Typically, beneficiaries do not have to pay income tax on life insurance death benefits when they are received as a lump sum. However, some insurance companies usually offer beneficiaries a choice of payout options other than a single lump sum. In this case, a portion of these ...
When you apply for life insurance, you might think you won't run into any problems if you don't have a chronic disease or a life-threatening illness. But you may be surprised to find out that many ...Read More
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 ...Read More
A life insurance policy is a contractual agreement with an insurance company to pay your heirs a sum of money if you die while the policy is active. Insurance companies take great steps to evaluate ...Read More
Life insurance has two basic options: term and whole life. Term policies work like other kinds of insurance. You pay premiums and the company pays out only if you die. Whole life insurance includes a ...Read More
In most, but not all cases, life insurance death benefits are not taxable income. Whether you receive a lump sum or periodic payments, as long as the amount does not exceed the death benefit ...Read More
The prospect of providing financial security for your loved ones in the event of your death is the primary draw of life insurance, but it can also be a good investment vehicle. Several types of life ...Read More
Mortgage protection life insurance protects your loved ones in case you die while your home mortgage is outstanding. Its purpose is to meet the needs of families when a surviving relative might not ...Read More
You can turn your savings into a pension-style income stream by purchasing an immediate income annuity. Issued by life insurance companies, immediate annuities are actually insurance policies rather ...Read More
The waiver-of-premium benefit usually applies to life insurance policies. This benefit can help keep your life insurance in force if you are laid up due to injury or illness. If you are disabled, the ...Read More
Unlike a whole life insurance policy that can cover you from the cradle to the grave, term insurance, as its name suggests, only provides coverage for a set period of time. What happens when your ...Read More
The difference between whole life and universal life insurance may be subtle, but it's important to know all the ins and outs before taking out a policy. In many cases, you may find that term life ...Read More
Maybe your children are adults who support themselves and you’ve outgrown the need for life insurance or maybe you just need a quick injection of capital. Either way, canceling your life insurance ...Read More
Guaranteed lifetime withdrawals are one of the many benefits of an annuity contract, while annuitization is the process through which you create that benefit. You do not get your income unless you ...Read More
People purchase life insurance to protect loved ones from the financial impact of the most serious life change – death. But to make sure your loved ones have adequate life insurance protection, it is ...Read More