How Do Life Insurance Payouts Work?
Americans have invested heavily in life insurance policies of all types. Term insurance, convertible term life and cash value policies of every variety have trillions of dollars stored up in them, and together they constitute one of the economic backbones of the United States. And why is this? To get the death benefit payout, of […]
How Do Life Insurance Buyouts Work?
If you are at least 65 years old and own a universal life policy, whole life policy, or other type of permanent insurance policy that you no longer want or need, then you may want to consider a life insurance buyout. A life insurance buyout, also referred to as a life settlement transaction, is an […]
Is Long Term Care Insurance Worth it? The Truth
Back in the early 1990s, long-term care insurance was widely considered to be the darling of the insurance industry. Insurers promised their agents and brokers that virtually everyone needed one of these policies, and the benefits that they paid out would keep middle and lower-income policyholders from having to rely solely on Medicare or try […]
What is Insurable Interest in Life Insurance?
There are many factors that enter into the purchase of a life insurance policy. Beneficiaries must be named, the policy owner must also name the insured, and the policy owner’s budget must be flexible enough to accommodate the premiums that must be paid. But some people overlook another factor that has to be present in […]
The Complete End of Life Planning Checklist for 2022
Those who take the time to do end-of-life planning can save their heirs a great deal of time and inconvenience. When it comes to end-of-life planning, those who take the time beforehand to do it right can ensure that their assets will pass to their heirs in the manner that they desire, and other end-of-life […]
What Are Senior Life Settlements? A Guide
Senior life settlements are becoming increasingly common as more and more senior citizens are now selling their life insurance policies because they no longer need them, or they need cash quickly to pay for medical or long-term care expenses. This type of transaction has only been around in one form or another for about 30 […]
Viatical Settlement Taxation: The Complete Guide
Viatical settlements can be a godsend for terminally ill patients who need cash immediately to pay for medical bills or other forms of managed care. It can also help insureds by removing the cost of insurance from their budgets. However, these transactions can be complicated, and viatical settlement taxation can be difficult to compute in […]
How to Use Life Insurance To Pay Off Debt
Many households in the United States today have large amounts of debt. The types of debt are varied – student loans, car loans, high interest rate personal loans, mortgages, credit card debt, and outstanding lines of credit can be enough to financially suffocate just about anyone. The significant loan debt has a major impact on […]
Should I Surrender My Life Insurance Policy?
It’s estimated that a standard life $500,000 cash value life insurance policy can cost up to $20,000 a year to keep in force. While keeping a life insurance policy active can be a good life decision for many, for others monthly policy premiums may prove to be too big a financial burden. In these cases […]