Life Insurance Tax Treatment – Understanding the Procedures
Tax Treatment – Understanding the Procedures
The purpose of a life insurance
policy, no matter which of the many types you choose to purchase, is to provide your family and any other beneficiary with financial security once you have passed away. The funds paid out by the insurance company once the policy holder has died can be dispersed in a few different ways, thus resulting in different tax treatments. If you understand these, you will be better able to make future tax preparations.
Unlike health insurance
premiums, your life insurance premiums are not tax deductible. This is because the premiums are not considered an expense. The two exceptions to this are when a charity owns and will be the beneficiary when the policy holder dies or if the premiums...
Primary Purposes of Life Insurance – Protecting Your Family Financially
Primary Purposes of Life Insurance
– Protecting Your Family Financially
The one non-negotiable aspect of life is the inevitable fact that everyone must die someday. This seems like a morbid thought, but when you realize that you need to be taking steps to protect your family once you pass on, you will understand the importance of recognizing the inevitability of death. There is no way to predict when something might happen to take your l...
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