Spotlight on: Life Settlements

Spotlight on: Life Settlements

Before you let that old, unwanted life insurance policy lapse, it may be wise to check all of your options.  Better yet, check to see if your policy could be sold for cash to investors.  You could have a pleasant surprise ahead. What is a Life Settlement? The process of selling an unwanted or unneeded life insurance policy is called life settlement.  The amount you will receive will be less than the face value but…

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Life Insurance Advice for Multiple Sclerosis (MS) Patients

Life Insurance Advice for Multiple Sclerosis (MS) Patients

Multiple sclerosis does not have to warrant a unwanted decline for life insurance.

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How Does an Irrevocable Life Insurance Trust Work?

How Does an Irrevocable Life Insurance Trust Work?

An irrevocable life insurance trust is when the trust is the owner of the insurance policy, which keeps the proceeds of the life insurance out of the taxable estate. Also, gifts can be made to fund the premiums, which will ultimately reduce the taxable estate. After your death, the trust’s assets – also known as the insurance proceeds – are available to your beneficiaries income-tax-free.

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What Do I Need to Know About Life Insurance Inside a Qualified Plan?

What Do I Need to Know About Life Insurance Inside a Qualified Plan?

Qualified retirement plans are designed to encourage employees to save money now, so that they will have enough to sustain themselves when they are no longer working. A plan like this meets all the requirements of the Internal Revenue Code, which means it is eligible for certain tax benefits. In simpler terms, a qualified plan is a tax-favored accumulation vehicle like permanent (cash value) life insurance.

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