by lifegoeson » Wed Oct 22, 2008 07:55 pm
Does the life insurance policy have to be revealed to anyone other than the sole beneficiary? Can it be taxed? Thank you any info or links --are appreciated. Having a hard time finding info. Maybe I am not asking the right questions.
Posted: Wed Oct 22, 2008 08:22 pm Post Subject:
Life insurance needs only be signed by the insured. He/she can name a beneficiary without the beneficiary ever knowing about it.
All proceeds from life insurance are tax-free.
Posted: Wed Oct 22, 2008 09:11 pm Post Subject:
life insurance is great beacause the benificiary receives the money tax-free
and really they don't have to be notified if you don't want them but you do have to sign for it
Posted: Wed Oct 22, 2008 11:38 pm Post Subject:
Wish I said that.
Posted: Thu Oct 23, 2008 12:16 am Post Subject:
Wish I said that
snot... :wink:Posted: Thu Oct 23, 2008 12:59 am Post Subject:
snot... Wink
Moi?
Posted: Thu Oct 23, 2008 05:03 am Post Subject:
and really they don't have to be notified if you don't want them but you do have to sign for it
Who? The beneficiary?
Is it possible for any third party to decide not to inform the beneficiary about the receivables?
Sorry, but this part is not very convincing to me. Would you explain it little more for me, FarmAHam?
Posted: Thu Oct 23, 2008 09:14 am Post Subject:
Moi?
weeeeeeeeeeeee (sorry don't know how to really spell it... :roll: )Posted: Thu Oct 23, 2008 11:26 am Post Subject:
I'm lost...I don't think the insured has to tell anyone squat...thats why everyone is always asking that age old question "How do I find out if they had life ins".
Posted: Thu Oct 23, 2008 11:29 am Post Subject:
you're not lost that's exactly correct...
Posted: Thu Oct 23, 2008 02:18 pm Post Subject:
Ditto. The insured sits down with the agent. The insured appoints the beneficiary and the agent notes it on the application. The insured signs the application. The insured takes all the meds test. The insured has the poilcy delivered to them.
Finito.
I have had cases where the insured doesn't want the beneficiary to know right away. In once instance, he specifically said that he wants the money going to his "responsible" child; not his deadbeat kid. I asked if he thought that would cause a problem when he passed away, his reply was,
"What do I care, I'll be dead."
Brutal...but honest.
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