Clear your head of most of your old ideas about life insurance. Your business isn't the same today as it was 10 years ago and your life insurance shouldn't be either. Big business calls for a whole new look at life insurance. You need to consider if you even need life insurance and who ought to be covered. Other questions are how much coverage is needed, who ought to be the owner, and who should be the beneficiary? We'll take a look here at who should be the owners and beneficiaries of life insurance with both existing and new policies. Change Your Thinking Grab one or all of your policies. If you're a married man and the insured, chances are you or your wife are the owner of that life...
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Life insurance can be an important component of a financial plan, but what kind you choose and how much you purchase depends on your individual financial circumstances. Here are six factors to consider when thinking about life insurance: Consider whether you need life insurance in the first place. You generally purchase life insurance in order to protect the people you leave behind. Don’t buy it unless you have a spouse, children or other people who are financially dependent on you. If you do need life insurance, consider which kind you need. Life insurance policies fall into one of two camps: Pure term policies and whole life policies. Pure term offers life insurance coverage only:...
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It’s no secret that insurance companies use height and weight ratios to determine how much premium they’re going to charge or to determine if they’re even going to offer life insurance coverage at all. In fact, height and weight ratios are one of the first things considered by a life insurance underwriter. Which means that it can be more difficult to get life insurance if you’re overweight or obese! However, we specialize in aligning our clients with the most overweight or obese friendly high risk life insurance companies in the marketplace. But do not despair, being overweight or obese when it comes to getting life insurance isn’t the end of the world. There are many other...
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Are you gearing up to buy a home? Congratulations! Buying a house is probably the largest purchase you’ll ever make. If you purchase the home with a partner, among the conversations about decorating, landscaping and cable hook-ups, be sure to throw in a weightier topic: life insurance. Why Life Insurance? With suitable life insurance, you or your partner will be able to stay afloat, make mortgage payments and maintain your lifestyle even if one of you is no longer there to provide regular income. Purchasing life insurance is a good way to give your family the freedom to make decisions right for them. Assessing Your Needs If you’re ready to take on the responsibility of a mortgage, consider...
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When Life Insurance Becomes Taxable Consider these facts on aging from the 2010 Census:¹ The highest growth rate for a 10-year age group within the older population (age 65+) was for men 85 to 94 years old (46.5%). For women, this age group grew by 22.%. Of all five-year age groups, men ages 90 to 94 had the fastest growth rate (50.3%). Living this long may have unexpected tax consequences. Here’s why. Many older life insurance policies mature at a specific age, typically 95 or 100. If the insured individual attains that age, the policy’s cash value may be paid out to the policy owner in lieu of a death benefit payment.² Tracking Taxes This payout may be taxed as...
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When Life Insurance Becomes Taxable Consider these facts on aging from the 2010 Census:¹ The highest growth rate for a 10-year age group within the older population (age 65+) was for men 85 to 94 years old (46.5%). For women, this age group grew by 22.%. Of all five-year age groups, men ages 90 to 94 had the fastest growth rate (50.3%). Living this long may have unexpected tax consequences. Here’s why. Many older life insurance policies mature at a specific age, typically 95 or 100. If the insured individual attains that age, the policy’s cash value may be paid out to the policy owner in lieu of a death benefit payment.² Tracking Taxes This payout may be taxed as...
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When Life Insurance Becomes Taxable Consider these facts on aging from the 2010 Census:¹ The highest growth rate for a 10-year age group within the older population (age 65+) was for men 85 to 94 years old (46.5%). For women, this age group grew by 22.%. Of all five-year age groups, men ages 90 to 94 had the fastest growth rate (50.3%). Living this long may have unexpected tax consequences. Here’s why. Many older life insurance policies mature at a specific age, typically 95 or 100. If the insured individual attains that age, the policy’s cash value may be paid out to the policy owner in lieu of a death benefit payment.² Tracking Taxes This payout may be taxed as...
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Simply browse the internet for companies offering life insurance and you will notice that you are often being advertised to by ONE company. However, at TermLife2Go we represent the top rated best life insurance companies and the top rated best no medical exam companies in the marketplace. By offering our clients multiple options we can help our clients obtain the best life insurance rates by age for those with a pacemaker, as well as most other health issues. Give us a call today for a free consultation. Life insurance with a pacemaker Millions of people worldwide have pacemakers which help them live their everyday lives to the fullest. A pacemaker doesn’t normally impact normal...
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When did you last review your life insurance? February 27 2018 | Category: Money advice Having a financial plan is the key to securing your financial future and reaching those all important goals and objectives. But what would happen to that plan and your family if you became seriously ill, were made redundant or, in the worst case, if you died? That sudden loss of income could bring that plan to a halt. Protecting yourself against the financial costs of illness, injury, unemployment and death is a major cornerstone of securing your financial future. If you don’t have any cover in place currently, an insurance policy could be just what you need to safeguard you and your loved ones....
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Taxes on life insurance: Here’s when proceeds are taxable Life insurance: It isn’t a fun topic to think about, but it’s an important investment that can protect and financially take care of your loved ones after you pass. The magic of life insurance — whether it’s a term or whole life policy — is that most of the time, proceeds for beneficiaries aren’t taxable. But there are certain situations where payouts will end up getting split between individuals and Uncle Sam. When life insurance IS NOT taxable In these common situations, proceeds aren’t subject to income tax: Payout to a beneficiary after someone dies This is the most common way life insurance is used: to provide financial means to...
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