Life Insurance - Choose the Right Policy
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For your loved ones.
How you ever thought about getting a life insurance for yourself or your family?
Many people don’t realize how important it is to have a proper life insurance coverage. When our loved ones are well and bring in regular income, we just hope that nothing happens to them and we continue to do well.
What if it’s you that brings in the income, and your loved ones don’t worry about the money at all?
Then wouldn’t you want your family to be taken care of financially if something was to happen to you? But there is no guarantee that our life will be the same tomorrow as it is today, for this reason we need a term life insurance to protect our loved ones financially for a period of time. When you choose a life insurance, one of the ways is to consider your financial situation.
How much do you earn each year?
Do you still pay for mortgage?
Do you have any other large loans that need to be paid for?
How long do you need the life insurance for?
What are your regular expenses?
How many more years are you planning to take care of your children?
All these situations need to be taken into consideration when you choose your proper coverage. Once you choose the coverage choose a primary beneficiary and a secondary beneficiary in case if primary beneficiary dies. Do not leave the beneficiary section of your application blank or it will go to your estate and your family will not get the money.
If for some reason you what to change beneficiaries later, you can do that as long as you live. Also, it’s best to reevaluate life insurance needs after big events such as marriage, divorce, birth or adoption of a child, or buying large purchases such as house.
The death benefits are paid to the beneficiary after the death of the insured, or the person who had the insurance assuming the insured was making premium payments. If for some reason, insured wasn’t able to make the last few payments, usually the life insurance company will pay the coverage minus the premiums missed to the beneficiary. The beneficiary can choose to get a full payout or to get partial pay.
In addition to giving the protection to your income, life insurance death benefits are not taxable. They can be taxable only if you choose not to take all the sum of the benefits and leave some of it to grow interest. The interest that grows on the death benefit is taxable, but the death benefits are not.
For the business owners.
Do you have your own business with few employees that might be interested in the life insurance? The purchase of group term life insurance by business to its employees is deductible and can help you save on paying taxes, as long as the business is not a beneficiary. Once a business purchases group term life insurance on its employees, it can deduct premiums it’s paying on first $50,000 of benefits per employee. Both parties benefit from this policy, the business gets the deductions, and the employees get less expensive option for protection than individual insurance they would buy on their own. In such life insurance, the business holds the master contract with coverage and each employee gets certificate of insurance.
Another kind of life insurance that is used by businesses is the key person life insurance. If a business has an employee that has specialized knowledge, skills, or business contacts, it can purchase a life insurance on such an employee to protect itself from the loss it might suffer if the key person dies. The key person becomes insured, but the business is the applicant, policyowner, premium payer and the beneficiary. It can be done only with the permission of key person. This type of purchase of life insurance is not tax deductible, but once the benefits are paid out, the money is tax free.
Buy-sell insurance is the agreement that determines what will happen to the business in the event one of the owners dies or becomes disabled. It provides the partners in the business with the option to buy out the deceased partner’s business part from the family. For example, the business is owned by partner A and partner B. Partner A buys the life insurance on partner B, and partner B owns an insurance on partner A. In the event of death of partner A, partner B gets the money with which he can buy out the part of the business from partner A family. This way, the family gets the money, and the partner B gets the business.
Executive bonus is the arrangement between the business and its employee. Employer offers the give the employee a wage increase in the amount of premium on a new life insurance policy. With the wage increase, the employee pays the premiums, owns the policy, and gets to name his beneficiaries. Because of the special wage increase, it is tax deductible to the employer and it it income taxable to the employee.