as tailored and comfortable as your favourite online order. Happy quoting!

Concluding Words

So, there you have it – the scoop on paying up a universal life policy in Canada. It's a smart move if you're looking for financial freedom and flexibility. And hey, exploring a Universal Life Insurance quote online is your ticket to understanding the costs and benefits. It's your financial journey – let's make it a breeze! Get in touch with insurance experts for more knowledge on it.

Five reasons why life insurance is a great sector to invest in

Insurance is made now and then. It is good to keep investing in different types of organisations that give safety in the future. Investments help in the protection of financial losses. They also act as risk management for the future. These insurance are available by different insurance organisations. There are a lot of insurance companies that offer different types of insurance,and the investor can choose amongst their choice. Consumersadvocate.org are an excellent resource of online reviews of providers. Usually, these companies pool in clients risk and make payments that are affordable by the insurer. These policies are brought on an agreement between the client and the insurer.

What is life insurance?

It is important to learn about the life insurance policy before buying it especially if you are new at buying this policy. Any insurance policy you buy is a contract with the insurance company. The insurance policy holder can bring these policies according to their needs and goals. These policies protect for a specific period. There is also another set of insurance of whole and universal life,and this provides the lifetime coverage. Varieties under life insurance are a lot. The three major life insurance policies are;

1. Term life insurance:

The online term insurance plan provides financial protection for a specific period like suppose 10 to 20 years. Under the traditional insurance policy, the premium is paid,and the amount is the same for coverage and specific period that is selected by you. After that period these policies offer to continue coverage mainly at the substantially higher premium rate. Usually, the term life insurance is less expensive than permanent life insurance. It helps in meeting the needs of income under potential years during working years. It helps in paying the mortgage, college fees and helps in running the business. The life insurance is paid at once in a lump sum but not as regular payments as cheques.

2. Universal life insurance:

These types of life insurance are permanent life insurance. They are designed in a way that it can support life coverage. These insurance policies are flexible and can be monitored with higher or lower premium paid or coverage amount throughout the lifetime. These insurance tend to have higher insurance premium paid than the term life insurance. The usage of the universal life insurance policy is made for estate planning. They also focus on death coverage and in building the cash value. They also provide guaranteed death benefit coverage.

3. Whole life insurance:

This is a type of permanent life insurance that provides lifetime benefits. They also tend to have higher premium rates yet again they can be used for estate management tool or to preserve the income that is generated.

One can choose amongst the categories and take the best deal that suits them. These life insurance policies come with their benefits and can be altered with your respective choices. The life insurance policies are brought by the insurers to stay secured in the future and make a better life after retirement. All of us may have different motto behind buying these policies.

We have heard a lot about investment under life insurance policies,but no one knows the real benefits of investing under the life insurance policies. Any investment made is taken as an advantage because of insurance help in saving the future. It helps in keeping the money safe and using it later on when required. In this article, we will discuss the benefits of life insurance policies and why is it beneficial to invest in life insurance policies.

Five reasons why life insurance is a great sector to invest in?

There are many reasons why one invests in insurance policies. Some do it for an easy life after retirement, some do it to pay off their loans, and others make a financial investment to keep the money safe. All our needs vary from time to time and person to person. No single individual on planet earth is same and no investment made is ever wasted. There are a few of us who do it for our families; there is other who makes investments for an easy life,and there are many of us who see investments as a lifetime investment.

It has been now and then discussed about the life insurance,and they have given many points about the goodness in investing. We will provide you with the bets five benefits of life insurance policies.

Here are the top 5 reasons why one must invest in life insurance policies and why is it a great sector for investments.

1. Life insurance provides security and assurance:

Life insurance policies act as security for you and your family. It is safe to have a life insurance policy for you and your loved ones. This can also act beneficial for you in the long run. This is on amongst the important aspects that one might consider before investing into the policies. It gives an assurance mentally that there is enough security for you and your family during the tough times. These insurance policies help you feel safe and sound in tough times. Even if you die, your family is safe.

2. Helps with debt issues and acts as a retirement plan:

Life insurance policies will help you if at all you are in debts. If you are under debts, then the life insurance policy will make sure that your debts are cleared. This is because we do not want to see our families in debts or under pressure after we die. This gives your family the financial liability and will also make sure that your family is financially stable in tough times. It ensures that debts and such days never come to your family.

Life insurance, it also acts as a retirement plan when you get retired. After retirement, it becomes very difficult for you to sustain yourself and your family. Life insurance will help you let go off all your worries and help you live a peaceful life during your old age. At the end of this life insurance plans, you can make sure that you enjoy the fruits of your investments and have a good life.

3. Helps with long-term plans, dreams and gives mental peace:

If you want to have a huge business and have always dreamt about it, then it is the time that you invest in life insurance policies. They will help you in accomplishing your dreams and plans in the future. There are a lot of us who want to expand the business of our parents,and such investments will help you do so in the future. They can help you achieve your long-term goals.

Life is unpredictable,and it is important to keep your loved ones safe and sound. Your side always surrounds unexpected tragedies like life and deathand hence it is important to keep sound and safe. Life insurance can provide you mental as well as financial benefit. It helps in providing with financial stability, security and helps with the best cure in difficult times. These will bring satisfaction as an when you grow old.

4. Helps in business and tax savings:

Other than that it will also benefit your family and personal plans in the future. It helps in a great way to boost your business. There are various kinds of best life insurance plans,and one can save on these policies depending on their choice of investment and usage in the future. These let you have fixed income and paid benefits even if you are dead at one point in life.

A businessperson can avail tax benefits by investing in life insurance policies. There are various exemptions on tax and other benefits under the IT Department that can be availed by business or the person investing. People usually prefer to invest under the life insurance policy so that they can save up on taxes.

5. Begin as early as possible and also acts as a savings tool:

Please start investing as early as possible because it gives you a better deal and a good time to make the investment and avail better deals. With growing age, a man declines and hence it is important to start as early as possible. When younger, you might get better and cheaper deals. Hence it is convincing to invest in life insurance policies.

Undoubtedly, life insurance policy acts as a saving tool hugely. They help in saving money and grow in the future. This can act as your real life piggy bank where you are saving and using the money in future. There are policies that you can decide and invest in when you choose for life insurance policy as a saving tool.

Conclusion:

It is good to make investments and so are life insurance investments. It is a good idea to keep investing to get safer and sounder in the future. The conclusions can be drawn by the end of the investment and by making your life better.

Benefits that come with a Child Insurance Plan – Find them out

A number of responsibilities and joys mark the beginning of a unique journey for a new parent. Parenting remains shrouded by challenges and at times it seems to be an uphill task. Successful parenting is all about nurturing the child and bringing him up to be a responsible and honest individual.

A parent is always concerned about brightening the future of their child. Security is one word that remains associated with your love for the little one. Right through the initial stages of growth, a child needs financial security. That’s one reason why financial planning is so necessary for securing your child’s future. You must identify the financial needs pertaining to your child’s education when the time is right and you actually feel the need to plan things. You’ll even need to allocate a portion of your savings for his college fees, professional courses and boarding charges among other things. It’s truly crucial for you to make your investments on a timely basis. A number of child education plans are now being rolled out by some of the most eminent insurance providers in their attempt to retain policyholders. A child education plan is also a good way of luring investors that keep an eye on the tax exemptions.

Child Education Plans Offer Benefits that Secure the Future of a Child:

Paying off College Expenses with the Maturity Benefit

Parents often want their children to grow up as successful professionals in the field of medicine, law, architecture, and engineering. In order to become a successful professional, it’s necessary for your children to pursue some professional courses in any of these areas. However, it has become increasingly difficult for you to meet all the expensive course fees for a long duration. You may even be compelled to apply for a children’s educational loan that meets the needs of fulfilling your child’s higher studies. The college fees may be inflated but the investment corpus accumulated during the maturity of a child insurance policy can be substantial if you aren’t wasting any opportunity of investing in such plans.

Escaping Deduction of Capital

The return on investments tends to vary with the fluctuating marketing conditions. You must consider adopting some dynamic allocation strategy for funds if you wish to make the most of your vested amount and keep capital erosion at bay. Certain privileges are offered under child plans in the form of Systematic Transfer Plans and Fund Selection benefits. These benefits enable you to make an investment planning according to your expected outcome through the various stages of your life. With an STP, you can even make the most of market fluctuations by transferring all of your fund units automatically.

Choosing Optional Riders

With some plans, the nominee of the insured person is entitled to achieve a waiver for the entire premium that’s to be met during the coverage tenure. Likewise, certain riders are developed to cover the insured if he suffers from a severe injury or ceases to exist during the policy period.

Meeting the School Fees

About 10% of the sum assured is to be paid by the insurance provider as soon as the parent opting for a child plan passes away. Again, till the end of the policy period, 10% worth the sum assured is supposed to be paid out towards the child’s education periodically every year.

Alongside a lucrative maturity benefit, certain comprehensive life coverage benefits are also offered under a child education plan. Compared to a few distinctive investment plans, there are a few unique advantages of investing in child education plans. While applying for a child insurance plan, you must check out if it yields adequate returns for securing the future of your child. Once you narrow down your choices, there’s nothing restricting you from securing your child’s future.

What is funeral insurance — and is it right for me?

Your funeral is a final farewell and celebration of your life. Naturally your family would like it to be special. At the same time, you and they may worry about the price tag. According to the Funeral Directors Association of New Zealand, the average funeral may cost anywhere from $4,000 to $15,000, but can be even higher in some cases. This could be a huge financial burden for your family.

Funeral insurance is one way to help pay for your final expenses. But what is it, and how does it differ from other types of insurance? Let’s take a look:

Funeral cover vs. life insurance

Though they are different products, there are some similarities between funeral insurance and life insurance. Both types of policies generally have the same structure, but typically vary in their details.

Both funeral cover and life insurance pay a lump sum in the event of your death. This benefit can be paid either to a beneficiary of your choosing, or to your estate if you haven’t nominated a beneficiary. Usually, you must continue to pay premiums on your policy to be eligible to receive the benefit payout.

Each type of policy may also offer optional extras to “boost” the benefit amount in certain cases, such as if you were to suffer a serious injury or pass away due to an accident. Funeral and life insurance policies are not savings plans, so the premiums you pay generally cannot be refunded if you decide to cancel your policy.

How funeral cover is different

Life and funeral insurance may be similar on a high level, but they often serve two different purposes. Essentially, these differences are summed up by each product’s name.

Though life insurance policies are typically paid when a loved one dies, they are really designed to help those left behind carry on with their lives. The benefit amount chosen may be quite large (often starting at $100,000 and going up to $1 million or more). This is to help cover ongoing expenses such as making mortgage payments, paying school fees or allowing the surviving partner to take time off work whilst the family grieves.

Compare this to funeral insurance, which is designed to help pay for funeral and other final expenses. Benefit amounts on these policies are typically lower than what life insurance policies offer. Whilst funerals can be expensive, they are thankfully not an ongoing expense, hence the lower cover amounts.

Though these policies are sold as funeral cover, the benefit amount can really be used for anything. Loved ones could also use this money to pay final debts or day-to-day household expenses, giving them one less thing to worry about during what is often a difficult time.

Who might want funeral insurance?

Funeral cover is available for most adults, but it may not fit everyone’s insurance needs. Like with any insurance product, you may want to review your financial situation and requirements when weighing your options.

Many funeral cover policies are what’s known as “guaranteed acceptance,” meaning anyone can buy a policy if they meet certain criteria (typically residency and age requirements apply). Because of this, policies are usually easy and quick to purchase. You typically won’t need to fill out complicated paperwork or answer any questions about your medical history.

This may be ideal for some people, particularly if they’re unable to take out a life insurance policy due to their age. However, others may find that life insurance better fits their family’s needs. If you’re relatively young and don’t mind providing a more detailed medical history, some life policies may offer better protection and lower premiums.

Providing your family peace of mind

Thinking about your own funeral is not the happiest topic to consider. However, putting some thought into your funeral service may help the loved ones you’ll one day leave behind. A funeral insurance policy may be a good option to help them cover the expense of your service, and could remove some of the worry or stress they may experience during this time. 

About Author: Momentum Life is a leading provider of life insurance and funeral insurance products in New Zealand.

Tips for Hiring the Right Insurance Agent

If you are in the market for insurance of any kind, it’s important that you know how to find the right agent to help you out. A good insurance agent will be able to find you the best coverage for a reasonable price. Since there are so many different agents to choose from, you will need to do some research before deciding on one in particular.

In this article, you will learn about some of the more helpful tips that will allow you to narrow down your options when it comes to choosing the right insurance agent to meet your needs.

Utilize the Internet

You will find that many banks, such as BB&T, have pages on their websites that are dedicated to helping people find a trustworthy insurance agent in their area. It is important that you look into some of these websites so that you can make finding the perfect agent as easy as possible. With BB&T bank, all you have to do is simply enter your location and the type of insurance you are interested in getting.

Which Insurance Products Are You Looking For?

The type of insurance products you are interested in will play a crucial role in determining which agent you should hire. If you are looking for home insurance, you will need to look for an agent that has access to this particular product. Make sure that you find out what each agent can offer you before making a final decision.

Knowledge and Credentials

It’s crucial that you find an insurance agent that is very knowledgeable with all the right credentials, so you can trust them to provide you with the help you need. You should take the time to ask each agent some questions that will provide you with a better idea as to how experienced they really are. It’s also a good idea to ask these agents for their credentials, so you can make sure they are legitimate professionals.

Reviewing Your Quotes

The insurance agent you hire will provide you with a number of quotes for the type of insurance you need. You will need to spend as much time as necessary looking over these quotes and comparing them, so you can get the best possible deal. One of the biggest mistakes people make when buying insurance is to neglect the quotes they are given by their insurance agent.

Know How Much Coverage You Need

It’s always a good idea for you to know exactly how much coverage you require when going about hiring someone to find the right insurance policy for you. You will need to convey this information to the agent before they start researching policies on your behalf.

When you need to get insurance of any kind, it is important that you think about hiring an agent to help with this process. A good insurance agent will be able to save you a lot of time and effort as well as money, so it’s something that’s worth considering.

5 Ways to Save Tax for Salaried Employees

It is the duty of every citizen of India to pay taxes. As a diligent taxpayer, it is imperative to know about the various deductions and exemptions allowed under various sections of the Income Tax Act, 1961. Besides, there are numerous other methods to reduce your tax liability largely.

Following are five most popular and common ways to save tax for salaried employees in India.

1. Submit medical bills to your employer on time

Most salaried individuals are eligible to receive medical reimbursement of INR 15000 as part of their Cost ToCompany (CTC). Therefore, you may claim a tax deduction for all your medical expenses up to this amount. For this purpose, you may submit all your medical bills, medical reports, lab test bills, or doctor’s consultation bills to your employer. It is important to note that such a tax benefit may be claimed only through your employer, and hence you may submit such bills to your employer on a timely basis.

2. Save tax through House Rent Allowance

House Rent Allowance (HRA) is a common component for many salaried individuals. The rules of tax deduction on HRA are stated in Section 10 (13A), Income Tax Act. The amount that may be claimed as exemption is a minimum of –

a) Actual HRA amount received

b) 50% of the salary in case you live in a metropolitan city or 40% for a non-metropolitan region

c) Excess of rent paid annually above 10% of your salary.

In order to claim deductions on House Rent Allowance, you may submit rent receipts to your employer.

3. Claim deductions under Section 10(14)

The good news for salaried individuals is that they may avail of numerous deductions as per Section 10(14) of the Income Tax Act. You may avail of deduction on children’s education allowance up to a maximum amount of INR 100 a month, per child, up to two children. Besides, you may seek deduction on hostel expenditure allowance of INR 300 a month per child up to two children. You may also claim an exemption on helper or assistant allowance as well as uniform allowance up to the amount of expenses incurred.

4. Invest in medical insurance

You may claim health insurance tax benefits on your health plan. A medical insurance plan is indeed an integral part of financial planning. Besides providing a great degree of financial security during a medical contingency, it also provides tax benefits. You may seek health insurance tax benefits on the premium paid towards your policy. You may claim health insurance tax exemptions on premiums paid for yourself, spouse, parents, and dependent children. According to Section 80D, medical insurancepremiums are exempted up to a maximum of INR 25000. In an event that you or any of the covered members are senior citizens, you may enjoy a higher limit of INR 30000. You may, therefore, avail of such health insurance tax exemptions and reduce your tax liability.

5. Maximize utilization under Section 80C

Section 80C of the Income Tax Act allows a maximum deduction of INR 1.5 lakh. You may claim a deduction on investments made in various financial vehicles such as Public Provident Fund (PPF), Unit-Linked Insurance Plans (ULIPs),National Savings Certificate (NSC), andEquity-Linked Savings Scheme, among others. You may also avail of this section to reduce your taxable income through premiums paid on life insurance plans. Besides, you may claim deductions on tuition fees paid for the education of two children.

The Income Tax Act allows for numerous such deductions and exemptions for salaried individuals. You may, therefore, avail of health insurance tax exemption, numerous investment vehicles, and HRA component of your salary, among numerous others. You may take advantage of them and lower the amount paid towards income tax.

Anyone Can Make A Recovery From A Serious Injury

Accidents happen

Everyone who’s been involved in an accident knows how horrible it is to have to deal with it. You’ve been dealt a great deal of damage, and it can possibly even be life-changing, so how do you ensure you get the best recovery possible in this situation? First of all, you need to look at your situation. If you’ve been severely injured, is money going to be a concern for you? For many people, sustaining these permanent damages can mean being out of a job, as they’re not physically able to do it anymore; so finding the money to cover the medical bills and insurance is a real pain and can work out to be a stressful endeavor. However, you shouldn’t panic, as there are a number of options out there you can have a go at, and possibly secure your future!

Compensation

If you’ve been in an accident that wasn’t your fault, you may be entitled to a legal compensation from the individual or organisation who is at fault, Whether it was intentional or not, there are certain safety procedures and laws out there to prevent this kind of thing. Contact a professional like the DBA law firm to see if you could get help with your case. It might seem like a big investment to make, but if you’re going to be struggling with an income,  you should try your hardest to get that compensation money. Professionals can give you their insight on the case, and also offer a wide range of resources and connections to help you win it.

Incomes

Well, if you’ve been forced to find money elsewhere and you don’t know where to go, you might want to start looking at options you may not have considered before. Surprisingly, there’s a lot of ways to make money from your home, which means if you struggle to get around because of your afflictions, you don’t have to give up hope in surviving. First of all, it’s quite common for people to start up their own blog so that they can generate an income. The way it works is, the blogger generally keeps a public diary/journal in a sense and writes for the world to see. Typically, it’s done with a personality and pictures to entertain the readers, and sometimes they even provide tips and advice for everyday living. You can bet that you can find all kinds of information on a blog, so don’t be afraid if you feel you have nothing to offer!

You shouldn’t let an injury beat you, even if it’s had the worst effect on you. You may feel damaged and vulnerable, but there’s still a lot out there for you, you just have to look for it! No matter the affliction, people from all kinds and corners of the world are achieving their goals and dreams without letting their disabilities get in the way. It might seem harsh to look at it that way but, you can’t get through your problems if you don’t head forwards!

So, You've Been Injured... Now What?

A personal injury is defined as either a physical or psychological illness or injury caused by someone or something, to your person. It can vary in type and will usually be an injury which you can claim some sort of compensation for in the long term.

If you want to make a personal injury claim for an accident you’ve been involved in, you will first need to establish whether or not it was your fault or someone else’s. If it was your own fault you will not be entitled to anything however if someone else was responsible for it, you will be able to push forward with a claim. You will need to provide the details of the other person or company along with a detailed account of your accident. The level of compensation that you will receive will depend on the fault which lies in the other party, the severity of the injury and the losses you have incurred due to the incident.

Most of the time when you are looking to make a claim for an injury you have sustained there will be a time limit of 3 years from the day of the accident. You will then need to find out How to choose the right personal injury lawyer for you, what forms and documents you will need to fill out, and how much you will have to pay for their legal services.

What should you do first?

When you are caught up in an accident and hurt yourself, the first thing you will need to do is to check your health. Make sure that you can move, check your body for any abrasions, lacerations or bruises, and figure out whether anything is broken. Once you have given yourself the once over and you know where your injuries lie, depending on the severity of your injuries you will need to ring 911, or get someone else to do it for you. Once you have been to the hospital and had a once over, you can look to start thinking about the next steps in your claim:

-make sure you collect any evidence you can to prove that the accident was not your fault. You may want to either take some photos of the scene, or if you cannot, get someone else to do it for you. This will be incredibly helpful for you when you come to take legal action. For example if you have tripped and fallen on a public road, you can take photos of uneven paving or potholes which the council should have fixed.

- Write down in as much detail everything you can remember from the accident, as well as everything which has happened since. You will want a record of all hospital visits, medical bills, lost wages and other expenses you have had to pay out.

- Record the names of any witnesses who saw the accident or who came to your aid as you were injured. Make sure you have contact information for them so they can be contacted.

- Take notes of the conversations you have with anyone else who has been involved in the accident.

- Make sure to notify the other party that you are planning to take action

Is there a time limit for telling the other party?

If you do want to make a claim against someone for an injury you have sustained, there is no time limit for when you have to tell them, however it would be better if you let them know fairly early on. By acting quickly with your claim and pushing forward as soon as you are able, you are more likely to resolve the claim. If you wait for a long time the judge may question why it has taken you so long to bother claiming for the injury.

Even if you don’t end up filing a lawsuit against another party for their part in your injury, it is helpful to let them know that you intend to. This is because it will preserve your rights and will make sure that you may proceed with sorting out your claim without being rushed by the other party.

Is there a time limit for making a claim?

There is. As we said above, the general time limit for the making of a claim is 3 years. Settling a personal injury claim can be a long process and will take a long time for things to go through the appropriate authorities. This is why ideally you will want to start making your claim and setting things in motion as soon as you can after the accident occurs. If you don’t claim within a timely manner, it means that the chances of you gaining any benefit from your claim is slim. The time you have for a lawsuit will depend on the type of lawsuit it is, but you will need to find out from a lawyer or do your research online to see what your specific limit is. By starting your claim early you will be much more likely to get it settled in the time frame and gain the compensation which you deserve for the suffering and losses you have endured due to injury.

How soon should I file a claim against the government?

If the unusual event occurs where you are going to be claiming for damages against the government rather than a company or individual, the time is more limited in which you can make a claim for it. The time depending on the type of case can vary from between 1 month to 1 year. This is significantly lower than the others and because of this is can be hard to make your claim in time if your injury is severe. With these claims it is more crucial than ever to act if you want to claim for compensation against the government, and get your case as watertight as you can to increase your chances of winning the case and bringing home the money you deserve.

Don't Let Healthcare Haunt Your Finances

It’s sad to live somewhere that makes healthcare one of the most expensive parts of your life. So many other countries have affordable healthcare options for everyone, meaning they worry less when a problem happens. Here, if we get a serious illness or injury, it costs thousands of dollars to pay for the treatment. There are even some tragic stories of people fighting cancer and being forced to admit defeat because they can’t afford the medical treatment.

The reality is, for the majority of the population, healthcare haunts our finances. As a consequence, we need to do everything in our power to make any healthcare costs as cheap as possible. What options do you have? There are some, and I’ll talk you through them in the points below. 

Purchase An Affordable Insurance Plan

Health insurance is pretty much essential for people nowadays. You need to have some type of insurance plan if you want to avoid paying through the nose for medical bills. With insurance, certain treatments might be covered, meaning you won’t have to pay for them. The amount you pay for your insurance can often be a lot cheaper than the treatments you have to pay for, which is why it makes sense to take out a plan. Different people are best suited to different health insurance plans, so there isn’t a one solution fits all option here. You need to do the research and find the right one for you.

Always Think About What Caused Your Health Problem

There are plenty of health problems that just happen over time because of the way your body is, or they’re down to genetics. Then, you have problems that might have been caused by other circumstances. Great examples that come to mind include breaking your bones and getting severely injured because you were involved in an accident of some kind, or ending up with health issues thanks to exposure to things like asbestos. In both scenarios, you end up in hospital, with high medical bills, thanks to circumstances out of your control. You don’t have to be a personal injury lawyer to know you’re entitled to compensation if you get hurt in accidents that weren’t your fault. Likewise, if you’ve been exposed to dangerous things at work - like asbestos - you could sue your company. My point is, by looking at what caused your problem, you might find that you’ve got a chance to earn compensation to help cover the medical bills and save money. 

Take Care Of Your Health

Finally, this seems like a silly point, but it’s definitely something that can save money. If you take care of your health, you will avoid being subjected to a lot of different health problems. Eating a healthy diet and being active prevents so many problems such as heart disease, obesity, and lots more. This makes you less likely to end up in hospital needing specialist treatment for certain health issues. It’s a clever way of tackling some health problems that can easily be prevented.

As you can see, there are ways you can try and cut down on your medical expenses throughout life. Otherwise, healthcare will haunt your finances forever, and cost a lot of money in your lifetime.

Choosing the Right Medicare Health Plan

Medicare health insurance may or may not be the only type of health coverage you invest in, but it is often wise to make it at least a part of your overall health-protection plan. And today, you can consolidate your coverage with a Medicare Part C Plan, that integrates private and government based insurance, instead of only having the A & B “original” Medicare as an option.

To be an informed health care shopper in today’s marketplace, you should at least be aware of the basics on what different Medicare plans have to offer. Here is some help to get you started in choosing the plan that is best for you.

What Does Medicare A Cover?

The “original” version of Medicare includes just A & B. Part A is your hospital insurance coverage. It will only cover those medical services considered “medically necessary” to treat a specific disease/condition you are suffering from; but neither is it limited to hospitalizations only, as the term “hospital insurance” might seem to imply.

Beyond hospital expenses, Part A can also cover home health & hospice services, nursing home care, and skilled nursing facility expenses. But again, covered care must be a medical necessity to qualify, and that’s where you’ll need to dig deeper into the details of Medicare’s many rules as you continue your research.

What Does Medicare B Cover?

Part B is Medicare’s “medical insurance.” This covers the diagnosis and treatment of health conditions, when medically necessary. It includes reasonable preventative care as well as treatments.

Here are some examples of what Part B will help you with: ambulatory care and transport, certain pieces of medical equipment like oxygen tanks and blood-sugar monitors for diabetics, doctor’s visits, mental health services, and to a rather limited degree, prescription drugs.

And What About Medicare Part C?

It’s true you can actually add prescription drug coverage to your Medicare via Part D, but one of the best ways to cover your pills and drugs is through Part C. Part C will give you all that Parts A & B will, only more.

The beauty of Medicare Part C plans is that they allow your private insurer to manage and distribute to you your Medicare benefits, which creates competition (always good for getting a better deal as a consumer!)

Plus, you bring all your health insurance elements (hospital, medical, and drugs) under a single comprehensive plan, which can still be customized to your exact needs and budget. You may be able, for example, to create a plan that cover Limitless Pill Alternatives or all of the prescription drugs you currently take or foresee you may need down the road. The possibilities are “multitudinous” if not quite “endless.”

What to Do Next

So you decide you want Medicare coverage or you want to switch over to a Part C plan from your current Medicare? Now what? It’s time to dig down into the details by talking with a Medicare health insurance expert. 

They can help you see the benefits of a Medicare Advantage Plan (Part C) more clearly and help you optimally customize your plan. Ask any Medicare-related question you like, and your agent will be able to get you the answer and help you make a truly informed decision.

Small Changes For A Huge Financial Shift

When it becomes clear that you might need to try and get your finances in order, it can be hard to know where to begin. There is so much involved in the process that it can be challenging just working out the problems and their associated solutions. Fortunately, there is always something you can do, and at the end of the day the important thing is that you begin somewhere, wherever that might be. In this article, we are going to look at some of the small changes that can drastically add up to make a big difference to your finances. Many of these will be especially useful if you are struggling to come to terms with your financial situation, so let’s take a look.

Put Your Debts In Order

No matter how much debt you have, it helps hugely if you can find a way to put them in order of priority. This mens that you know which is the one that needs paying off first, which is second, and so on. If you get this right, you can then begin to pay off your debts much more quickly than if you don’t know whether you’re coming or going. To begin to prioritise your debts, you will first want to look for any that might be on the verge of causing a big problem in your daily life. If you have had bailiffs threatening to come round for a particular debt, then that is clearly the priority. Put those debts at the top of the list first.

But then what? Well, then you want to look at what debt is actually going to cost the most in the long term. This means sitting down and calculating the costs of the whole debt, including the interest, so that you can know exactly how much you will have to repay. This is often a scary moment, and it’s rarely a nice feeling to see your debts laid out like that, but it is also one of the most sensible things you can do in order to get a better understanding of the true extent of your debts. Once you have your debts in priority order like this, you can then begin to pay them off - and in a way which will be much more logical and will be a lot quicker than if you were just paying them all off basically at random.

This first change is small, but if you have any debt at all it is likely to be profound in what it can do for your financial situation. Of course, you might not have any debt at all, in which case this won't apply. Either way, once you have your debts cleared, or at least are beginning to, it is time to start thinking about saving a little money.

Change Your Savings Account

If you have had your savings account for longer than a year, you might be able to benefit from switching it over to another provider. Savings accounts generally have generous upfront interest rates, which often last for six months to a year, and after that will drop again. For something like a cash ISA, you can remove the money whenever you want - so you might as well make the most of hat and put it into a new savings account with the introductory interest rates. This is a change which s easy to do, and yet could make you hundreds in interest over the course of the year. Of course, it does depend on how much money you put into it - but it is still going to do something for you either way.

If you do decide to do this, you will want to make sure that you know exactly what savings account is currently going to be the best for you. You need to shop around, as this is not the kind of thing you can easily rush into. You might find it helpful to look online for advice on which savings accounts to use - there is a plethora of information out there, and much of it will be incredibly useful if you are keen on finding the best option. Get this right, and you might be much better off, so it is worth considering if you are in a rut and would like to make a big change in an easy way.

Ask For Help

There are many times in life when asking for help is clearly the best way to go, and yet many of us can find it extremely difficult to do. When it comes to finances, a lot of people struggle especially with asking for help, as it can be so embarrassing. However, we all need assistance from time to time, and appreciating that will help you to understand that there is no shame in asking for help. Of course, there are many different kinds of help that you might need for your money situation, and it’s good to know what they are so that you can understand what you actually need to ask for, and what you might be okay without.

One of the most common kinds of help in finance is when people need a little legal help understanding a difficult or dense situation. Money and the law are tied up together very intricately, and it can help to have a professional work it out with you. A number of pro law firms offer services in the financial area, and this can be especially useful if you are facing a difficulty, such as unpaid debts for example. This kind of help can often save your skin, so it’s worth remembering that it is there when you need it.

Besides legal help, you also have the help of friends and family. This is good to have, but it is also probably the most embarrassing situation for most people. If you are in need of actually having to borrow money, it can feel like a shame. But everyone is in this situation from time to time, and it’s worth remembering that if it happens to you too. It might just be that you need to borrow a small amount for a short period of time, which can be frustrating but is not the end of the world. Or, if things have really taken a downturn, perhaps you need to ask for quite a lot more. Either way, there should be no shame in it, and you should feel free to ask your friends and family for help - as long as you are fair about it, and pay back anything you might need to borrow.

Invest In Something

There is often this general idea that to invest successfully you need to have a lot of special knowledge or to have a certain amount of money to begin with. But if you have a basic understanding of how money works and you have a dollar to spare, you can start investing today. What’s more, it just might be one of the most sensible decisions you have ever made. Investing is a sure sign that you are starting to take money seriously, and it can be another one of those small changes which could make a big difference further down the line.

What you invest in is up to you, but if you only have a little money consider going for something relatively new. Investing in Bitcoin could be a good start, for example, or some simple binary options trading. Whatever it is, just make sure only to invest what you can afford to lose. Other than that, keep your fingers crossed - and who knows, you could be in luck.

How To Keep Costs Down During Your Divorce

Divorce is an incredibly difficult experience that no one ever wants to go through. However, that doesn’t take away from the fact that 42% of all marriages end in divorce, which is almost half of them. With a one in two chance of your happily ever after ending all too soon, you need to be prepared for the worst. Divorces are messy, but more than that, they are expensive, and sometimes this is an expense that you simply can’t afford. If you are about to get divorced and need to save some cash, or just want some information to prepare you for the financial roller coaster should the worst ever happen, then follow the steps below.

Use Attorneys Wisely

An attorney, such as from Strickland, Agner & Associates, is almost always needed when you’re going through divorce proceedings. They are especially required if you and your spouse are divorcing on bad terms, have children together, or share a lot of marital assets. Attorneys can help you to get the settlement that you believe you deserve, but that settlement comes at a cost. It’s no secret that attorneys can get very expensive, so you’ll want to use yours wisely. Don’t pay for them to do simple tasks that you can do yourself, such as send out mail, or answer a question that you would easily be able to find on Google. Time is money, so don’t waste yours by using theirs.

Do-It-Yourself

If you and your spouse ended your marriage on good terms, then you may be able to work out all the finances without having to involve any attorneys. Look online or speak to someone at your local courthouse and see if they have papers that self-represented parties can fill out, and schedule your court your court appearance for once the legal paperwork is completed. All you need to do is sit down with your ex-partner and go through all of your finances and assets and agree on who gets what. You will also need to decide who your children and pets (if you happen to have any) are going to stay with and work out visiting days and times for the other parent.

Be Prepared To Negotiate

When emotions are running high, it may cause you to do or say things that you wouldn’t necessarily do or say in a more calm state. Saying that you’re “going to take [your partner] for everything [they’ve] got” is just one example. A judge is never going to give you “everything”, regardless of what your spouse has done, and this will just cause the court case to drag on, costing everyone time and money. Instead, you need to be prepared to negotiate. Think of the things that are really important to you, and say that if you can have that thing, then you’re fine with your partner having another thing that is important to them, but not so much to you. This will make court proceedings go much quicker.

Divorces are hard, stressful, and tiring, so I hope that this advice will help to save you some cash and make your life a little easier.

5 Secrets That Allow Insurance Companies To Keep Your Money

Don’t get us wrong, using insurance companies is crucial when it comes to managing your own financial risk. In fact, paying for a surprise disaster out of the funds in your own dwindling bank account. In that sense, insurance companies are worth it. But that is about as far as our love affair with insurance companies go because their main concern is business, not you; it is profit not your settlement package. What’s more, the tactics of keeping your money are about as sinister as they come as most insurance companies keep their ways of doing business in the dark. 

That’s right, there are secrets that no insurance company wants you to know about when it comes to your personal injury claim, and it is those secrets we are about to cast a light on so that you can get the settlement you deserve should you ever have to make a claim. 

From now on, make sure you get the money you deserve, not the leftovers from their profits. 

Secret #1: Insurance Adjusters Are Not On Your Side

This is one of those things that you need to understand from the get-go because the adjusters that you face off with are paid employees of the insurance company. What’s more, in the same way Liam Neeson’s character in Taken was a specialist in badassery, these adjusters are specialists in negotiation, and they are supported by experienced lawyers that know the law better than you know the alphabet. But here is the part where alarm bells need to start ringing because the most immediate role of the adjuster is to stop you hiring a personal injury lawyer or attorney so that you are more likely to settle faster and for the least amount of money possible. With this in mind, your best form of defence is to do exactly what they don’t want you to, and that is hiring a personal injury lawyer. 

Secret #2: Insurance Companies Are Scared Of Experienced Attorneys

Of course, they are. The more experienced, skilled and ruthless your attorney is the more money they are probably going to have to pay you for the simple fact they won’t be able to pull any amount of wool over your attorney’s eyes. This isn’t about making the insurance company shiver, though. This is about protecting yourself and your rights and coming out of this process with a settlement that is fair, which is exactly what an attorney will aim to achieve. Let’s say you were bitten by an illegal breed of dog or had an accident while working on a construction site; you probably have no idea how much your claim is worth, and that ignorance is what insurance companies prey on by offering you a lowball payout while telling you this is the best offer you’ll get. Hire an experienced attorney, however, and they will know of similar cases, how much those victims got in their settlement case and how much a jury of twelve people would be willing to agree on. Basically, an experienced attorney will know how much your case is worth, and they will help you get the compensation you deserve. 

Secret #3: The Recorded Statement

You know that employee of the insurance company we mentioned earlier, Ms Insurance Adjuster, well she is going to try and get a recorded statement from you that they will then use to reduce the value of your claim down the line. Please, for the love of whoever you believe in, don’t buy into this. Don’t give any recorded statements to any adjusters. Don’t buy into the soft dulcet tones of the adjuster when they phone you up and don’t indulge their request for you to guess about the facts relating to the accident you were involved in. Like we said, they are going to use this information against you in any way they can. It is their job. It is how they impress their bosses, acquire bonuses and get promotions. To them, it is just their business but, to you, this is your life, and that is a distinction you need to remember if you are going to stop them keeping the money you are entitled to. 

Secret #4: They Want You To Be Brave When You Visit The Doctor

They want you to be brave and you want to appear brave, which makes the moment you first visit a doctor a very tough one to get right. To put it to you bluntly, this is not the time for heroics, bravery or a show of strength. This is a time of honesty because you need to tell your doctor every detail you can. The headaches you are getting, the broken bones, the inability to sleep and your saw pinky finger. It doesn’t matter how little the things are that are bothering you, they are important to your case. They are going to legitimise your claims and prove you have been consistent with your statements. You will find most insurance companies will try and make it look like you are exaggerating your injuries - or making them up altogether - and that is where your doctor’s notes will support your argument. Validity is important. So, in the same way you should never make up an injury, you should never downplay one either. You never know what a small injury could turn into in the long run. It could become the most serious concern of all.

Secret #5: They Want To Rush You

The reason why insurance companies want to rush your settlement through is that it is in their favour. It is their favour for you to accept a settlement before you’ve hired an attorney. It is in the favour for you to agree to a settlement before you know the full extent of your injuries. The problem is, for most victims, time is against them. It could be the accident has stopped them from working, or they think they need to claim quickly due to the statute of limitations. However, rushing a settlement is always a bad idea. In fact, we recommend you wait until your medical treatment has been completed, or a doctor has a good understanding of the extent of your injuries. It is also worth noting that most states have a basic statute of limitations that last two years. In any case, the best thing you can do to protect yourself is to hire an experienced attorney.