Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured dies.
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Many insurers promote the ‘living benefits’ of permanent life insurance that include the tax-free growth of the cash value, the ability to invest in mutual fund sub-accounts or index products, and taking loans against the cash value or surrender a portion of the cash value. If these benefi...
Learn how to leverage life insurance for your financial needs. Protect your loved ones and secure your future with smart financial planning.
Most people purchase life insurance when they are looking for ways to protect their loved ones with financial stability in the event of their death. But these are long-term contracts, and over time, any number of things could change. There may come a time when you no longer need the polic...
Variable life insurance is another type of permanent coverage that lets you to invest the money from your cash value in various market funds offered by the insurance company, including mutual funds. While the death benefit comes with a guaranteed minimum, the cash value amount is not guaranteed ...
Life insurance death benefits are typically not taxable, but you may be required to pay taxes on any interest you receive on the death benefit. For instance, if the death benefit is paid in installments, the beneficiary may need to pay interest on the remaining amount. You may also owe tax...
No one needs to tell you why you should havelife insurance: If you die and your family or anyone who depends on you for support could no longer count on your income, life insurance would replace that income — assuming you choose a policy with the amount of coverage that is right for ...
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How much should you invest? Many of the experts we spoke with suggested, as a general rule, to invest a set percentage of your after-tax income. Although that percentage can vary depending on your income, savings, and debts. “Ideally, you’ll invest somewhere around 15%–25% of your...