It’s a Wonderful Life (Insurance) This Christmas

It’s a Wonderful Life (Insurance) This Christmas

Life insurance is more than just a death benefit for those that are left behind and it doesn’t have to be just for you but can be purchased for a spouse, child or parent.

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How Can I Track Down a Missing or Unknown Policy?

How Can I Track Down a Missing or Unknown Policy?

In order to receive the death benefit of a recently deceased insured, you have to file a death claim through the life insurance company. This may be a problem if you do not know which company held the insured’s life insurance policy. Here are some helpful tips to both finding a policy and keeping it safe for your beneficiaries to find.

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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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Universal Life Insurance Guarantees Death Benefit For Policy Life

Universal Life Insurance Guarantees Death Benefit For Policy Life

When it comes to universal life (UL) insurance, one of the biggest concerns is that the death benefit is not guaranteed for the life of the policy. Most policies will terminate or mature at age 95 or 100 and cash out at that time. When this happens, it leaves the client with the cash value, which is often less than the death benefit.

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What Taxes Apply To a Life Insurance Death Benefit?

What Taxes Apply To a Life Insurance Death Benefit?

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…

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What Is Premium Financing In the Life Insurance World?

What Is Premium Financing In the Life Insurance World?

Premium financing has been around for years in the life insurance industry and has been heavily promoted, especially among wealthier clients. This arrangement involves an outside – third party – lending sources like a bank or hedge fund paying the premiums on a life insurance contract. The unique characteristics of premium-financing arrangements are: · The loan is assumed to be renewed until death. · The insurance proceeds are relied upon to be sufficient to repay…

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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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Should I Get an Accidental Death Benefit Rider?

Should I Get an Accidental Death Benefit Rider?

Do you work in a job that involves a lot of health risk? Perhaps you do a great deal of heavy lifting, work on a construction site or in a coal mine, or find yourself frequently on the road.

If this sounds familiar, attaching an “accidental death benefit” (ADB) rider to your term life policy may be a worthwhile acquisition. According to New York Life, ADB riders provide additional benefits to your family if you die as a result of physical injuries resulting from accidental circumstances while on the job.

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