by Guest » Wed Feb 11, 2009 09:54 am
Our life is unpredictable. Often we are greeted by surprising events that leave a big mark on our lives. Death of a dear one can leave the family devastated, not just emotionally but also financially. Life insurance benefits help you protect your family from such a predicament. It helps you prepare a safety net for your family and provides financial security and peace of mind for your loved ones.
What benefits will be earned from life insurance depends on the type of insurance policy that you have chosen. However, the benefits from life insurance are largely categorized into 2 categories.
The core benefits of life insurance vests in the financial security that the policy holder's family receives. Few of the other life insurance benefits could be:
With a life insurance you can be at peace because you have made a good investment in the interest of your family. If you are the only earning member, your family will have a tough time if you cannot be around to provide for them financially. So, investing in life insurance will help you secure the future of your family even when you are not around.
What benefits will be earned from life insurance depends on the type of insurance policy that you have chosen. However, the benefits from life insurance are largely categorized into 2 categories.
- Who gets affected by the insured's death?
In the event of your death your family members may be disturbed not just emotionally but also financially. If your family members have depended on your income, it is going to be quite difficult for them to recover from the financial set back unless you have made prior arrangements for them like a life insurance policy. At the unfortunate event that you die, your family members may be left with the responsibility of funeral expenses, estate administration, mortgage payments, rents and debts. Your life insurance policy may help them pay for these expenses even in your absence. - Living Benefits
There are certain life insurance policies that offer benefits to the policy holder even when they are alive. A whole life insurance policy converts part of the premium amount into cash value that may be claimed by the policy holder. Whole life insurance guarantees death benefits; offers cash value and have fixed annual premiums as life insurance policy benefits.
The core benefits of life insurance vests in the financial security that the policy holder's family receives. Few of the other life insurance benefits could be:
- Tax concessions: If you own life insurance, you may be eligible for a tax concession. Many individuals invest in insurance policies to be able to enjoy tax benefits.
- Rise in standard of living: With the rise in the standard of living, insurance policies help with the unexpected expenses that may occur at times.
- Good option for the employed youth: Insurance helps in saving money for future needs. Young individuals who are earning full time or part time may see insurance as a good investment option. Not only does it allow them to enjoy tax benefits but also several others in the form of attractive programs that give them more returns on their investments.
With a life insurance you can be at peace because you have made a good investment in the interest of your family. If you are the only earning member, your family will have a tough time if you cannot be around to provide for them financially. So, investing in life insurance will help you secure the future of your family even when you are not around.
Related readings
- Term life Vs Whole life insurance?
- Revocable and irrevocable life insurance
- I have never had Life Insurance, nor has my wife.
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Hi guys,
I guess all life insurance death benefits are non-taxable.
If it's like that then what are these life insurance taxes that I come to hear of?
Purpleheaded08
I guess all life insurance death benefits are non-taxable.
If it's like that then what are these life insurance taxes that I come to hear of?
Purpleheaded08
Posted: Sat Mar 07, 2009 12:18 am Post Subject:
Also regardless what anyone would LIKE as Gary said life insurance death benefits are income tax free but can be included in an estate (unless prudent planning is done),which could be subject to estate taxes by the government. This is not an opinion this is a fact.
Posted: Sat Mar 07, 2009 04:52 pm Post Subject:
This is not an opinion this is a fact.
Yes indeed.
And much conflict is caused by facts because when the facts are in conflict with the spoon fed masses opinions this causes them to doubt what it was they thought they knew only to find out it's all been a big game and they have been played for a sucker.
For example, the news media keeps reporting how the United States Government is spending "taxpayer" money to bailout AIG, Citigroup and the auto industry GM and Chrysler.
That's what the news media spoon feeds the masses.
The facts are the United States Government simply "prints" checks totaling $180,000,000,000.00 dollars ($180 billion dollars) and gives those checks to AIG then the USA Government calls THAT phony money created by "Administrative Decree" a "LOAN." A United States Government check can't bounce. If you don't understand that then you just don't know how government fiat money works.
AIG then deposits that phony check into their general operating account to pay CLAIMS, employee salaries and all other business expenses involved with running a bankrupt PROPERTY & CASUALTY insurance business. GM has done the same thing along with Citigroup the "architect" of the now absolutely failed "Universal Banking Business Model"
I know these facts are in conflict with what clueless Katie reads off the teleprompter on the CBS evening news but facts are facts.
For more information read THIS THREAD titled Banking and Legalized Fraud.
By the way, the only reason a $100 dollar bill is more valuable than a $5 dollar bill is because of the way the ink is printed on the paper.
It's the same sized piece of paper, it takes the same amount of time to engrave the printing plates, the same number of man hours to run the presses, about the same amount of ink is used.....so the only real difference is how the ink is arranged on the paper.
So please read, then re-read the thread titled Banking and Legalized Fraud
Posted: Sun Mar 08, 2009 03:37 pm Post Subject:
some days before i was watching the videos on mortgagefit forum, there they were explaining that how this whole system of banking goes.Its animated video really nice stuff to educate any guy on the banking process.
Ultimately lenders makes money out of the reserves from masses.
Gary!!! really this thread of banking and legalized fraud is marvelous .Will surely recommend to anyone who want to get insight about the banking system and the gubment hand in this process.
Posted: Sun Mar 08, 2009 07:22 pm Post Subject: coz
death benefits are nontaxable not because one has lost their income but that premiums were already taxed.
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