Life Insurance When You're a Parent Life insurance for new babies/children Life insurance can be purchased on minor children in two ways: a small whole life insurance policy or with a term rider. A small whole life insurance policy guarantees your child’s future insurability and accumulates cash value. If desired, ownership can also be transferred to the child once he or she is an adult. A child rider can be added on to a term life insurance policy when purchased by a parent. A child rider provides a small amount of life insurance coverage on all your minor children for a nominal fee, typically $50 per year for $10,000 of coverage. A child rider also guarantees the child’s future...
Continue reading...
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...
Continue reading...
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...
Continue reading...
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...
Continue reading...
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...
Continue reading...
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...
Continue reading...
Life Insurance Policy Locator finds millions for Delaware users Delaware’s Department of Insurance released new data this week about local use of the Life Insurance Policy Locator. Delaware made the Life Insurance Policy Locator available in November of 2016. And since then Insurance Commissioner Trinidad Navarro says it has found millions dollars for beneficiaries, “This is a tool that can be used by people when someone passes; it’s free. And we’ve had tremendous success with this program; it has been almost four years now and during that time period we’ve recovered over $3.5 million for people who otherwise may not have had an opportunity or a mechanism to find policies that benefited...
Continue reading...
KANSAS CITY, Mo., July 8, 2020 /PRNewswire-PRWeb/ -- The class action was filed in June 2016, in the Western District of Missouri by Michael Vogt and other individuals who owned universal life insurance policy form 94030 issued by State Farm. The lawsuit alleged that State Farm breached the terms of the policies by overcharging policyholders through cost of insurance provisions causing policies to lose value and in many cases lapse, leaving many without life insurance. Trial commenced June 1, 2018 and the jury awarded $34.3 million to approximately 24,000 Missouri policyholders. State Farm appealed to the Eighth Circuit asserting various errors and Vogt cross appealed. Vogt prevailed on all...
Continue reading...
KANSAS CITY, Mo. (PRWEB) July 08, 2020 The class action was filed in June 2016, in the Western District of Missouri by Michael Vogt and other individuals who owned universal life insurance policy form 94030 issued by State Farm. The lawsuit alleged that State Farm breached the terms of the policies by overcharging policyholders through cost of insurance provisions causing policies to lose value and in many cases lapse, leaving many without life insurance. Trial commenced June 1, 2018 and the jury awarded $34.3 million to approximately 24,000 Missouri policyholders. State Farm appealed to the Eighth Circuit asserting various errors and Vogt cross appealed. Vogt prevailed on all issues. “We’...
Continue reading...
Sompo Himawari Uses Omniscience Artificial Intelligence as Part of new Consumer Service Omniscience today disclosed that Sompo Himawari Life Insurance Company has adopted Omniscience artificial intelligence (AI) technology as part of a new consumer service. This Omniscience technology is an important onramp for Computational Insurance™. "An entirely new business model is needed for the insurance industry which faces challenges and stresses from more directions than ever before," said Pallavi Ramnarain, Omniscience Vice President of Business Development & Strategy. "The ability to use, verify, and manipulate every piece of information digitally is an important element of Computational...
Continue reading...
