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After more than a year of market volatility and economic instability, Nevada consumers are looking for safe ways to invest and protect their assets. Whole life insurance offers such a vehicle. With a whole life insurance policy, policyholders can provide financial protection for their families in case of death, can grow cash value benefits tax-free, and can create a source of cash liquidity for personal loans.
Knowing Your Investment Dollars are Safe
Generally, life insurance companies have superior financial strength and track records than banks and financial institutions. There are many reasons for this. Unlike banks and financial institutions life insurance companies are non-transactional. Their investment portfolios are structured, conservative and regulated according to the state in which they operate.
The professional money managers working for life insurance companies do not chase performance like most hedge fund and mutual fund managers. They are not looking for a quick return on money; They are looking out 5, 10 & 20 years down the road. They also diversify by industry, maturity & geography. This keeps costs and risks very low.
Policyholders of Whole Life Insurance in Nevada also gain peace of mind in knowing that their policies are protected by state regulators. Regulation at the state level has proven to be very effective in protecting the interests of individuals over corporations.
Nevada Whole Life Insurance Protections
The State Insurance Commissioner also mandates reserve pools. Unlike other businesses, life insurance companies are not allowed to file for formal bankruptcy. However, in the unlikely event that a company is unable to meet its obligations, most states, like Nevada, have established Life and Health Guaranty Associations. Life insurance companies in these states support one another and if one fails, the others will be assessed the money to pay the claims of the insured persons who held policies with the defunct provider.
Guaranty associations operate much like the FDIC does for banks. And like the FDIC, there are limits associated with these protections. In the state of Nevada, the Nevada Guaranty Association currently guarantees whole life policy protection up to $300,000 in death benefit per insured life. Cash values up to $100,000 per insured life are also protected.
In addition, most insurance companies are insured themselves for major losses. This is called re-insurance and provides an additional layer of protection for policyholders.
Nevada whole life insurance assets are also partially protected in the event a policyholder must file personal bankruptcy. Under current Nevada law, whole life policies with an annual premium of $15,000 or less are exempt from creditors.
Benefitting from a 100% Reserve Base
Whole life policyholders are often allowed to use the cash values within their policies for personal loans. These also are secured by the financial structure of the whole life product. Whole life insurance policy loans are based on 1:1 reserves, meaning that for every dollar loaned there is a dollar held in reserve to back that loan. This policy does not lead to inflation like the Federal Reserve’s policy of fractional lending.
The practice of fractional lending allows a bank to lend out $10 for every $1 that is kept in reserve. Therefore, money can be created out of thin air for every dollar that is deposited with a bank. This puts bank deposits at much greater risk in the event of a financial catastrophe. It also underscores the overall strength and prudence of insurance companies. This is one of the reasons why whole life insurance cash values remained 99.9% safe during the Great Depression while over 10,000 banks failed during the same period.
Added Benefits of Dividend Paying Whole Life
Dividend Paying Whole Life Insurance is often structured to allow for perpetual self-financing, also known as Infinite Banking. In the Infinite Banking System, policyholders are encouraged to use their policy’s cash value to finance their personal loans. Policyholders are essentially their own bank.
By using dividend-paying whole life as a personal bank, policyholders can reap many financial rewards. By accessing the “bank” policyholders can lend money to themselves. They set the loan amount, the interest rate and the payment schedule. When they pay the loan back they pay themselves–with interest. So they are financing and making money on themselves, instead of paying that money and interest to a bank or other financial institution.
As an added bonus with policy loans, the cash values within the policy will continue to earn the interest that has been guaranteed and, depending on the life insurance company, may earn dividends on the entire pre-loan amount, as if the money had never been borrowed. All of this is done tax free and without government restrictions. This is a great way to increase personal wealth, and these types of policies enjoy the same industry protections as other forms of whole life. As long as dividend paying whole life policyholders have the discipline to repay themselves, their personal financing activities are also safe.
If you own a house or condo in Nevada, you can take advantage of Nevada debt consolidation loans. Loans to consolidate your debt can lower your monthly bill payments by consolidating your high interest debt into one easy low interest rate payment. Your credit card bills, car payments, student loans and other debts may have interest rates well over 15%. Some of these interest rates may be so high that the balance keeps growing–even though you pay the minimum payment every month.
Consolidating your debt by taking a loan on your Nevada home can give you relief from high interest rates. This is because lower interest rates are typically given to debt consolidation loans backed by a Nevada property. You can then use the money you get from the consolidation loan to pay off other high interest debt, like credit cards. You then pay one monthly payment at this lower interest rate. Instead of wondering if you will ever catch up to that credit card debt, your monthly consolidation payment begins to erase that debt.
Select Nevada Debt Consolidation Loans Carefully
Finding the right Nevada debt consolidation loan for your situation may be confusing. The pressure of steep monthly bills may prompt you to take the first loan you come across to consolidate debt. But, like any important decision, research can pay off. You need to be aware of the fees and closing cost associated with the home loan and factor in those costs when trying to determine how much the loan may save you over time.
Today the internet provides you a very good resource to find the best available debt consolidation loans for your Nevada property. These online resources will give you offers from multiple lenders in your area that can be used to compare against the rates your get from your local bank. Debt does not have to cause sleepless nights. See if a low interest rate home loan can help you get rid of your high interest debt.
Many banks and financial institutions offer need base solutions, exclusively for businesses and corporates. Businesses can also apply for loans and avail of other services through their business banking accounts. Small businesses apply for a loan, while growing or expanding. Therefore, they prefer to be in contact with an institution that can offer specific solutions to their needs.
Many types of businesses, both large and small, have set-up their business as a limited liability company or LLC. The reason for this is the flexibility available with an LLC. Additionally, setting up a limited liability company in the state of Nevada offers protection to the personal assets of business owners, in case they are sued. For limited liability companies set up in Nevada, getting a loan can be relatively easier, as the corporate law in this state favors business owners.
In order to qualify for a business loan, limited liability companies in Nevada have to prove their ability to repay the amount of loan. Additionally, they also have to produce proof that the principles of their business are worthy enough to be trusted, to extend credit. After an LLC has met all the requirements put forward by the lender, usually most of the banks and commercial lending institutions easily offer appropriate business loans, to meet the needs of the venture.
Limited liability companies can also apply for loans online. The advantage of applying for the loan through Internet banking is that it is possible to eliminate the time consuming visits to the branch office of the bank. However, according to research, small businesses do not prefer to do so because there is no long-term customer relationship program in place. Many small businesses prefer to be in personal contact with their lenders, so that they can offer specific solutions to their needs.
It is clear that Nevada is dealing with some of the highest unemployment rates in the country. This is a difficult thing to take a look at because it is causing more people to deal with foreclosures in the state. However, a loan modification can be given to anyone in the state to help with getting a mortgage loan to be easier to handle. The problem though is that a proof of income will be required to help with getting a Nevada loan modification taken care of.
A Nevada loan modification is going to require the use of a proof of income because it will be used to determine what a person can use for getting this kind of plan handled. The evidence that an applicant can provide will be used to determine what one is earning so it can be compared alongside the expenses that a person owes. This is something that can especially work out well when it comes to dealing with a modification.
The data that would be used for the plan will be used to especially help with ensuring that a lender knows what is going on with a person’s earnings. The problem with some options to be used in Nevada is that a person can deal with a reduced amount of money due to some kind of financial hardship that relates to one’s employment. This includes a reduction in money that relates to the amount of money that one earns when working or even a loss of a job.
A person will need to provide information about any of these hardships when getting the proof of income handled. This data is needed to ensure that a person is dealing with a legitimate concern with getting any kind of home handled in the Silver State.
A critical part of the proof used here is that it will be needed in the application to allow a person to have an easier idea of what is going on when it comes to paying off a loan. Although the modification on it can be easy to pay off it is also something that may be difficult to handle. This comes from how a person who does not get enough income may not be able to pay off the monthly payments involved with a mortgage loan.
Also, a person who is not employed will be expected to get a new job in time. In many cases this can work with a trial period until a person gets a new job. The modification will become permanent when the lender sees that a person is dealing with a new job.
The use of a proof of income is a critical thing to see for a Nevada loan modification. While it is true that employment considerations are tough to handle in the state it will still be important to have evidence that a person is earning money on a regular basis. This is used to help with ensuring that a person will get a modification on one’s home.
When surprises come up and you find yourself falling behind on your bills, maybe a small personal loan would be a good way to get caught up. Especially if you need help paying bills ASAP and don’t have time to waste. Complete the short 2 minute application and you’ll get an answer right away and can get the cash you need by tomorrow.
More people are dealing with foreclosures than ever in Nevada. In fact, less than one in every hundred homes in the state has been foreclosed on a monthly basis. This is especially significant in the Las Vegas area where unemployment is high.
However, many lenders are not willing to handle modification plans to all people in Nevada. This is predominantly due to concerns about how some people in Nevada may not pay them off due to ongoing economic concerns in the state. However, a Nevada loan modification audit may work to make the process of getting this service easier to accomplish.
This type of audit can be used when getting an application created for the plan. When this plan is used, a person who is dealing with difficulties with paying off a loan is going to be reviewed in a number of ways. The person’s file will be reviewed with regards to the standards found in a loan when compared with a series of different laws that relate to the loan in question. If any infractions are found in the audit, the lender will have no choice but to grant a modification.
All local lending laws are going to be reviewed in this special audit. Every general housing law that is used for these loans in Nevada is going to be reviewed in the application process.
Various different types of laws involving loans will be covered in the process of the audit. The audit will work with the Real Estate Settlement and Procedures Act and the Truth in Lending Act. The terms of the loan and the events that occurred with it in mind will end up being compared with the standards that are used in these two acts. All terms are going to be reviewed to see if they are legitimate.
There are three other common acts that are going to be used in the review process for the Nevada home loan audit. These are the Fair Housing Act, the Home Mortgage Disclosure Act and the Equal Credit Opportunity Act. These are three laws that will work to finish the coverage for everything associated with the loan.
The reason as to why this is such a good thing to use for a Nevada loan modification is so it can be seen that a lender is going to take an application seriously. A lender is going to want to see that a client in Nevada is serious about this valuable loan service before it can be handled. This is especially important because of how there are so many concerns over foreclosure in Nevada. The use of a Nevada mortgage loan audit will help to show the lender how committed the client is.
Be sure to see what an audit can do for a Nevada mortgage loan modification. The use of this audit can be used to see if the loan is dealing with any infractions so a modification can be easily handled. It is thorough and benefit for anyone to use.