Life Insurance

More in Life Insurance

Do You Have to Claim Life Insurance Cash Disbursement on Taxes?

Life insurance should not be considered an investment despite the presence of investment-like cash value accounts in permanent policies. Because the Internal Revenue Service is aware of the potential for abuse and tax-free earnings from these products, restrictions have been ...

Do Insurance Payouts Have to Be Counted as Income?

If you've received a payout from an insurance policy, figuring out whether or not to count that money as income can be confusing. Several elements must be analyzed to understand if the benefit is tax-free or fully taxable as ordinary income. The type of policy, the deductibility ...

Do I Have to Pay Income Tax on Life Insurance Payouts?

Life insurance is designed to provide a safety net for your loved ones when you die, a cushion upon which they can continue to lead normal lives without your income. While that can be a piece of solid financial planning, it can also leave families with a few nagging questions ...

Tax Liabilities of Taking Out Money From a Whole Life Policy

Although term life insurance is the most cost-effective choice for many buyers, whole life and other permanent policies retain a useful niche in many financial plans. Over the long term they can build substantial cash values that can be used as a flexible financial asset. There ...

Can My Sister Make Me Share Life Insurance Proceeds if I Am the Beneficiary?

Dealing with the death of a loved one is difficult, but worries about family feuds over insurance proceeds magnify the difficulty. There are some differences in insurance law in the United States because each state has its own laws. In most states you do not have to worry about ...

What Is Risk Pooling in Insurance?

In insurance, the term "risk pooling" refers to the spreading of financial risks evenly among a large number of contributors to the program. Insurance is the transference of risks from individuals or corporations who cannot bear a possible unplanned financial ...

How Many Life Insurance Policies Can One Person Have?

Financial planning isn't a "one and done" activity. Your financial needs and goals will change over the course of your life, along with changes in your personal life. Life insurance is part of that picture for most of your life, increasing with your responsibilities ...

Is Accrued Interest on a Life Insurance Payout Subject to Federal Income Tax?

Life insurance proceeds typically pay out tax-free to the beneficiary. Insurance companies may offer a number of ways for the beneficiary to receive the benefit, including taking a lump-sum distribution, scheduling regular payments plus interest over a number of years or leaving ...

Who Needs a 10-Year Term Life Insurance Policy?

Insurance is designed to protect your assets if a covered event occurs. Auto insurance protects you if you're involved with a car wreck, homeowners insurance protects you if your house catches fire, health insurance protects you if you get sick and, ironically, life insurance ...

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