Frequently Asked Questions Archives - Life Insurance Articles

Offering the Lowest Life Insurance Rates Since 1984

Posted on February 12, 2020March 18, 2021 by Debbie Klimas

For 36 years, LifeQuotes.com has been offering the lowest life insurance rates in an online or over the phone quoting process. Our quote engine is one of a kind and will take the information you give us regarding your health, family health history and lifestyle and filter your data to offer you the top plans best-suited to your unique needs. Visit LifeQuotes.com today and see how to secure your family’s financial well-being. Our simple phone…

Can You Buy a Policy for Your Adult Child If They Won’t?

Posted on January 15, 2020January 27, 2020 by Debbie Klimas

One reader considered buying a policy that would cover her son. Despite having a family of seven, the son refused to buy a policy to ensure their finances. In the event of his death, such financial responsibility would fall to his parents, according to the report. The reader may be able to purchase coverage for her son, the report says.

8 smart steps for buying life insurance

Posted on December 16, 2019December 16, 2019 by Insurance Information Institute

How to find coverage that meets your needs and budget Life insurance can form a vital part of your family’s financial stability and well-being but, if you’re like most people, you may find the thought of shopping for the right type of coverage a little daunting. Fortunately, these eight simple steps can guide you along the way. 1. Determine whether you actually need life insurance Most people do, but not everyone. If no one depends…

Ten Frequently Asked Questions About Life Insurance

Posted on December 15, 2019February 23, 2020 by Karla Sullivan

When the insured passes away, the insurance company should be notified immediately and they will request a death certificate.

Is Life Insurance Worth It?

Posted on August 22, 2019August 17, 2020 by Debbie Klimas

Protecting what matters most was the focus of a recent survey done by financial services firm Edward Jones and nonprofit consumer-education organization Life Happens in December 2018. Not surprisingly, the survey found that 81 percent of Americans believe their family is their most valuable asset, but less than half (41 percent) are protecting their family with an individual life insurance policy. One third of the over 2,000 Americans surveyed (32 percent) indicated that life insurance is either a low priority or no priority item when starting a family

Life Insurance Policies Better Investment Than Gold

Posted on June 16, 2019December 17, 2019 by Emily Miller

Gold is one of those commodities that some investors stockpile because it is a more solid investment during times of economic strife, but cash value life insurance may be a more effective alternative.

How Are Taxes Impacted By An Insurance Company Monetary Settlement

Posted on July 31, 2017February 28, 2020 by Tony Steuer, CLU, LA, CPFFE

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.

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

Posted on July 27, 2017November 18, 2019 by Emily Miller

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.

When Taxes Will Apply to a Life Insurance Death Benefit

Posted on July 17, 2017February 28, 2020 by Tony Steuer, CLU, LA, CPFFE

The common misconception is that life insurance is not subject to taxation, which is half-true and half-false. Life insurance is almost always not subject to income taxation; however, under current tax law (2003), it is still subject to estate taxation. As a general rule, life insurance death proceeds are excusable from the beneficiary’s gross income (IRC Sec. 101(a)(1)). Death proceeds from single-premium, term life insurance, periodic-premiums, or flexible premium life insurance policies are received income…