How Do I Claim Life Insurance Benefits?

How Do I Claim Life Insurance Benefits?

In the event of the insured’s death, the primary beneficiary must file a claim report in order to receive any benefits. If everything was planned accordingly, all you should need to do it contact the life insurance company and the insured’s employer, fill out the necessary paperwork, and provide the insurance company with a certified copy of the death certificate.

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What Are the Income-Tax Consequences for Life Insurance Policies?

What Are the Income-Tax Consequences for Life Insurance Policies?

The value of a life insurance policy can impact a number of situations. For example, the possibility of a taxable gain if the policy is surrendered, which is often omitted in sales presentations. The inside interest is typically income tax deferred, which is either income-tax exempt or partially income tax exempt – depending upon how the policy terminates and the circumstance surrounding termination.

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How Can I Replace a Permanent Life Insurance Policy?

How Can I Replace a Permanent Life Insurance Policy?

Because of the cash-value elements and its complexities, it is much more difficult to analyze a permanent life insurance policy in a potential replacement situation. Also, there are many different types of permanent policies. The worksheet provided here offers assistance on any policies that builds cash value, including whole life, universal life, variable life, variable universal life, and other variations.

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Ask Questions Before Replacing a Life Insurance Policy

Ask Questions Before Replacing a Life Insurance Policy

Life insurance is complex financial tool, which is unique in the way it provides financial stability and security for an insured’s beneficiaries. With this being said, every decision about one’s life insurance policy should be carefully looked over. Replacing one’s life insurance policy for another policy is one of the biggest decisions you can make. It could either be a very good or very bad decision, which is why you should ask yourself the following questions.

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