Life Insurance for the Self-Employed

life insurance for the self employed

If you’re like most people, you bought life insurance to provide for your loved ones in the event of your death. But because you’re self-employed, you may have an even greater need for life insurance: You’ll want to protect your family after you die, as well as protect the financial needs of your business. Why…

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Accidental Death Insurance

What is accidental death insurance? Simply put, accidental death insurance is a type of life insurance that provides coverage in the event that you die as the result of an accident. In order for an accidental death benefit policy to pay the death benefit, your death must be the direct result of an accident and…

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Where does Suze Orman buy her life insurance?

I just saw an ad featuring “financial guru” Suze Orman stumping for one of the big internet-based life insurance agencies. The ad had a quote that said something like “Need life insurance? This is where I bought mine.” It just struck me as odd because I think I remember hearing somewhere that Suze Orman holds…

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Real-life Financial Tips for Different Generations

Do you remember The Game of Life®? In Milton Bradley’s popular board game, players progress through life stages making decisions that affect their prosperity. Like those players, today’s generations face financial decisions with lasting effects. Here are some tips for staying focused despite life’s ups and downs. Generation Z (teens to early 20s): Accustomed to…

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Use Your Annuity to Pay for Long-Term Care Insurance

The cost of long-term care can quickly deplete your savings and affect the quality of life for you and your family. Long-term care insurance allows you to share that cost with an insurance company. But premiums for long-term care insurance can be expensive, and cash or income to cover those premiums may not be readily…

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Organizing Your Finances After Your Spouse Has Died

What is it? Even if you’ve always handled your family’s finances, organizing your finances after your spouse has died can be overwhelming. While you can put off some of these tasks, others require immediate attention. If you’re uncertain where to start, begin by organizing. You’ll have to find the records and paperwork you need to…

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Making Policy Loans and Withdrawals

Cash value life insurance refers to a wide variety of insurance policies that provide both a death benefit and a cash value component that may build tax deferred over time. Many cash value policies let you borrow or withdraw from the cash value. Making policy loans and withdrawals can sometimes be a good way to…

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Life Insurance Tax Traps for the Unwary

Life insurance has been recognized as a useful way to provide for your heirs and loved ones when you die. Lawmakers have long recognized the social significance of life insurance as a source of funds for widowed spouses and children, and have offered liberal tax benefits as an incentive to those who put their hard-earned…

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Women: Planning for the Financial Impact of Children

Children are a special blessing and their arrival brings boundless love and joy into our lives that you can’t put a price on. But adding a child to the household impacts the family budget–and women especially–in very measurable ways. Whether this is your first child or your fourth, here are some financial matters to think…

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Shopping for Life Insurance

Shopping for Life Insurance

You’ve decided to buy life insurance, but with so many insurance companies and so many products to choose from, shopping for coverage can be a bit of a challenge. Fortunately, with a little homework and the right help, you may be able to find a policy that suits you at a good price. Here are…

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Life Insurance and Divorce

What effect does divorce have on life insurance? Like most of your financial planning objectives, your life insurance needs are related to the circumstances of your life. As your life goes through changes, your life insurance often needs to change with it. No life change may be of more consequence than a divorce. In addition…

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Understanding Insurance Company Illustrations

A life insurance policy illustration is a text-and-graphics presentation of how a life insurance policy will perform at a selected interest rate, with an assumed number of predetermined premium payments and a “current” and “guaranteed” cost of insurance and expenses. A life insurance policy illustration is not a legal document–legal obligations are contained in the…

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Life Insurance and Retirement Planning: Tax Issues

Tax-Deferred Growth The Tax Court has held that cash values are not constructively received by a taxpayer when he or she could not reach them without surrendering the policy. The necessity of surrendering the policy constituted a substantial limitation or restriction on their receipt (Theodore H. Cohen, 39 TC 1055, acq. 1964-1 CB-4). FIFO Taxation of Withdrawals…

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Wills: The Cornerstone of Your Estate Plan

If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you’re young or your estate is modest, you should…

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Life Insurance Gifts

Regardless of your reasons for giving, a gift of life insurance can represent a substantial future gift to a favorite charity at relatively little cost to you. You can give life insurance gifts in the following ways: Make a Charity the Beneficiary of an Existing Policy: If you have a life insurance policy you no longer need, you…

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