Joint account or separate accounts for your insurance?

When you live as a couple, what is better, having each its account or do joint account?

You can discuss to infinity of this issue; supporters of joint accounts and the defenders of the separate accounts are each and other good arguments. The answer to this question depends on quite often:

·         Of your relationship to money and consumption,

·         Their respective levels of your resources: you earn about as much one as the other or on the contrary your resources are clearly unbalanced,

·         Your way of life (equal or not, with children or without),

·         Of your matrimonial regime if you are married: If you are in the community, legally all income (including also those of your own property) belong to the community, this may have the sense to match this rule with the management of your accounts; Conversely, if you are in regime of separation of property, a joint account may complicate things. Remember that if your spouse dies, its own accounts will be blocked until the settlement of his estate.

Sometimes, the money management (and that accounts closely related) can be source of friction within the couple, or even an element leading to separation. Other times, these questions are not conflict as long as the couple is doing well, but symbolically become the node of discord when the couple is defeated. The death of the spouse may also be blocking source, especially in the case of separate accounts when dies of both of which account was the most power.

Some technical points to know before making your choice

If you opt for a joint account, you open what is called a 'joint account' that is an account opened in the name of several owners who may have or not the ties of kinship. In this case, there are two licensees to equality.

The joint account operates on a principle of solidarity between the joint holders of the account. Everyone can use the funds available on the joint account or denounce the joint account (it must make the request to its bank). In the event of negative balance of the joint account, each of the joint owners is considered debtor.
The denunciation of the account attached by one of the co-owners has an immediate effect and the Bank is required to notify the other joint owners.

The banking ban, if necessary, applies to each of the joint owners and each of their personal accounts. However, it is possible to designate in advance of the opening of the joint account, thanks to the joint account agreement, responsible for co-owner incident of payment or dishonored cheque. The banking ban, if applicable, applies to the joint account and the (x) single (s) account (s) responsible for co-owner.

You can also opt for three accounts, two separate and one common joint account. The joint account allows paying the family bills and separate accounts will be more for the individual daily spending.

Finally, you can also give power of attorney to your account. If you plan too wide and allow all kinds of transactions (withdrawals, issuing cheques...), the agent (the person to whom you have given power of attorney) could very well empty your account.

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What costs an account for your insurance

When you open a current account, you will have access to services which the scope will be recorded in your account agreement (e.g. the type of card payments, access to internet from your bank services charges levy, commission intervention...).

Should think about its use, i.e. for possible service needs of payments associated with this account.

Furthermore, you can in individual cases establish complementary services (permissions of levies or automatic transfers, for example).

What is what is free? What is what is paid? That is what brings?

Things vary from one bank to the other. What is free in a bank may be paying in another and vice versa.

However according to a tradition far firmly rooted in our country, obtaining and use cheques are free and the payment card is paid for by subscription. It has not, for the user, fees charged to each payment. For several years, the cash withdrawal is charged by some banks beyond a certain number of withdrawals from distributors not belonging to the same banking network.

In return for this apparent free, the remuneration of deposits on the accounts, has long banned. However this prohibition has been removed in 2004 after a decision of the Court of justice of the European communities. Since then, some banks offer to their customers pay on their deposits, often less than or equal to 1%.

It is fairly simple to know the cost of operation of his bank account.

Since January 2009, you receive an annual statement of fees collected in the previous year in respect of the management of the current account: means of payment, services, and transfers to a year. The survey will do so appear at once perceived costs detailed by services total: contributions, insurance means of payment, costs for operating the account, and charges for irregularities and incidents which operating commissions, releases of levy and interest expense paid bank overdraft. On some statements contained a "credit" column that assesses commercial offers from your bank, you have received: promotion, refund of a product or a service, benefit...The sending of this annual survey is imperative. If you have not received it or if in your opinion it contains irregularities (for example, incomplete statement or incomprehensible), you can submit a claim to the Bank.

Remember also that as of July 2011, the monthly account statement shall include the total monthly charges collected. Do not forget that your bank must inform you at least two months in advance of the revision of its rates. Without reaction on your part within a period of two months, the new tariff is considered accepted. If you refuse, you can without fees to request termination of the account agreement and the termination of your account.

Before making your decision, choose your bank, compare the services offered to you, their price, quality and adaptation to your needs. Bank charges (for example, the monthly cost for the holding of the account), the products offered, ease of access to the Bank and opening hours are particularly important elements of choice. You can consult the sites of the banks on the Internet, sites or comparative records.

Compare 'standard services'

Since 2011, banks must bear "Preview standard rates" at the top of their tariff brochures and prominently on their websites, which lists 10 products and services among the most commonly billed rates.

This list should facilitate comparison of rates from one bank to the other. Attention however, the prices displayed are "off-service bundle. They are thus different from those offered in a package.

The ten services that can compare:

·         Subscription to manage its accounts on the internet

·         Product alerts on the status of the account by SMS,

·         International payment card for immediate debit,

·         International payment card to delayed debit,

·         Routine authorization payment card,

·         Withdrawal in euros from an ATM of another institution of the eurozone with an international payment card,

·         SEPA credit transfer occasional external in the euro area,

·         Costs of collection,

·         Commission intervention,

·         Insurance loss or theft of means of payment.

Starting in April 2014, the banks must add the cost of the account maintenance fee.

Is it better to choose a package?

Most banks offer a bouquet of banking services grouped together for an all-inclusive price. The price is generally lower in what should pay service-by-service.

But often, you will only use a portion of the services included in the package that you have paid all.

Before purchasing a package, we must therefore check that you will have an effective use of all the services the component and calculate if subscribe separately to the services really matches your needs would not be cheaper.

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The rules of the game Tips in life insurance

For beneficiary clause in a life insurance contract, the rules of the game have changed since December 17, 2007. Now, the underwriter of a contract is more protected. 

Explanations.

An insured person had subscribed a life insurance contract and designated a beneficiary on his contract. It warned of this 'largesse', had to submit to the insurer a mail stating that he "accepts" the benefit of the contract. This approach had the effect of freezing the contract: the insured could then no longer modify the clause, or make withdrawals without the agreement of the beneficiary. This explains that many policyholders were reluctant to notify recipients, to avoid seeing their contract blocked... And that fact, upon their death, the beneficiaries were not always notified.

For contracts of the time which the benefit has been accepted, you should know that a judgment of the Court of cassation held that, when the equity of redemption is provided for in the contract, the underwriter, even in the presence of a willing recipient, could achieve buy-backs on his contract without obtaining the approval of the beneficiary. Thus, when the contract was the subject of acceptance prior to December 18, 2007, the subscriber retains, in principle, its Faculty of redemption.

This situation which gave rise to many abuses, Parliament passed a law defining the new contours of the right of beneficiaries of life insurance contract.
Now, the acceptance of a contract cannot be done by way of endorsement, by deed or under private seal. This agreement may be tripartite between subscriber, insurer, and beneficiary accepting or bipartite between the Subscriber and the beneficiaries, having taken care in this case to inform the insurer. Thus the Subscriber remains free to refuse the acceptance of the beneficiary. This rule applies to contracts in progress not yet accepted and for contracts concluded after the date of the Act.

·         To optimize the taxation of life insurance, savings must remain invested for at least eight years following the subscription of the contract. It is at the end of this anniversary that taxation is the sweetest. Contracts can usually be purchased for a much longer: this is not annoying because your money is always available. In general, professionals recommend to subscribe to the "whole life", so that the insured chooses without constraint the time of its release.

·         A life insurance contract is not transferable. If you are not satisfied with a product, then close it and open another, again using run tax deadlines. This is why we must choose his or her contracts.

·         Placed amounts in brackets expressed in units of account' are not guaranteed, unlike those that are placed in the funds in euros. Well measure the risk associated with each compartment before investing.

·         You have 30 days after the underwriting of life insurance to cancel it, if you find that the product finally does not correspond to your needs. Inform the insurer by letter recommended - a model is given in the documents he gave to you -: you will be refunded within a month.

·         The Subscriber must define the persons to whom the capital would be paid if he died. Take the time to choose with care these 'beneficiaries in case of death'. Enjoy total freedom and the following persons receive capital outside the estate.

·         The benefits of life on taxation and succession may be questioned if the invested premiums are "clearly exaggerated". Do not place all his money for the sole purpose to escape taxation.

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Contract of insurance-dependent and benefits of insurance contracts

On the payment of a premium, the insured shall receive an allowance in the event of loss of autonomy. It takes the form of an annuity.
The insured can then fund the solution that best satisfied him whether he is hosting in a specialized institution, a home help or the development of its housing. This benefit may be granted, in some cases with statutory allowance personalized autonomy (APA).

Some key points govern these contracts

·         The dependency contracts individually usually include minimum age conditions (18) and maximum (age 77) for the subscription. The actual average age of subscription is around 60 years, which corresponds to the average age of retirement.

·         All contracts provide a medical questionnaire. They are based on traditional formulas based on own medical expertise’s risk management.

·         A waiting period exists in case of illness. This period corresponds to the period just after the subscription during which the guarantee remains without effect. This period most often varies between 12 and 36 months depending on the type of disease.

·         Some contracts also provide exemptions (i.e. of the sums remaining the responsibility of the insured) accidents or diseases. They are most often of a duration of 3 months.

·         Finally, the majority of traded contracts maintain rights in favour of the insured even if it ceases to pay the contributions during the contract. It is nevertheless necessary that he has contributed a minimum of years, usually eight. This means that if the Subscriber ceases to pay the contributions, the contract remains in force, but with guarantees reduced from the originally planned safeguards. The insurer will then proceed to "reduction in safeguards implementation".

The cost of a dependency insurance varies depending on subscribed guarantees and the age of the insured to the subscription. According to an average by the FFSA in 2010, the monthly pension amounted to 540 euros.

In the case of loss of recognized independence (whose assessment is function of both grids previously cited) proposed contracts offer flat-rate guarantees which provide for payment of pension. Sometimes join this pension capital equipment and offers of assistance and services (such as telephone advice, or a setting in relation with providers...). These offers are aimed the dependent person and his family.

If insurance contracts come meet a financial problem, allowing the insured to receive compensation whenever the dependency support contracts offered in addition have rather a qualitative approach.

They are intended to help specific to the insured so that it addresses the dependence with the maximum information. Advice may be thus exempted to constitute aid application files (including that of the APA).
Information about the necessary arrangements to make the home following the dependency can be provided.  The insured can be helped in its efforts to find a specialized facility adapted to his situation.
Contracts may provide for the establishment of help at home or even, if necessary, psychological support services. The palette of services is therefore relatively wide.

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