What Happens If My Life Insurance Beneficiary and I Die Together?

What Happens If My Life Insurance Beneficiary and I Die Together?

You faithfully paid your life insurance premiums for decades, all to make sure your funeral expenses would be paid for and your loved ones would be covered financially.

But what would happen if you and your policy’s beneficiary both suddenly died? Or, what happens if your beneficiary died shortly after you did? A beneficiary is the person whom you designate to receive your life insurance proceeds when you die.

Read More

The IRS Cannot Take Your Life Insurance to Pay Back Taxes

The IRS Cannot Take Your Life Insurance to Pay Back Taxes

For the most part, life insurance policies are purchased with the intent to provide financial security for an insured’s beneficiaries when they pass away, and the goal of most policies is to allow loved ones to maintain the same lifestyle as if the insured had not died. These policies also contain a number of rights and options, some of which can help you get through your own financial hiccups. Term life insurance policies offer the most…

Read More