Life insurance through company

Is life insurance taxable?, Ameriprise Financial

Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products. If you have neither the time nor the inclination to decipher the IRS regulations, here are some life insurance tax tips and background information to help you make sense of it all. Life insurance contracts must meet IRS requirements For federal income tax purposes, an insurance contract cannot be considered a life...

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Life Insurance Inside Super: The Pros and Cons You Need to Know

Life Insurance Inside Super: The Pros and Cons You Need to Know You can take out a life insurance policy through your superannuation fund, including your Self-Managed Super Fund (SMSF). But, before you do, you should be aware of the potential erosion of your retirement savings as funds are being used to pay for insurance premiums and that benefits may be difficult to access because you’ll need to meet the conditions of release. Also, life insurance through super does not allow for Own occupation TPD or Trauma Cover. If you're reviewing your insurance coverage or checking to make sure you have sufficient superannuation life insurance, then it's time you compare the pros and cons of...

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Is Free Life Insurance Through Your Company Enough? Meyer Associates

Employers often provide one to two times an employee’s annual salary as part of their benefits package. How can this be bad? Well, it’s not bad…it just may be insufficient, as it may not provide all the coverage you actually need. But how do you know how much coverage you DO need? Why wouldn’t one whole year’s salary be enough, especially if you’re a young, single person? And how do you figure that out? Doesn’t that involve….math? Do I even need life insurance? As finance expert Suze Orman has said, “If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.” Even if you have no dependents, if someone else would be saddled with your debt (...

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Learn More About Employer-Paid Life Insurance, AIG Direct - Blog

For many employees, the benefits provided by their employer can be nearly as important as their wages. Aside from vacation and sick time, many full-time employees are also able to take advantage of a 401(k) match or pension, health, dental and vision care, and maybe even a few employee discount opportunities. Another common benefit employees may partake in is employer-paid life insurance. Employer-paid life insurance is an important working benefit. It provides employees' loved ones with a little additional income if the employee dies. Unfortunately, many people believe that with employer-paid life insurance, they have all the coverage they'll need. Let's examine some of the pros and cons...

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Company-Owned Life Insurance

Company-Owned Life Insurance COLI programs may be subject to scrutiny. BY NICHOLAS FIORE any companies recognize that the skills and abilities of their employees are invaluable to the conduct of their businesses. Therefore, they try to use life insurance to reward employees and protect their businesses by setting up company-owned life insurance (COLI) programs that include buying policies on their employees lives. The basic business reason for COLI is to protect the company on the death of employees whose services are vital to the company’s operations. However, because this can create financial benefit to a company (since it gets a business deduction for the policies and the proceeds from...

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Individual Business, Christ Taylor Insurance + Benefits Solutions

A Plan Tailored to Fit Your Needs Christ Taylor LLP brings decades of trusted experience to our individual clients. We can tailor an individual insurance and benefits package that takes into account all your unique circumstances in such areas as personal life insurance, disability income insurance, long term care insurance, retirement and longevity planning strategies, as well as business financial strategies such as deferred compensation or executive benefits. Life Insurance Life insurance should serve as the foundation of your family’s financial security, helping to ensure that your loved ones will be alright financially even if something were to happen to you. Christ Taylor LLP offers a...

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Employee s Whole Life at a glance.

What is Employee’s Whole Life? Employee’s Whole Life is a life insurance policy you purchase through your employer. You pay premiums for this coverage through voluntary payroll deduction, which means premium payments are deducted directly from your paycheck (after you sign a payroll deduction authorization form). There are no checks to write or payments to mail. Because this coverage is offered to many employees at once, premiums are generally lower than they would be if you purchased the same level of whole life insurance as an individual. Employee’s Whole Life doesn’t affect any group life insurance provided by your employer, but it may be an ideal way to supplement this coverage. It...

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Why Most People Have Life Insurance at Work and They May Lose It When They Retire - South Carolina Life Health

Today, an incentive of working at many companies – both large and small – is that of obtaining employee benefits. These benefit “packages” will typically include insurance coverage such as health, disability, and life. Group term life insurance can be considered a primary tool of financial protection for employees and their families. It provides coverage for a specific period of time and pays a benefit if a covered person passes away during the term of protection. This base level of protection can be enhanced by the individual’s personal savings and other possible financial resources. The death benefit is paid income tax free to the named beneficiary....

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TPC Financial Group Ltd. Life Insurance: Should I Own it Personally or Corporately?

A recurring question that we receive from a number of clients tends to centre around the ownership of life insurance, and whether or not it is best to hold policies personally or corporately. There are many considerations that need to be made when reviewing the type, amount and duration of life insurance; this is something we can address at another time. Regardless of what type of life insurance you hold, you still need to pay for it. The question is, “Is it best for me to own and pay for the policy corporately or personally?” For simplicity, our examples will address term life insurance. Personally Held Life Insurance Life insurance that is held personally is paid for with...

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Group Life Insurance, Erie Insurance

LIFE INSURANCE OPTIONS Whether you employ two people or 200, Erie Family Life has a plan designed to provide your full-time workers with financial security. You can provide group term life, an affordable option paid by you, as a benefit to your employees. Or, you can offer your employees insurance through a voluntary payroll deduction program where they pay the life insurance premiums. GROUP TERM LIFE Typically paid in full by the employer, group term life insurance can cover employees with a policy that renews each year and provides a guaranteed death benefit. Here are some basics about group term life coverage. Talk to your local ERIE Agent for more detailed information and guidance....

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