Colva Insurance Services

 A High net worth insurance cover various kinds of items requiring greater levels and kinds of covers to provide an increased value of risk to the insurer. These include items like high-value homes and contents, prestige and luxury cars, antiques, fine art and collectables. High Net Worth insurance may also cover individuals having high profile occupations when they themselves are a high-value risk to get insurance. Such individuals include professional singers, footballers, sports people, actors and other celebrities. Difference between standard insurance and high net worth insurance  Standard insurance policies do not cover such items and individuals having a high-value risk. Therefore, high net worth insurances have to be tailor-made for individuals. An insurer would weigh an increased risk and the increased value to provide for an enhanced cover. While a standard policy would provide for lower set limits on what can be paid for certain items, but it most likely b way les

With Life Settlement being an option for the senior citizens, managing retirement has become easy. Before we head towards details on this topic, let us understand the term first- What Is Life Settlement After All? It is selling of an existing life insurance policy to the third party to get more value on its cash surrender amount, but lesser than the death benefit. The investors serve as the purchaser and are responsible for paying the client the cash amount. The Need For Life Settlement This is an option for senior citizens who can no longer pay the high premiums of life insurance policy. These amounts help them to manage their retirement benefits, get financial independence, for medical care expenses, etc. Nevertheless, the life settlement option is for senior citizens only, who are above 65 and have a life expectancy of two to ten years, regardless of any illness. So How Does One Go On With The Settlement Of Life Insurance Policy? There are purchasers of life in

At times individuals aren't aware that the internal revenue service can include proceeds from their life insurance policies in their estates for tax purposes when they die. But there are ways around it.  One of the best options is to have an Irrevocable Life Insurance Trust also widely known as ILIT. So, what is ILIT? An irrevocable life insurance trust is a type of irrevocable trust that's specifically designed to set up to own a life insurance policy. You can transfer ownership of an existing policy to the ILIT after it's been formed, or the trust can purchase the policy directly. You can't serve as trustee of the trust for 2 reasons. First, the trust must be irrevocable, which means that you must fund it and step aside. You abandon any rights to make changes to it or to dissolve it. And second, acting as trustee will give you something called "incidents of ownership" because you would preserve the control over the policy. But your spouse, your adult c

High Net Worth individuals tend to face unique challenges when it comes to insurance of their assets. They are likely to develop a preference for different types of insurance products. The fact is that affluent families require complicated risk management service but may have comparatively lesser obvious needs for an insurance coverage.The actual risk lies in over-insuring for minor threats while underinsuring for major threats. The high net worth insurance policy focuses on smoothing the relationship between the balancing the threat due to major and minor risks and the coverage. How can they be underinsured?   High net worth individuals(HNWI) tend to be underinsured and some of their valuable possessions may be at a risk. Often affluent individuals have expensive hobbies and habits like art, racehorses, wine collections, and yachts. These may be easy to gather but equally prone for not being insured. Even if these possessions are insured, the owner may not have enough