Life Insurance Tax Treatment No matter what you do, you can't get away from having to pay taxes. This even includes the payout from a life insurance policy. There are a few different ways that the proceeds from a life insurance policy are paid out and each has an accompanying tax situation that must be handled. The policy itself has tax benefits and consequences. Although the premiums paid to a life insurance policy are paid with...more
Building A Comprehensive Insurance Portfolio For Your Sports Club If you own and operate a sports club, you must invest in the right type of insurance to cover your members and yourself. Operating a club without insurance can leave you vulnerable to uncovered claims and lawsuits. Understand what club insurance covers and build a comprehensive insurance portfolio that will cover all of your common exposures. While there are standard...more
Evaluating Life Insurance Needs People tend to put off buying life insurance. The main reason may be that they do not want to think about their death. More often than not, though, it is also that they do not know how to evaluate their life insurance needs so that they have enough coverage. There are many things to take into consideration when determining what kind and how much insurance you need. It starts by figuring out if life insurance is needed in the first place. The primary purpose of life insurance is to replace the income lost due to your death. Therefore, if you have a spouse, children, or other people who are dependent on you to survive, then you need life insurance.To determine how much you should purchase, first evaluate the cost of living for your family. Although the goal is to replace the income lost when you pass away, basing the amount of insurance you purchase on your yearly income often leads to buying too little insurance. You will need to buy enough insurance to cover your family's short term needs and long term obligations. This includes making sure there is enough money to pay for funeral, medical, and legal expenses as well as debts that are...more
Term Life Insurance - The Pros and Cons A life insurance policy means that an individual has an immediately established estate to leave to their beneficiaries once they pass away. It is of particular importance for the person in a household that is the primary income earner to consider life insurance in order to continue to provide...more
Types of Life Insurance - Are They All The Same? Life insurance is a tool that many people use to provide a healthier or more robust estate for their beneficiaries. There are a number of different types of life policies available but they all work in basically the same way. An individual chooses how much money they want to leave...more
Death Benefit Proceeds of Life Insurance - Distribution and Taxation! The taxable nature of death benefit proceeds from life insurance is something that most people do not have a clear understanding of. Most people believe that the death benefits received by the beneficiaries of a life insurance policy are always tax-free while others believe that the payout from a life insurance policy is taxed like any other sort of income. In truth, death benefits are generally tax-free with a few notable exceptions. In the majority of cases, the beneficiaries of a policy are not responsible for any taxes associated with the money that they receive. Like most things associated with taxes, however, there are some loopholes.Death benefits are usually distributed by means of a lump sum payment to the beneficiary of the policy. The most common type of life insurance policy is term life and since these policies do not accrue any additional income, there is nothing to be taxed. Death benefits may also be distributed in the form of an annuity. An annuity is generally a series of monthly payments that are made to the beneficiaries until the funds in the policy have been exhausted. In some...more
Choosing the Right Life Insurance - Making the Best Decision Choosing the right type of insurance policy to meet your needs requires you to have a clear purpose in mind for the policy. If you are interested in simply covering whatever...more
Investment Through Life Insurance - The Basics A life insurance policy can go well beyond simply providing for the beneficiaries of the policyholder after their passing. The right type of policy can actually act as a vehicle for...more
Is Term Life Insurance a Good Investment? - The Facts Trying to decide what type of life insurance is best going to suit your needs can be a daunting and confusing task. There are a myriad of options available and you must consider not...more
Life Insurance - Extra Cash When Times Are Tough A permanent life insurance policy that a person has been paying into for a number of years can provide them with a means to get emergency cash without having to deal with a bank. Not all...more
How To Find The Best Insurance Maryland Policy The choices you make for your car insurance Maryland policy make the difference in how much you pay every month in premiums. Most people today are looking for all the ways to save as much...more
Pet Care Insurance- Planning Ahead Not many people understand the massive responsibility that is included with owning a pet. Upfront expenses, depending on the age of the pet, will consist of veterinarian visits for preventative shots,...more