input
stringlengths 8
278
| output
stringlengths 77
6.04k
|
|---|---|
Is Universal Life Insurance Taxable? | That is a great question ! One of the selling points that your agent will give you when selling you this type of policy is the great cash growth that it can accrue . Managed correctly , it can do that . When you pass , the death benefit is passed tax free . If you borrow from the cash reserves in the policy , those loans are also tax free . If you surrender the policy , -LRB- or `` cash out '' -RRB- then all of that growth in excess of what you paid into it is taxable . And if your policy did well , that can be a big tax bite . Check with your agent before you take any action , as even borrowing can have a big impact on your policy 's viability , okay ? Thanks for asking ! |
Is Universal Life Insurance Taxable? | With Universal Life products , there are taxable events when you take withdrawals against the cash value , when your cash value is in excess of your policy basis . However , if the policy is owned and for the benefit of a person with insurable interest -LRB- business partner , family member or love interest -RRB- proceeds paid are NOT taxable . Death benefit is only taxable when it is investor owned . |
Does Car Insurance Go By Your Credit Score? | Credit score is just one of many factors that go into the formula that determines your auto insurance premiums . Other factors involved included your age , your driving record , the number of vehicles you are covering , the number of drivers in the household , and whether or not you have more than one policy with the same carrier just to name a few . |
Will Medicare Pay For Teeth Implants? | Generally , Medicare will not pay for teeth implants , just as Medicare does not cover fillings , crowns or dentures . Since Medicare will do reconstructive surgery on the jaw , it is possible that a tooth implant might be approved if it is proved to be a necessary part of that particular surgery . |
Health Insurance With My Union & Current Employer Overlapped 1 Month. Will Now Need COBRA, But Not Sure How. | Well let 's sort this out a bit . First off you wo n't get in trouble from either company for having dual insurance for 30 days . You might want to go with the plan that has the best cost and coverage for having a baby . I was going to mention this is a qualifying event as per the ACA , but they will not backdate so that 's really out for at least July . You need to get out the scratch pad and pencil out the costs of premiums , deductibles and co-insurance for your family . Your former union plan might be $ 400 a month cheaper in premium , but may leave you with more deductible or co insurance . You will need to pay up through August , since we 're in that month now . Please do n't be slow on this , the clock is ticking and the costs will only get higher the longer it takes you to get the paperwork back . Go through your paperwork from both and see when their drop deadlines are . This is something you should finish no later than this weekend . Good luck and get on it . |
When Should An Individual Purchase Life Insurance? | The best time to purchase life insurance is when you are young and healthy : the monthly premium will be low , compared to getting it when you are older . Simply put , the younger and healthier , the better ! Generally , most people start with Term Life Insurance , and convert to a Whole Life or Universal Life . Before purchasing any Life Insurance , talk to your agent ; he/she can best advise you on the best approach to Life Insurance based on you current budget , anticipated needs , and where you are in your life at the time of inquiry . |
When Should An Individual Purchase Life Insurance? | It 's a lot cheaper to buy when you 're young and healthy than when you 're 60 and have had a heart attack , are diabetic , or have had some other condition that will cause your risk class to be less favorable , which equals higher premiums . The rates will be a lot higher on age alone too - buying $ 1,000,000 of life insurance at 35 and $ 1,000,000 of life insurance at 65 are going to produce very different premiums , regardless of health . Remember though , there has to be a purpose for the benefits and they have to be suitable to you as well . A carrier may not want to approve a policy for you if you 're getting it just cause . There 's many situations that will cause a need for life insurance benefits such as getting married , having a child , and estate planning purposes , just to name a few . |
When Should An Individual Purchase Life Insurance? | Because none of us come with a guarantee there will always be the possibility of final expenses . Insuring young children was quite fashionable not too very long ago . The worst thing that can happen is that the child will have coverage that can not be taken away from them when they become adults , even if they engage in a dangerous occupation or avocation . The premiums on a whole life policy will not increase and will be a bargain compared to the premiums later in life . |
Should I Get Mortgage Disability Insurance? | I am not a big proponent of mortgage disability insurance . It is just too limiting . The only reason to purchase mortgage disability insurance would be a guaranteed issue policy because you are uninsurable . Otherwise just purchase short and/or long term disability insurance and use the proceeds however you want . Benefits can be used to pay mortgage , medical , utilities or anything you choose . The cost is not much different for the same waiting periods and benefits . |
When To Cash Out Whole Life Insurance? | The policy owner can choose to end life insurance coverage at any time if he/she does not need it for does not wish to continue to pay premiums . If it is term , the coverage ends and premiums stop . If it is permanent , coverage ends , premiums stop and any cash surrender value is paid to the policy owner . |
How Many People Have Renters Insurance? | The desire to have Renters Insurance is one that varies in different geographic areas ; the decision to purchase Renters Insurance is either due to sense of responsibility , the requirement by the Landlord or both ! Renters Insurance is a very valuable and inexpensive option to cover the tenant fromthe results of a Negligent Act ; this would be covered by the Personal Liability section of the policy , this part is also not subject to the deductible on the policy . In addition to the Personal Liability section , thepolicy will offer protection for Personal Contents against a number of perils including Fire , Theft , Water Damage and a number of additional perils listed on the specific policy . Coverage forms vary from State to State . There is an online method to obtain a quote and purchase renters insurance online directly in multiple States ; the following linkwill be very helpful : WEBSITELINK It is our recommendation to select the highest available Liability Limit , the sufficient amount of Personal Property and a high deductible ; these selections will produce ample coverage with a low premium rate . For additional questions and/or assistance not available on the automated process , we recommend contacting a licensed professional for guidance . |
Does Renters Insurance Cover Tornado? | Renter 's insurance does cover damages caused by a tornado or high winds . Your personal property will be covered up to the specified limits on your policy . You may also have replacement cost coverage which will replace your items lost brand new -LRB- subject to limitations -RRB- . Typically , renter 's insurance rates are low . |
Does Renters Insurance Cover Tornado? | Yes , your personal property would be covered if it incurred tornado or wind damage . If you live in a tornado prone area I recommend keeping receipts , pictures and an inventory of your personal property somewhere off location , perhaps a friend or relatives house . That way if you incur a total loss you will be able to prove what belongings you had and it refreshes your memory when filing your claim . |
How Much Is Life Insurance For A Month? | The cost of life insurance is depend on whether you purchase term or permanent life insurance and a battery of variables like gender , age , smoking status , health history , current medical condition . It also incorporates your motor vehicle violations , your vocation or recreational to determine if theyre hazardous . A nonsmoking super preferred male with $ 100,000 of coverage on a ten year term life insurance policy may pay $ 10 - $ 12 if the company allows monthly payments at that level . |
Can I Pay Long-Term Care Insurance With Hsa? | Health Savings Accounts -LRB- HSAs -RRB- are used with those enrolled in high deductible health plans to pay medical expenses . Referring to eligible medical expenses in IRS Publication 502 , `` You can include in medical expenses amounts paid for qualified long-term care services and premiums paid for qualified long-term care insurance contracts . '' |
Can I Get Life Insurance If I Have Kidney Disease? | To add to both I would suggest by passing the underwriting all together and go for a Group Policy that I offer to individuals through a membership . You must be working 30 hours or more per week , and live in the USA and it is available in all but 4 states . You can have up to $ 100,000 and it is only graded for one year and to give you an idea of the cost for a 49 year old it would be $ 88.55 per month for $ 100,000 in coverage . Contact me for more information . |
Can I Get Life Insurance If I Have Kidney Disease? | Can you get life insurance with Kidney Disease ? Well what kind of kidney disease is it ? How long have you had it ? How is it treated ? and so on ... You need to find an agent who can take your information -LRB- much more information is needed before a real quote can be generated -RRB- and submit it for pre underwriting review . This usually takes 2 or 3 weeks , but gives you a great idea of cost and availability of plans for you . You should not be obligated to buy , but you should be willing to provide the information for an honest review . You might not get back what you want to hear , but it will be an honest answer to your situation . |
Can I Get Life Insurance If I Have Kidney Disease? | Yes , you can get life insurance if you have kidney disease , but the type of policy you get will depend on what stage of kidney disease you have . If it is over stage 1 , you most likely will need to get a simplified issue or guaranteed issue policy , which will have a limit on the face amount . |
Can I Get Life Insurance If I Have Kidney Disease? | Adding to Peggy , s answer , you should be given a questionnaire specifically asking about the kidney disease . The more information you provide , the more accurate a quote can be given . The questionnaire will be passed onto the underwriter of the company you wish to apply . Request this to be passed onto several companies as some companies work better with individuals who have a medical background . |
What Is A Qualified Life Insurance Plan? | Qualified plans are a sanctioned government retirement plan with tax deductible contributions , tax deferred accumulation and taxable distribution including basis . An example of this would be the ERISA -LRB- The Employee Retirement Income Security Act of 1974 . -RRB- Some plans allow employers to match employee contributions . There are several qualified plans available for individuals as well as employer sponsored like 401 -LRB- k -RRB- s , 403 -LRB- b -RRB- s , 412 -LRB- e -RRB- , SEP IRAs , IRAs , etc. . |
Why Is Home Insurance Mandatory? | Homeowners insurance is mandatory because the house is thecollateral on the debt that you owe the lender . If you did n't pay your mortgage then the bank has the right to foreclose on your property and sell it to recoup the money that they lent you . The lender protects their collateral by being listed on your homeowner policy as `` Loss Payee '' . -LRB- The one paid when a loss happens -RRB- . If their collateral -LRB- your home -RRB- burns up in a fire , and then someone stops paying their mortgage , they would have no asset and no mortgage payments coming in . Item of note : If you decide that you do n't want to have homeowners coverage on the home , the lender can add insurance -LRB- that only protects their interest in the home -RRB- and make you , the homeowner/mortgagee , pay for it on top of their mortgage payment . It is one of the many clauses that you initialed when you signed your mortgage agreement . |
Can You Get Disability Insurance After Age 65? | Most tradition disability contracts end at age 65 . However , the are specialty insurance companies that offer niche products to those over age 65 . The most notable is Lloyd 's of London . Lloyd 's has been indemnifying all types risk for over 300 years in the early days of English merchant ships . |
Can I Get Car Insurance With An Out Of State License? | Yes , you probably can , but it would be a good idea to talk to your Insurance Professional about the laws in your new home state . Many states and insurance companies will allow you to obtain car insurance with an out of state license . It will more than likely be required by your new state 's DMV in order to register your cars . However , there will more than likly be a time limit during which time you should obtain a new license in the state you are nor residing . |
Can I Get Car Insurance With An Out Of State License? | Yes you can obtain auto insurance with an out of state license . Ultimately you will have to change the license if you are going to reside in a different state then you are licensed in but this does not stop you from obtaining insurance . Call a local independent agent for assistance . |
How To Claim Critical Illness Insurance? | Filing a claim for Critical Illness Insurance should be a relatively simple process although every company that offers Critical Illness Ins . will have a specific form that will need to be filed . That form will include the reason for the claim , when it occurred , the place and additional detail . A qualified doctor will need to certify the diagnosis as well . For example : a first diagnosis heart attach . Was the muscle damaged -LRB- the definition of a heart attack -RRB- , what percentage of damage , what part of the heart . Once verified , the benefit in the form of a check will be cut . Depending on the policy , the coverage/policy may drop at that point . There is one company which will continue coverage for the other conditions so do your homework before purchasing such a policy . |
Is Medicare Public Or Private? | That is a great question ! I guess the best way to answer it is you say pota-toe , they say pota-tah . Technically , Medicare is public , because it is administered by the Federal Government . But ... they use private insurers to run it . The best way to describe it is that it 's like the way your employer runs their insurance program - it 's public , because it 's offered to all employees and they pay for some of it , but the plans are offered through a private insurance company . The confusion for the public vs. private debate was an attempt by debating politicians to generate confusion , and make things difficult . Since that seems to be what we pay them to do , they were just really doing a good job ! I hope that this helps a little at simplifying the answer for you . If you would like to try to clear this up a little more , please feel free to contact me , I love a challenge ! -LRB- And who better to challenge us than a bunch of politicians ? -RRB- Thanks for asking ! |
Does HPV Affect Life Insurance Rates? | HPV does not affect life insurance rates as long as the proper testing has been done bycolcoscopy and the last PAP smear was normal . HPV normally goes away within 24 months , so you may just need to wait a while to get the very best rates . In the meantime , you can certainly get life insurance , even if paying a bit more . |
How Much Does Medicare Cover For Mri? | Generally speaking , Medicare covers 80 percent of any service that is deemed `` medically necessary '' by your doctor or hospital . If you just have Medicare Part A and Medicare Part B you will be responsible for the $ 147.00 Part B deductible and the 20 % co-insurance , if your MRI is done outpatient . If you have a Medicare Advantage plan the amount you are responsible for could be much less . The same is true if you have a Medicare Supplement/Medigap plan . You can contact us to get more detailed information . |
Why Are Fixed Index Annuities Bad? | The history of fixed annuity rates generally outperform bank certificates of deposit and unlike certificates of deposits , accumulate tax deferred . Tax deferred annuities are for conservative investors looking for better crediting interest rates and/or have high tax brackets . Others like the option at distributions to take lifetime income you ca n't outlive . |
Why Are Fixed Index Annuities Bad? | They arent . A fixed annuity is merely a plan that has been developed . It might be perfect for your situation or might not fit at all . There isnt any investment risk in a fixed annuity . That suits many . There is an inflation risk which could concern some ; however , that hasnt been a big issue recently . The benefit is that the earnings of the annuity are tax deferred which allows them to grow faster than if you were paying taxes on the earnings . Ultimately , they can provide you with a guaranteed income that you can not outlive . |
Does Health Insurance Cover Shingles Vaccine? | In Virginia Shingles vaccinations are covered by Medicare Part D Rx coverage , with or without a copay depending on the plan . For those on an employer group plan or individual plans , some carriers will cover the immunization under Preventive Care with a minimum age limit -- starting at 50 in some cases , 60-65 in others . You should check with your insurance company or benefits manager . Benefits under Preventive Care are provided with no copay or coinsurance . |
Does Health Insurance Cover Shingles Vaccine? | Yes . In fact , under the preventive care requirements of the Affordable Care Act -LRB- ObamaCare -RRB- vaccination against Herpes Zoster -LRB- the fancy name for shingles -RRB- is required to be covered at 100 % . So , unless you are covered under some old , grandfathered health plan -LRB- of which there are n't a whole lot left -RRB- that excluded coverage for this vaccination you should be good to go . But any newer health insurance plan that is compliant with the Affordable Care Act since its passage in 2010 should cover this vaccination . While my focus is on the under age-65 health insurance marketplace , my understanding is that Medicare coverage for this vaccination may be a different proposition . So , if the questioner is in the Medicare arena you will want to inquire further about this issue . |
Is IVIG Covered Under Medicare? | Medicare does cover IVIG -LRB- Intravenous Immune Globulin -RRB- under Medicare Part B. However , while Part B will pay for the IVIG itself , it does not pay for other items and services related to the persons getting the IVIG in their homes , thus making the cost prohibitive for many patients . However , the IVIG Access Act signed into law in Jan of 2013 allows for all the costs of IVIG to be covered by Medicare within one year of signing . |
Can Health Insurance Premiums Be Paid With An HSA Account? | Health Insurance Premiums generally can not be paid for with funds from a HSA . The situations where Health Insurance premiums can be paid by a qualified distributions from a HSA is when an individual is over age 65 and paying for Medicare , when an individual is being covered by COBRA health care continuation coverage , and health care coverage while an individual is recieving unemployment compensation . That being said , one should try to avoid using their HSA for such purposes unless absolutely necessary . Your HSA is earning compound interest on the funds in your account , and at age 65 you will be able to start recieving distributions from the account in almost the exact manner as if it were an IRA . Given the benefits of having a duel health care expense/retirement fund that has a `` healthy '' ballance , one should try to minimize unnecessary distributions . |
Is It Bad To File A Homeowners Insurance Claim? | You buy home owners insurance for a reason to protect you from a catastrophe . That being said , after filing a claim on your home owners insurance policy , they may raise your rates or even decide that they -LRB- the carrier -RRB- no longer want the risk . Personally I would cover out of pocket stuff like some shingles blowing off , or minor stuff , that way there is n't any frivolous claims that you may end up paying for in the future . |
How Can We Find Out What Insurance Company Insurances My Neighbor's House? | To the best of my knowledge there is not any public availablility of insurance coverages or carriers that a person or company may use for their coverage . About the only way to get that information would be to contact your neighbors and ask them for it . Laws vary from state to state , but many of the laws currently in place prevent insurance agents and carriers from providing any coverage or personal information to anyone but authorized parties . |
Can I combine auto policies with my fiance as "domestic partners" in Florida? | Obviously not sure how every carrier handles this in our State but one of the largest National Carriers in Florida does have a feature that addresses this situation . When a couple lives together in a marital type relationship , they can get the advantage of a married rate . It is not really a discount by definition but can result in paying less premium through the rating process . Also , with regard to the National Carrier Florida auto policy referenced here , the couple does not have to change the vehicle titles names . You need to consult with a local independent insurance agency . They will be able to tell you how this is handled by each carrier they represent . |
Is Critical Illness Insurance Worth The Money? | Critical Illness insurance is worth the money , if you consider the peace of mind you receive by having coverage . Premiums are typically very affordable and these types of plans are very popular . A full-time experienced broker can review the best plans with you and determine if purchasing a policy is suitable . |
What Is Group Disability Income Insurance? | Group Disability Income Insurance is a policy that would pay you cash -LRB- normally about half of your regular salary -RRB- if you were to become disabled as the result of injury or illness . If you are offered Group Disability Income Insurance as a part of your benefit package , it is a valuable benefit that you should take advantage of if you can . |
What Does Aflac Cancer Insurance Pay? | What does AFLAC ' c Cancer policy pay ? I can only give you a general idea as each policy pays out different amounts , depending on the level of coverage you purchase . With that said , AFLACs Cancer policies usually pay for : Cancer tests such as Mammographies cervical screening colonoscopies , daily hospital benefit for room and board , some cancer drugs , cancer surgical benefits , anesthesiologist , daily doctor visits while you are in the hospital , blood , plasma , radiation therapy , chemotherapy , reconstruction after surgery , daily visits to the hospital by the patients doctor , benefits for travel to a cancer center including hotel , airfare , gas for your car to get there , ambulance benefits . These are some of the main coverages , but remember that there either annual or lifetime limits as to how much AFLAC will pay , it all depends on your policy . |
Who Sells The Cheapest Auto Insurance? | There are many carriers out there all can be quite `` Cheap '' But be careful when shopping for rates cheap does n't always mean you have the proper coverage . Also depends on what type of coverage you are looking for . When shopping online there are times that the rate is fantastic then you find out that they are not even allowed to sell insurance in your state . you also have to think about in the event of a claim can they be reached and you talk to someone local ? Buyer beware make you are covered properly like the old saying goes if it is to good to be true then most likely that is the case . However I do have some carries that I have a client in that has full coverage on a car and only $ 143 for 6 months of coverage with low deductible now that is cheap but her coverage is not . So the key is making sure you know what you are purchasing before you put the money out . A Local agent or the States insurance commissioners office can assist you in finding what you are looking for |
How To Avoid Paying Medicare Levy? | There are 2 types of Medicare levy 's on the beneficiary that can apply . One is the LEP -LRB- late enrollment penalty -RRB- that applies if you fail to enroll in Medicare on a timely basis . The LEP is 10 % per year . The other is a penalty surcharge tax on high income earners earning over $ 85,000 or couples earning over $ 170,00 |
Will Annuity Rates Continue To Fall? | Annuity companies are required to invest the majority of their portfolios in bonds . They do have flexibility to invest in bonds that are rated high or low . If a high-grade bond is AAA rated , it will provide a lower return to the annuity company . If the annuity company is willing to invest in lower rated bonds , the return will be high because of the increased risk . Annuity companies also have the flexibility to invest in bonds with different maturity schedules . This can have an impact on your annuity renewal rate based on when you purchased your annuity and the timing as the bond market moves up and down over time . Annuity rates have recently dropped and while nobody has a crystal ball to know exactly where rates are going , here 's an approach you can think about and see if it addresses your concern . You can use what is called a `` ladder '' approach . Take the total amount of what you intend to put into an annuity and split it into 3 or 4 pieces . Purchase one annuity now with 1/3 or 1/4 of your total amount . Wait one or two years and do the same with the next 1/3 or 1/4 . Using this strategy can be effective during a time when annuity rates will be climbing . Of course , if annuity rates drop , it can work the other way . Remember , you always have the option not to purchase a 2nd or 3rd annuity if the interest rates are not to your liking . Using the laddered approach does leave the question as to what you do with the remaining funds during your `` wait and see '' time . That lost time can be a drawback if you 're just going to let your money sit in a bank CD which typically earns only a fraction of what an annuity can provide . Speak with a qualified retirement income professional that can look at your particular situation and help determine the best course of action for you . |
Will Annuity Rates Continue To Fall? | The value of annuities is tied to the federal management of the money supply . When the objective of the government is low or no interest , the life insurance companies that write annuities have very little choice because there arent suitable investments available . Incidentally , it is precisely this policy that is creating a dilemma in some pension plans . |
Can I Get Life Insurance At 90? | Life insurance is available at age 90 , but it is very expensive and requires moderately good health . There actually are more choices at age 85 -LRB- including some No Exam choices that are available in small face amounts and can be obtained by seniors with controlled health conditions -RRB- . And even more available at age 80 for those who have serious or uncontrolled health problems . |
Is Employer Health Insurance Pre-Tax? | Yes ! In fact , deductions for employer sponsored health insurance is the top tax `` expenditure '' in the tax code , representing more lost tax revenue than deductions for IRA / Pension contributions -LRB- 2nd largest -RRB- and deductions for mortgage interest -LRB- 3rd largest -RRB- ; it costs five times more lost revenue than for deductions for charitable donations . Whether the employer pays 100 % of the health insurance premium or just some of the premium , the employer deducts whatever premiums it pays and the employee does not have to recognize the premiums paid on his or her behalf as taxable income . |
Where Is Medicare Advantage Available? | Medicare Advantage plans are available by zip code in every state . More Advantage plans are available in metro area 's vs rural . Medicare rules require Advantage plans to have a large sampling of participating doctors and hospitals in an area before they are allowed to offer plans . If there are few Advantage plans in your area , you should consider Medigap plan N as a cost effective alternative . Plan N also has less out of pocket exposure and the ability to use any doctor anywhere in the country . |
Does Medicare Cover Upper Endoscopy? | Original Medicare would cover an upper Endoscopy at 80 % of the Medicare allowable amount -LRB- meaning you can only be billed based on the amount Medicare allows for the procedure -RRB- once the Part B deductible of $ 166 has been satisfied for the year . If you have a Medicare supplement , it will cover some or all of the deductible and 20 % based on which sup you have purchased . A Medicare Advantage plan -LRB- Managed Medicare plan -RRB- will have a copay associated with the procedure which varies depending on the company and plan you have . It is usually an Outpatient surgery copay . |
Does Medicare Cover Upper Endoscopy? | If original Medicare is your primary insurance while on Medicare , any procedure that is deemed to be medical necessary is covered . And any Supplemental/Medigap plan coverage wouldpay according to the plans coverage once , Medicare pays there portion . If you have an Advantage Plan for your Medicare coverage , I would recommend that you check with your specific insurance provider to determine what your out of pocket expense would be for any procedure . |
Will A Claim Affect My Car Insurance? | There are not any guarentees that a claim will or will not affect you auto insurance rates . The carrier is the one that sets their procedures that determine how a claim will affect your rates . Please contact your local agent or your carrier to discuss the effect that a claim may have on your rates . |
Can Life Insurance Be Owned By A Trust? | Yes . There are two main life insurance trusts that people use - revocable and irrevocable life insurance trusts . People use life insurance trusts because there are tax advantages that it offers , helps protect the proceeds , and helps you distribute the assets to your children at the least possible cost . An irrevocable life insurance trust -LRB- ILIT -RRB- is a legal document set up to distribute life insurance proceeds in a specific manner , depending on how the trust is designed . ILITs receive special tax consideration from the IRS that is not given to life insurance policies that would otherwise be owned by a natural person or revocable trust . Since the trust is irrevocable , the terms of the trust can not be changed -LRB- think of it like putting the contents in a vault and throwing away the key - it ca n't be opened til the insured dies -RRB- . An ILIT can offer many substantial advantages to protect life insurance proceeds . It can also help you distribute your property to your children at the least possible cost . If you have a taxable estate , you have a choice - pay the tax with your own money or pay only a fraction of the tax and use someone else 's money to pay the rest . If you want to use someone elses money to pay the tax , you can buy a life insurance policy . The type of life insurance policy will depend on the specific circumstances , but is usually a survivorship universal life policy if used for estate tax purposes . The life insurance policy may be secured for pennies on each dollar of tax that you owe . By putting the life insurance policy in an irrevocable trust , the proceeds become available to pay taxes due upon death . A life insurance policy that you purchase will require the same premium whether you put the policy in the trust or keep it outside of the trust . If you put the policy in the trust , the death benefit is not included in the calculation of the size of the estate . This is a huge tax savings , especially if the proceeds are several million dollars . If you keep the policy outside of the trust , the proceeds will be included in calculating the size of the estate potentially increasing the size of the estate by a big margin , and you may therefore have to pay much higher estate taxes before any of the property can be distributed to your children or other beneficiaries . Please let me know if I can be of further assistance . Thanks very much . |
Can Life Insurance Be Owned By A Trust? | Sure can . Youve got some good information from the other folks posting on your question . In addition , get a hold of a good estate planning attorney , and he/she will tell you everything else you need to know . Now let me tell you why I wish no one would ever have to use a trust ! I personally have a huge problem with the estate tax . I really think the government has no right to seize a significant part of a familys wealth . It is not their job to cut rich people down to size and redistribute their wealth . Such a practice is not only unfair to the people who have achieved fame and fortune . It also deprives others of the ambition and incentive to do the same . The idea that there is a fixed amount of money to be made , and opportunities to be pursued , is blatantly wrong . The world could and should sustain millions and millions of people making it big . It is up to human ingenuity and creativity to find ways to do it . Government regulation of wealth restrains his growth . It holds us back . So yes : people with an estate tax exposure should definitely get a trust and preserve as much of their estate as possible for the next generation . Hopefully the day will come soon when nobody has this unnecessary liability . And by the way : I am taking this position as a person who sells a lot of life insurance for estate preservation . I would gladly forgo those sales in favor of a justifiable tax policy . I could still make a lot of money selling life insurance to protect the widows and orphans ; to help business owners get bank loans and fund buy-sell agreements ; and to set up policies on their kids . |
Can Life Insurance Be Owned By A Trust? | Yes , a life insurance policy can be owned by a trust . Irrevocable Life Insurance Trusts -LRB- ILIT 's -RRB- are designed to keep life insurance proceeds from being calculated in the value of a large estate , and thus avoid paying estate taxes . The ILIT must be set up at least 3 years before death for tax protection purposes . When an Irrevocable Life Insurance Trust is set up , the person whose estate is being protected can not have any incidences of ownership in the policy . |
Why Do I Need Medigap? | Only you can decide if you need a Medigap plan . Original Medicare will only cover about 80 % of your approved Medicare Part A and Part B claims . Deductibles , copay 's and coinsurance can leave you owing several thousand dollars in out of pocket expenses . Medigap plans can protect you from having to pay thousands of dollars in out of pocket expenses should you become seriously ill or have a major accident . #GeorgiaMedigapPlanRates #GeorgiaMedicarePlans #GaMedigapQuotes |
What Are Tax Annuities? | Non-qualified tax deferred annuities accumulate tax deferred and when distributions are generated the gain in the contract is taxable as ordinary income tax at the effective tax bracket rate of the annuity owner . If the annuity is owned by an artificial entity and not a person the deferral aspect is forfeit and the gain is taxed annually . |
Who Must Purchase Health Insurance? | Under the Affordable Care Act , everyone will have to have health insurance or pay a penalty -LRB- also known as an `` individual shared responsibility payment '' -RRB- . If you choose to pay the penalty instead of securing coverage , you will still be responsible for 100 % of your medical care . The penalty is calculated in one of 2 ways -LRB- you pay whichever is the higher amount -RRB- . In 2014 , the penalties will be calculated as : 1 -RRB- 1 % of your yearly household income featuring a maximum penalty as the national average yearly premium for a bronze plan . 2 -RRB- $ 95 per person for the year -LRB- If under age 18 , then $ 47.50 -RRB- featuring a maximum penalty per family of $ 285 under this method . Its important to note that the penalty will change each year . In 2015 , method one increases to 2 % of your yearly household income and method two increases to $ 325 per person . In 2016 , it will increase again to 2.5 % for method one and $ 695 per person for method two . The penalty methods will be adjusted for inflation in later years . To avoid the penalty , you need to have health insurance that qualifies as minimum essential coverage . Please feel free to contact me for help . Thanks very much . |
How Much Does State Farm Auto Insurance Cost? | Great Question . While We I can not answer it to the exact cost . It would depends on several facters : type of your car your age your location the type of coverage you like your driving experiance and several other facters The best thing is to call your local insurance broker and him or her shop around for the best price auto policy . |
Does Renters Insurance Cover Public Storage? | A renters policy normally provides limited coverage for personal property away from the residence . Most policies set the amount of coverage at ten per cent of the covered amount . If you have a renters policy with $ 50,000 of personal property coverage , $ 5,000 of that property could be located away from the residence and still be covered . |
Does Medicare Pay For Cataract Surgery In Wisconsin? | Yes , Medicare does pay for cataract surgery in Wisconsin , and it also pays for one pair of glasses following the surgery . This is covered by Medicare Part B , unless the surgery must be done on an inpatient basis for medical reasons . Then it would be covered by Medicare Part A . |
Which Is Better Term Or Permanent Life Insurance? | Term or permanent is not a question of which is better . It 's a question of how long is your financial liability and future obligations . If your age 50 or younger and your mortgage will be paid off within 30 years , term life insurance may be better . If your liabilities are ongoing with future needs well into retirement , then permanent life insurance may be better . |
Which Is Better Term Or Permanent Life Insurance? | Term life insurance is better in situations where you need a lot of coverage for a limited period of time , and want to pay the lowest possible premium . Permanent life insurance is better in situations where you need the policy to last a lifetime , where you want to pay off the policy early , or where you want cash value to borrow from . |
Can You Work While On Disability Insurance? | Private Disability Insurance plans vary in their restrictions on working while collecting benefits from the policy . Some will stop insurance payments if you work at all . Others will reduce your benefit proportionate to the amount of time you are working . If your policy covers you for your `` own occupation '' you should be able to work at another occupation and not be penalized , as long as you are unable to work at the job you had when you obtained the policy . However , Disability insurance companies are changing the wording on this so that you can be penalized for working at another occupation ; you must read the fine print closely to know for sure . |
Is Whole Life Insurance Expensive? | That is a great question ! I guess you need to define expensive . Depending upon your health , amount of coverage wanted , and your age , it certainly can be , or it can be very affordable . It will generally be more affordable than a term policy will be , but much less expensive should you want that term policy extended . I 'd ask you to talk it over with an agent , and get a good idea of what your budget will allow . Thanks for asking ! |
Is Whole Life Insurance Expensive? | Whole Life insurance usually -LRB- not always -RRB- costs quite a bit more than Term Life . That is because Whole Life lasts your `` whole life '' , whereas Term insurance will end after a number of years . Whole Life also offers features that are not available with Term Life , such as cash value , the ability to have the policy pay the premiums at some point , etc. . So whether someone feels that Whole Life is expensive depends on whether they feel the permanent nature of the policy , and the extra features , are worth it to them . |
Is Life Insurance Taxable To The Beneficiary In Illinois? | Life insurance proceeds are not taxed . The proceeds are directed to the named beneficiary . This is also a great option for estate planning . Tangible assets depending on how it 's structured , may be taxed . It 's best to meet with a licensed professional to design a program that can eliminate taxes to be paid . Life insurance can offset any taxes to be paid . |
Is Life Insurance Taxable To The Beneficiary In Illinois? | In Illinois , as in every other state , life insurance is not taxable to the beneficiary for income tax . The only portion of life insurance that may be charged income tax is excessive cash value . Estate taxes may need to be paid from the proceeds if there is a very large estate . Otherwise , life insurance proceeds are not usually taxable to the beneficiary in Illinois . |
Can I Rollover A Roth 401K To A Roth IRA? | I am not a CPA . The character of the program hasnt changed . I am pretty sure that the money can be rolled into a Roth IRA without difficulty . You should understand that rollovers are coming under increasing scrutiny . Make sure that you fully understand the implications of the roll-over . |
Can I Rollover A Roth 401K To A Roth IRA? | That is an excellent question ! The answer is that you can , but you will need to be very careful . If not done correctly , you become liable for taxes on the entire amount that you transfer . If this is a sizable IRA that you are rolling over , you may see your bracket jump for a year , and pay out a lot of unwanted tax . Please consult with an advisor or tax attorney before making the change , okay ? Thanks for asking ! |
Why Is Term Life Insurance The Best? | There are hundreds of term life insurance companies offering term and permanent life insurance . To determine whether term or permanent is best for you , you need to establish a personal financial profile that includes a risk tolerance assessment and your life expectancy . Then you need to determine how long your financial liabilities , future obligations and charitable intention will last . If your under 50 years of age and healthy you can secure up to 30 years of term life insurance coverage . But you may need permanent life insurance if any of those items cited above are ongoing over your life . |
Why Is Term Life Insurance The Best? | Term Life Insurance can be the best choice in many situations because it is low cost for the amount of coverage you get . If your need for a large amount of protection is for a limited time , Term insurance is temporary , so fills that need well . Term Life Insurance is not always best , though . Sometimes the cost of Permanent rivals that of Term , especially at older ages or when health conditions are present . If you can lock in a Permanent rate a the same or lower price than Term , that is a far better deal for you . Sometimes Permanent Life Insurance is needed for the purpose for which you are purchasing the policy . E.g. . If you are age 60 and buy a 20 year Term policy for your funeral expenses , you could be in trouble if you live past age 80 . |
Can A Whole Life Insurance Policy Premium Be Increased By The Insurer? | Could it be possible that they did not pay back interest on the money they borrowed ? That might be why that amount is owed . You can get an explanation for the premium by calling the life insurance company that your father-in-law 's policy is with . They are usually very helpful about explaining things like that . Or it could be that a mistake was made and then you can report it . |
Which Health Insurance Is Best In South Carolina? | That will depend a lot on the individual 's specific needs and situation . Work with an independent agent that can show you plans from several of the top rated health insurance carriers . If you do that then you will be able to answer that question for yourself and get unbiased advice from the independent agent . It will save you a lot of time and it will help you find the best plan for your needs . |
Does Health Insurance Cover Glasses? | Maybe . It will depend on the plan design of the medical coverage . Vision care is usually a supplemental -LRB- extra -RRB- coverage that employers can add to their benefits package . Usually vision plans offer coverage for check ups , lenses and frames . An employer can choose how the benefit will work . For example a 12/24/24 vision plan would provide coverage for check ups every 12 months , lenses and frames every 24 . These options can vary and include deductibles or a copay or none at all . It just depends on how the employer wants the coverage to work . |
Does Health Insurance Cover Glasses? | Your regular health insurance plan may cover corrective lenses -LRB- glasses , contacts -RRB- in some situations . Cataracts are typically covered by health insurance . Surgical intervention to correct cataracts is normally covered as are the `` special '' eyeglasses that some former cataract patients wear . Other medical conditions of the eye , such as Sjogren 's -LRB- an autoimmune disease that can affect the eye -RRB- may require the individual to wear special eyewear such as goggles to prevent air from hitting the eye and drying it out even further . |
How Much Does It Cost To Have A Baby With No Health Insurance? | The cost of prenatal and delivery will vary greatly by area , level of care needed , etc. . I have several clients in Georgia that have successfully negotiated with the doctor and hospital and set up a prepayment arrangement . A normal vaginal delivery without complications , including prenatal care , can run around $ 8000 to $ 9000 dollars . Add another $ 2000 for scheduled c-section . |
How Much Does It Cost To Have A Baby With No Health Insurance? | The cost of having a baby without health insurance could be as low as five thousand dollars if a mid wife and birthing center are used , and millions of dollars if your baby needs specialized care in a Neonatal Intensive Care Unit . The Affordable Care Act provides benefits for maternity and newborn care , plus hospitalization . Women can purchase a policy while pregnant that covers her preexisting pregnancy with no waiting period , provided she enrolls during the open enrollment period . The open enrollment period for 2014 ends on March 31 . The premiums paid for a policy would be much smaller than funding the costs of having a baby yourself . |
How Much Does It Cost To Have A Baby With No Health Insurance? | That is a great question ! In almost every case , the cost of having health insurance will be greatly cheaper than the cost of carrying and delivering a full term baby , especially if the baby has special care needs . It is a much wiser decision to have insurance coverage , and with the Affordable care Act -LRB- Obamacare -RRB- giving help in paying for the insurance if you qualify , -LRB- Go to www.healthcare.gov to see if you qualify -RRB- it is in many cases more affordable than ever . Having insurance coverage may allow you to provide much better care for you , and your baby , than you could afford otherwise . Thank you for asking ! |
What Is HDHP Health Insurance? | HDHP stands for High Deductible Health Plan . Many companies and individuals have selected these types of plans to help reduce the cost of insurance . The deductible for these types of plans range from $ 2500 up to $ 15,000 . Typically once you reach the set deductible the insurance company picks up the rest of the medical bill . HDHP 's are also qualified plans , which means you could open a Health Savings Account -LRB- HSA -RRB- to help pay for doctors visits and prescription drugs . The savings account grows much like your own personal 401k and has similar tax treatment . These plans are ideal for people who never go to the doctor or who go regularly . Remember , that you will pay everything out of pocket before you reach the deductible . Contact an agent in your state that only handle 's Health Insurance or Employee Benefits for a plan design that works for you . |
Why Variable Annuities Are Good? | A non-qualified variable annuity accumulates tax deferred with access to the market . High tax bracket individuals could benefit from the tax deferral aspects of variable annuities . A variable annuity is a security and insurance product that needs to be deemed suitable for the buyer before moving forward with the purchase . Once you 've determined your risk tolerance and product suitability you can rank variable annuities by expense loads and policy provisions that best fit your financial goals . You could lose money in variable annuities . Variable annuities have differing embedded policy provisions and additional riders , usually , for an addition price . Expense loads may dictate the value of the variable annuity as does the portfolio of separate sub accounts . Variable annuities have performance records and risk assessments published through Morning Star . |
When Can I Use My Medicare? | This is a good question . You can use your Medicare card when it is effective , If you look at your red , white and blue card it will show Part A and Part B effective dates on the card . You can use your card at the doctors office , hospital , etc. if you are on original Medicare , that is , you only have Medicare part A and part B . If you have a Part C plan -LRB- Medicare Advantage -RRB- you will use that card instead . |
Does Medicare Cost Money? | Medicare Part A is normally available at no charge to qualifying individuals who are 65 or older . You are required to pay your Part B premium , currently $ 105 in 2013 for most individuals . Higher income beneficiaries will pay a higher premium . Medicare Part D is a drug plan available through private insurers and you will pay a premium for Part D. |
Who Does Disability Insurance Cover? | Disability Insurance covers those who earn an income , or paycheck . Disability Insurance pays the insured person a monthly benefit if the insured person is unable to work due to an illness or injury . Some policies even pay the Insured a partial benefit if unable to return to work full time , or unable to produce as much as before becoming ill or injured . |
Who Does Disability Insurance Cover? | Disability insurance , commonly referred to as `` Paycheck Protection , '' covers exactly that -- your paycheck ! Should the insured person become sick or disabled from an illness or injury , it will pay the insured a percentage of their income . Depending on the type of policy you purchase , it could pay up until age 65 -LRB- assuming you do n't go back to work -RRB- . And some types of occupational definitions will allow you to go back to a different type of work , and the policy will still pay benefits to age 65 . |
When Is Roth 401K Taxed? | There are two types of money in a Roth 401 -LRB- k -RRB- . The first is the money that you contribute . Since that was taxed before it was paid into the Roth 401 -LRB- k -RRB- it is returned without taxation . The other portion is the earnings or interest that the account accumulates . Once the Roth 401 -LRB- k -RRB- is more than five years old and you have reached fifty and a half years old , that pool of money is also distributed to you free of any income tax . |
When Is Roth 401K Taxed? | When is a Roth 401k taxed ? Well , the money that is subject to tax in the case of a Roth is the money contributed to the account . You pay your taxes going in , to later receive those funds and their gains without paying additional taxes on those distributions . So tax first , no tax later . |
How Much Is Medicare Part B Premium For 2013? | Most people will pay $ 104.90 per month for their Part B premium in 2013 . This may be higher for people with high incomes . However , if you do n't sign up for Part B when you 're first eligible , you may have to pay a late enrollment penalty for as long as you have Medicare . Your monthly premium for Part B may go up 10 % for each full 12-month period that you could have had Part B , but did n't sign up for it . |
How Much Is Medicare Part B Premium For 2013? | Higher income individuals may pay a penalty . In determining your penalty premium , Medicare considers your income from prior tax returns -LRB- from 2 years ago -RRB- . The penalty plus base premium is graduated based on income and can be as much as $ 335 in 2013 . Currently about 5 % of the population pays a Medicare Part B penalty . This figure is expected to rise over the next few years to roughly 14 % of the population . |
What Is The Fine For Not Having Car Insurance In Wisconsin? | According to the Wisconsin Department of Motor Vehicles Website fines regarding insurance are as follows : Operating a motor vehicle without insurance may result in a fine of up to $ 500 . Drivers and owners who fail to show proof of insurance at the time of the stop/accident may be fined up to $ 10 . Offering proof of insurance that is found to be fraudulent may result in a fine of up to $ 5,000 . |
How Does A Universal Life Insurance Work? | Universal life is a flexible life insurance policy that can coverage your indemnification planning scenarios or can generate tax advantaged supplemental income for retirement . You pay your premium via the payment mode you select . The policy expenses are deducted from premiums paid -LRB- or cash values later on in the policy -RRB- , then the earnings from the crediting method are applied . Keep in mind that there are surrender charges , policy loan costs and two sets of rates : current company practice and contractual guarantees . The two sets of rates cover the cost of insurance , policy fee , admin charges and front end premium loads . |
What Happens When Insurance Totals A Car? | Every insurance company and policy is different but in general if you have a vehicle that sustains a total loss , the insurance company will issue you a check for the actual cash value -LRB- ACV -RRB- of the vehicle minus your deductible . What is ACV and how does the insurance company calculate this amount ? They will take the amount to replace your vehicle and depreciate that amount based on age and condition . Basically , it 's the amount that you could get if you sold the vehicle on your own . Here are some common sites that insurance companies will use to calculate the value : WEBSITELINK WEBSITELINK You might also want to check out Ebay because you can look at what similar vehicles sold for in your area . And this should give you a real good estimate for the amount you should expect to receive from the insurance company . And in the end , the more homework you do , the more money you can save . |
How Much Will I Get Fined For Not Having Health Insurance? | Mr. Benore has a more complete and correct answer . I must add , if you employ more than 50 full time equivalent employees you must provide a qualified health plan -LRB- QHP -RRB- for 95 % of those employees and the maximum each employee contributes to that cost is 9.5 % of gross income graded according to an income scale . |
How Much Will I Get Fined For Not Having Health Insurance? | Your fine is $ 95 -LRB- for an adult -RRB- if you do n't purchased the required health insurance in 2014 . Actually , it 's a tax -LRB- just a matter of semantics -RRB- . This amount will increase with additional family members and in subsequent years , the tax will go up . To minimize your cost , use an experienced broker that can help you shop , compare and apply for coverage . You may also be eligible for a federal tax subsidy that could substantially reduce your premium . You 'll find this answer to be 100 % accurate and quite correct ! |
How Much Will I Get Fined For Not Having Health Insurance? | Individual Penalties 2014 - Greater of $ 95.00 per Adult , $ 47.50 per child -LRB- $ 285.00 Maximum for family -RRB- or 1 % of taxable household income 2015 - Greater of $ 325.00 per Adult , $ 162.50 per child -LRB- $ 975.00 Maximum for family -RRB- or 2 % of taxable household income 2016 - Greater of $ 695.00 per Adult , $ 347.50 per child -LRB- $ 2085.00 Maximum for family -RRB- or 2.5 % of taxable household income |
How Do I Get A Life Insurance License In Arizona? | To get a resident life insurance license in Arizona , you need to take the licensing test and then pass the stringent test . Some prospective agents attend classes , seminars or webinars to assist them in learning the material . Once the test is passed , you submit evidence of that to the Arizona Department of Insurance and pay the fees needed to be licensed as a life insurance agent in the state of Arizona . |
Does Usaa Homeowners Insurance Cover Hurricane Damage? | USAA homeowner 's insurance covers hurricanes . Typically , hurricanes are considered wind damage and it is always a peril that is listed in your basic and comprehensive policies . However , resulting flood damage must be covered with a separate flood insurance policy which can be purchased through most brokers and agents . They can review the rates quite easily . |
Does Homeowners Insurance Cover Landslides? | There are a couple of specific exclusions that can be found pretty universally throughout Homeowners Insurance policies and they are damage caused by earth movement and that caused by flood . Coverage for earth movement can usually be endorsed onto the policy , but Flood insurance must in all cases be purchased as a separate policy . |
Does Home Insurance Cover Structural Problems? | A homeowners policy covers damage that is the result of one of the specified perils . Structural damage that is the result of fire , windstorm , hail , etc. is covered under most policies . Structural damage caused by flooding of earth movement is generally excluded . It would be a good idea to discuss this with your insurance agent prior to submitting a claim . |
Does Health Insurance Cover DNA Testing? | In some cases health insurance will cover genetic DNA testing . Expectant parents that are at risk may qualify for testing of potential genetic illness . Genetic conditions such as Downs syndrome , Tay-Sachs and Sickle Cell are ilnesses that can be passed on to your children . If you or your doctor suspect genetic conditions could be in play that will affect your baby , ask your health insurance carrier if they will cover genetic DNA testing . |
What Does PPO Stand For With Health Insurance? | PPO is a `` Preferred Provider Organization , '' which is a network of doctors , hospitals and other facilities that will offer their services at contractually lower prices to members affiliated with them . Often the discounts are substantial which saves individuals and families hundreds or thousands of dollars . It is a medical care arrangement where the insurers may pay a fee to become part of the actual Network . However , since their charges for procedures and other treatment is reduced , they may gain market share by writing more policies . Most major health insurers offer many PPO plans that help keep premiums low , while providing top-notch treatment and service . |
Does My Car Insurance Cover A Break In? | It may if you have full coverage on your automobile insurance -LRB- this would include the term `` comprehensive '' or `` other than collision '' -RRB- and may be subject to the policy deductible . Remember every policy is different . Please read your policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over the policy with you . |