That’s why young and “working” families have a strong need for life insurance—to provide for a spouse and children in the event of a premature death. Younger couples who plan to start a family in the future may choose to purchase life insurance before the arrival of kids, as insurance...
Premiums are theregular paymentsyou make to your insurance company to keep the policy active. They are based on factors like age, health, lifestyle, and the amount of coverage you need. For example, a 30-year-old in good health should have significantly lower premiums than a 50-year-old ...
Call your individual health insurance plan's number and ask to remove a dependent from the plan. If you pay premiums on a month-to-month basis, you can drop your spouse effective the next month. If you prepay for a longer period, you may have to wait to drop your spouse. The represe...
Make time: It’s not always easy to find a chunk of time when you can sit down without any distractions. Setting aside even an hour or so to discuss your insurance needs — first with your spouse and then with an insurance representative or financial planner — is well worth your time i...
If you retire before age 65, you’ll need to find how to get medical insurance until you are eligible for Medicare. You might qualify through a previous employer, professional group or your spouse’s health insurance plan (if they are still working). You can look at getting coverage through...
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“I will say that the spouse’s increased withholdings could be dicey if the couple splits up or decided to file separately.” Failing to make quarterly estimated payments can result in a penalty for underpayment when you file your tax return. In addition, if you don’t make ...
New York car insurance laws recently required all insurers to include SSL coverage on all private passenger auto policies. SSL can pay for medical payments to the spouse if they are injured in a car accident where their partner was the at-fault driver. For example, this coverage could be ...
They make it easier for your spouse or child to access funds that are shared. The presence of a joint owner can provide a higher level of FDIC insurance (up to $500,000 instead of $250,000, since each person has $250,000 worth of deposit insurance in the joint account ownership catego...
You can reduce your estate taxesif you own a life insurance policyas well. On their own, life insurance proceeds are free of income tax at the federal level when they are paid to your beneficiary.15But when the proceeds are included as part of your taxable estate for estate tax purposes,...