Traditional whole life insurance, also known as ordinary life or straight life, is a type of permanent (cash value) insurance that provides coverage for your entire life. This kind of policy is sometimes described as plain vanilla insurance. You pay a fixed amount, known as a level premium, each payment period (monthly, quarterly, semiannually, or annually), and a guaranteed death benefit goes to your beneficiary when you die. Your premium amount...more
When you're borrowing money to buy a car or applying for a credit card, it's likely that you'll be asked to purchase credit life insurance. Credit life insurance pays off the balance of your loan or line of credit upon your death. But is it a good deal?For most people, the answer is no. Although credit life insurance pays off your loan or line of credit balance when you die, it's usually better to purchase term life insurance. Here's why.Credit...more
Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products. If you have neither the time nor the inclination to decipher the IRS regulations, here are some life insurance tax tips and background information to help you make sense of it all.Life insurance contracts must meet IRS requirementsFor federal income tax purposes, an insurance contract cannot be considered a life insurance contract--and qualify for favorable tax treatment--unless it meets state law requirements and satisfies the IRS's statutory definitions of what is or is not a life insurance policy. The IRS considers the type of policy, date of issue, amount of the death benefit, and premiums paid. The IRS definitions are essentially tests to ensure that an insurance policy isn't really an investment vehicle. The insurance company must comply with these rules and enforce the provisions.Keep in mind that you can't...more
No Life Insurance? Think about your Dependants When you're young, the last thing you want to think about is life insurance. If you have just moved into your first home or are thinking of doing so, with all the expense this entails you will probably think that paying out for life insurance is not necessary and can wait a few years.If this...more
Buy Life Insurance through Reliable Insurance Agent The main purpose of the insurance policy is to provide financial security to an individual family mainly during difficult time. There are different aspects which can be considered when you choose family life insurance. All these factors include income of the person and the kind of lifestyle...more
West Virginia Long Term Care Insurance As the concern regarding long term care grows day by day, it has also become widespread not only in one state but to the rest of US. In West Virginia, the average cost of long term care varies depending on the skill of the person providing the care, and where the care is received. In fact, the costs can increase up to thousands of dollars annually.With careful observation on how the population in the US ages, the government predicts that there is almost 80 percent chance a person will need LTC within his lifespan. In West Virginia alone, statistics show the population of residents age 85 above is expected to rise by 43 percent in 2030. This only proves the states' older population most likely face greater risk for chronic illnesses and utmost need for LTC.Data also reveals that over 392,000 West Virginians rely on Medicaid – 15 percent of these are aged 65 and up. In this state, Medicaid allows eligible recipients the opportunity to choose in-home care instead of the usual nursing home care. This, in effect, resulted to West Virginia spending 81 percent of its Medicaid funds solely on institutional care.And, 19 percent of its Medicaid...more
ProsWhen examining whole life insurance cover pros and cons one of many greatest pros is the money value, this is one of the single biggest advantages of whole life insurance. Many financial advisers contend that term-life is best for most people, as...more
Cheap Term Life Insurance – Know Your Options: Pros and Cons Permanent life insurance, which covers an individual for the span of his or her life, might not be the best option for everyone. This type of insurance can be extremely expensive....more
Cheap Term Life Insurance – Know Your Options Purchasing life insurance can be extremely expensive if you do not know which type of policy is best for you. Term life insurance provides coverage for a given period of time – as little as...more
Cheap Term Life Insurance – All About Term Life Insurance You never know what might happen. That is why many people choose to purchase a life insurance policy. Should you pass away, your insurer will pay death benefits to your loved ones,...more
Cheap Term Life Insurance – Annual Renewable Term Life Term life insurance is often a good option for those who need temporary coverage. Unlike whole or universal life insurance, term life policies only last for a given amount of time. The...more
Cheap Term Life Insurance – Finding Cheap Life Insurance We all want to provide for our loved ones after we are gone. The best way to do that is to purchase some form of life insurance. Unfortunately, many types of life insurance can be very...more