Too often, you have been advised to buy term insurance and invest the difference in the stock market for better return. Even though this sounds convincing on paper, it lacks verifiable facts, ignores feasibility of continue investing in stock market and demonstrate ignorance of life insurance tax advantage. When you calculate long term compounding tax [...]
Most of the time we view life insurance as an expense - especially the term insurance but the greatest strength of life insurance is the ability to pay a specified amount on the death of an insured. For what can be a relatively small amount of money each year, your beneficiaries (your family and loved ones) can [...]
Life insurance needs will change but it is best to keep life insurance policy instead of dropping the coverage when you grow older. When an individual ages, a permanent policy becomes an increasingly important asset, because a person’s insurability tends to decrease over time. A term policy provides temporary coverage, but relying on term insurance [...]
Employees often think that insurance offered by their employers is cheaper than purchasing individual plans. Certain types of insurance are cheaper when purchased through a group plan including Health, Disability, Long-Term Care and, in some cases, Life Insurance. If your employer provides free insurance, you should certainly accept it. However, if you are in good [...]
The National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) is a voluntary association composed of the life and health insurance guaranty associations of all 50 states, the District of Columbia, and Puerto Rico.
When an insolvency involves multiple states, NOLHGA assists its state guaranty association members in quickly and cost-effectively fulfilling their statutory obligations [...]
It depends on what the medical condition is. Your opportunity to obtain additional life insurance later in life will depend primarily on your health. A life insurance company will also consider your age, occupation, whether or not you smoke, any dangerous hobbies, and the amount of insurance you want. If you’re healthy, the life insurance [...]
It depends on how old your children are, and how long you’ve worked in a job where you’ve paid Social Security taxes.
As per Social Security Administration when you die, your children must be age 18 or under (19 if still in high school), and unmarried. In addition, you must have earned at least six Social [...]
Single people with no children often don’t need life insurance because no one is relying on their income. But there are some reasons why you might need life insurance if you’re single.
If you died, who would pay for your funeral? Even a simple ceremony could be costly. If you don’t have life insurance, someone else [...]
Estate planning allows you or anyone to implement certain tools now to ensure that your concerns and goals are fulfilled after you die. Your objective may be to simply make sure that your loved ones are provided for. Or you may have more complex goals, such as avoiding probate or reducing those dreaded estate taxes.
Estate [...]
A new tax law with some very favorable tax treatment for long term care benefits from annuities and life insurance has been passed. As of January 2010, any withdrawals or early distributions from life insurance or annuity products to pay tax-qualified long-term care expenses will be tax free – yes, tax free!
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