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The cash value accumulation test says that the cash surrender value of a life insurance contract can’t be more than the sum total of all future premium payments due. What this means in simple ...
Captive vs. independent agent/broker: A captive agent only works with one insurance provider, so if you’re hoping to get help finding the best rates for life insurance, you might choose to work ...
The least expensive type of life insurance is usually term life insurance. It provides coverage for a specific period — often 10, 20 or 30 years — and is typically much cheaper than permanent ...
An employee must include in gross income for Federal income tax purposes an amount equal to the cost of group-term life insurance coverage on the employee's life to the extent that the cost of the coverage exceeds the sum of $50,000 plus the amount (if any) paid by the employee to purchase the coverage. [2]
In those jurisdictions where life insurance proceeds are only tax-free at death, tax liabilities that come due at death are often offset by a policy of the same size. Since the mathematics required to compare different strategies is quite complex, most consumers defer to an accountant or life insurance agent for advice. However, there is often ...
Permanent life insurance policies, like whole life and universal life, have long coverage periods (typically to ages 95 to 121) but may still lapse if your premium isn’t paid or the policy doesn ...
Life insurance companies calculate rates based on the mortality risk of each policyholder, so taking steps to live a healthier, safer lifestyle could help you qualify for cheaper life insurance.
Permanent life insurance, on the other hand, remains in effect for your whole life as long as you pay your premiums. Term life insurance is typically cheaper and could make sense if you only want ...
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