How Much Life Insurance Do I Need?

How Much Life Insurance Do I Need?

Every adviser, financial columnist, and relative has his or her own, perfect method for determining the right amount of life insurance. The three most commonly used methods are multiple of income, cover your debts, and human life value concept.

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Phishing Schemes Target Seniors

Phishing Schemes Target Seniors

If you’re a senior, there’s an army of criminals targeting you and estimates from the Federal Trade Commission say one in five seniors fall victim to their fraud operations. The scams come in a variety of flavors. Using “social engineering” methods and sophisticated online data-phishing techniques, the scammers see one thing when they contact a Little Old Lady From Pasadena – a ready victim. Experts estimate, in New York state alone, a half-million New York…

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What Is A Life Insurance Contestability Clause

What Is A Life Insurance Contestability Clause

Understanding Life Insurance Contestability The ‘contestability clause’ in a life insurance policy specifies a short window in which insurance companies can investigate – and deny –  potential claims. It could impact you, and at the very least, you should know the ins and outs of how it works. The contestability period runs for two years in most states and one year in others, and it begins as soon as a policy goes into effect. If the…

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How Are Taxes Impacted By An Insurance Company Monetary Settlement

How Are Taxes Impacted By An Insurance Company Monetary Settlement

There are certain tax consequences that come from getting a monetary settlement, which need to be addressed when preparing your annual income tax return. Policyholders eligible for compensation are usually given several options – depending on their life insurance company. The tax ramifications will also depend on the method you choose.

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Know This Before Disputing A Life Insurance Beneficiary – It’s An Uphill Climb

Know This Before Disputing A Life Insurance Beneficiary – It’s An Uphill Climb

You hired a divorce attorney, split your possessions amicably, remarried, and lived happily ever after for 30 years. Everything’s been taken care of, right? Wrong.

Did you remember to change the beneficiary on your life insurance policy? If not, there’s a good chance your life insurance proceeds might go to your previous spouse, leaving your current partner with nothing more than a pile of bills.

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No Ginkgo Biloba – But These Preventive Measures Could Slow Down Dementia

No Ginkgo Biloba – But These Preventive Measures Could Slow Down Dementia

In a landmark report, scientists have endorsed three strategies for preventing dementia and cognitive decline associated with normal aging — being physically active, engaging in cognitive training and controlling high blood pressure. This is the first time experts convened by the National Academies of Sciences, Engineering and Medicine have deemed scientific evidence strong enough to suggest that preventing dementia and age-related cognitive decline might be possible. Seven years ago, in a separate report issued by…

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Is Your Tap Water Killing You? Visit This Online Tool and Find Out

Is Your Tap Water Killing You? Visit This Online Tool and Find Out

You’ve likely read about the horror story that is the Flint Water Crisis, so what sort of contaminants might be in your drinking water? Now the Environmental Working Group is offering a tool to help you find out with their Tap Water Database. If you live in the U.S., you can simply enter your zip code – or the name of the local utility – to find out the content of your tap water. EWG is an…

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What Is An Irrevocable Life Insurance Trust

What Is An Irrevocable Life Insurance Trust

Historically, one of the main reasons to set up an irrevocable trust has been to avoid or minimize any potential estate tax, but now there are other planning purposes for these trusts. An advantage of life insurance trust is that it removes the life insurance from the estate of the insured. You should carefully consider who the trustee is and discuss the ramifications with your attorney.

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Flood Insurance Program Nearly Underwater and Drowning In Red Ink

Flood Insurance Program Nearly Underwater and Drowning In Red Ink

Flood insurance in America is under scrutiny, and most of the effort is aimed at dealing with what the federal government calls the “severe repetitive loss property.” Those are homes which have cost taxpayers cumulative payouts which exceeding what those structures are actually worth – and often by many thousands of dollars. It’s thought that across the nation there are more than 11,000 properties – mostly in coastal or low-lying areas – which are under…

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The Reasons You Were Declined After Your Life Insurance Application

The Reasons You Were Declined After Your Life Insurance Application

Not all insurance companies think the same way when it comes to risks in insuring you for the future. Guaranteed life is available today without a medical exam for those who have health concerns. However, if you are in the process of purchasing a policy and are preparing for an exam, the following can cause a decline or postponement in your application, meaning they will look at your application again if the problem is fixed….

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