Tax Treatment of Life Insurance and MECs
Perhaps the most well-understood tax aspect of permanent life insurance product (or any life insurance product, for that matter) is that the death benefit is income tax-free. There are, in fact, a few ...
Frequently Asked Questions about Whole Life Insurance
What is a paid-up addition (PUA)? PUAs are like small whole life policies that are, in fact, paid-up. This means that they never require further premiums. PUAs have a cash value and a death ...
Whole Life Insurance as a Supplemental Retirement Plan
IRA's, 401(k) plans, profit sharing plans, and pensions all offer attractive benefits. However, there are limitations to the amount of contribution that can be made to these plans in any given ...
What Is an Irrevocable Beneficiary on a Term Life Insurance Policy?
Understanding the language in your term life insurance policy is critical to making sure that the policy functions as expected and covers you properly, so it's worth taking the time to understand some ...
Universal Life Insurance Policy Advantages and Disadvantages
A life insurance policy is meant as a way to ensure that a specific amount of money is paid out to beneficiaries upon the death of the policyholder. This money often comes at a time when families and ...
Is Term Insurance an Appropriate Substitute for Whole Life Insurance?
In today's insurance marketplace, level term insurance is everywhere and has been turned into a commodity. In addition, competition has driven the cost down to where healthy individuals can buy large ...
