Sentences with phrase «need of the life insurance proceeds»

So, if loved ones will be in need of the life insurance proceeds for paying funeral and final expenses, and / or for other pressing needs, it will be important to keep this in mind.

For example, the proper amount of coverage is essential in ensuring that loved ones and survivors will be able to pay off final expenses, estate taxes, or other debts that they are in need of the life insurance proceeds for.

Not exact matches

In the case of life insurance for special needs planning, if you would like a child who requires lifelong special assistance to benefit from insurance proceeds, it is important to take steps to make sure these proceeds don't disqualify the child from receiving government assistance.

Tax Advantage Life insurance proceeds are generally free of income tax, which means beneficiaries can receive every benefit dollar to help cover their needs.

This type of life insurance is cheaper than conventional coverage and may be preferred if the surviving spouse does NOT need the life insurance death benefit proceeds.

One of the key reasons for this is because the proceeds from a life insurance policy can be used for multiple needs of one's survivors, such as paying off debt, replacing income for everyday living expenses, and paying the high cost of the insured's funeral and other final expenses.

If you took a life settlement, you only need to claim income on any proceeds that were more than the cost of the life insurance policy.

For example, if you know your family needs $ 500,000 of life insurance proceeds to pay off the mortgage then you should get $ 500,000 of coverage.

John doesn't need to leave his kids any more money, so he decides he wants to get rid of his life insurance policy so he can stop paying the premiums and so he can use the proceeds to pay his medical bills.

In most traditional types of life insurance sales, the proceeds are left to the surviving spouse for various financial needs.

The proceeds of a life insurance policy can be used for many different reasons, depending on the needs of your survivors at the time.

One of the biggest reasons for this is because the proceeds that are received from life insurance may be used by loved ones and survivors for any number of financial needs.

Life insurance proceeds can be used for any number of different needs by survivors, such as the payment of large debts (including the balance of a mortgage), the paying of ongoing living expenses, and even future financial needs like ensuring that a child or a grandchild has the money that they need for college.

One reason for this is because the proceeds from a life insurance policy may be used for numerous needs, including the payment of debt, the continuation of ongoing living expenses of the insured's survivors, and / or the payoff of the insured's funeral and other final expenses.

In the event of a tragedy, life insurance proceeds can help your family maintain their standard of living, create a succession plan for a small business, finance future needs like your children's education, supplement your retirement income, and more.

This is because the proceeds that are received from life insurance coverage can be used for any number of different needs — from paying off large debts, paying for the insured's funeral and other final expenses, and / or for the payment of ongoing living expenses.

The letter of the law needs to be correct, especially when life insurance policies or their proceeds are held inside of irrevocable trusts.

Even so, we all know that eventually someone in the family will need to rely on the proceeds of a life insurance policy, and it is important to understand how to file a life insurance claim when that happens.

For example, you might have your life insurance proceeds divided up unequally, but only because one of your children has special needs that will require a lifetime of care.

As with other types of life insurance, the proceeds that are received via a final expense policy can be obtained free of income taxation by the beneficiary — and they can be used for any need that they see fit.

For instance, major life changing events such as marriage, divorce, the birth or adoption of a child, or the purchase of a new home or business will all constitute a likely change in the amount of life insurance proceeds that your survivors will need.

One of the biggest reasons for this is because life insurance proceeds can be used by loved ones and survivors for some needs — including the payoff of debts, the continuation of income, and / or for keeping financial promises like funding a child's or a grandchild's future college education.

[2][3] It may also mean the interest of a beneficiary of a life insurance policy to prove need for the proceeds, called the «insurable interest doctrine».

This is because the proceeds from a life insurance policy can be used for a variety of needs by one's loved ones and survivors, such as the payoff of debt, the continuation of income, and / or the keeping of promises, such as paying for a..

This is because the proceeds from a life insurance policy can be used for a variety of needs by one's loved ones and survivors, such as the payoff of debt, the continuation of income, and / or the keeping of promises, such as paying for a child's wedding or down payment on a home.

One reason is the proceeds that are received from a life insurance policy are received free of income tax by the beneficiary (or beneficiaries), and the money may be used for any need that he or she sees fit.

One reason for this is because the proceeds from a life insurance policy can be used for numerous needs — including the payoff of debts and ongoing living expenses of survivors, as well as the payment of estate taxes and / or final expenses.

One of the biggest reasons for this is because life insurance proceeds can be used by loved ones and survivors for some needs — including the payoff of debts, the continuation of income, and / or for keeping financial promises like funding a..

Although there are «rules of thumb» such as your life insurance should be 10 times or 20 times or some other multiple of your annual income, the best approach is to consider your own personal needs so that your survivors have adequate life insurance proceeds to meet their financial needs in the event of your death.

One reason for this is because the proceeds from a life insurance policy can be used for many different business or personal needs of one's survivors.

One of the key reasons for this is because the proceeds from a life insurance policy can be used for multiple needs of one's survivors, such as paying off debt, replacing income for everyday living expenses, and paying the high cost of the insured's funeral and other final expenses.

This is because the proceeds that are received from a life insurance policy by survivors are obtained free of income taxation, and these funds can be used for a wide range of unique needs.

The Living Needs Benefit is an accelerated payment of life insurance proceeds.

The proceeds from a life insurance policy can be used for a wide variety of needs.

It all depends on why you are buying life insurance and how much coverage you will need to satisfy what the proceeds of the policy will be used for.

This is because the proceeds that are received from life insurance may be used for a long list of financial needs, including the payoff of debt — including a home mortgage — and as an income replacement for paying ongoing living expenses.

You may want to consider using the life insurance proceeds for debt repayment and any form of investing only after assessing your immediate needs.

He needs $ 1,000,000 of term insurance to cover him for next 20 years, so his wife will be able to use the life insurance proceeds to replace his income.

The good news about using permanent life insurance as part of your investing strategy is that the funds accumulate on a tax deferred basis, the proceeds given to beneficiaries is also free of federal income tax, and as your life insurance needs dwindle when you get older you can access the difference through policy loans.

The life insurance proceeds would need to be large enough to compensate for the other children not receiving a share of the business.

That is because the proceeds from life insurance coverage can be used by loved ones and survivors for any number of different needs — including the payoff of debt, the payment of ongoing living expenses, and / or the payoff of the insured's funeral and other related final expenses.

That is because the proceeds from life insurance coverage can be used by loved ones and survivors for any number of different needs — including the payoff of debt, the payment of ongoing living expenses,..

Life insurance proceeds can be used for any number of different needs -LSB-...]

In addition to the various cash needs that life insurance proceeds can solve, there is yet another reason that individuals purchase this type of coverage — and that is to insure their future insurability.

Rather than burden those who were so willing to help you in a time of need with this debt if you died, your life insurance policy proceeds can be the best way to say thank you in the end by relieving them of any obligation to pay the loans back on their own.

Life insurance proceeds also have the added benefit of being non-taxable so the money can be used in any manner your beneficiaries need to use it.

Most proceeds from a life insurance policy can be used for a broad range of items that are needed by survivors.

One of the biggest reasons for this is because the proceeds that are received by life insurance policy beneficiaries can be used for any number of financial needs, such as the payoff of debt (including a home mortgage), as well as the payment of everyday living expenses.

Now, if your family invests the proceeds of your life insurance policy, they need to receive $ 21,000 annual income from that investment.

That is because the proceeds from a life insurance policy can be used for a variety of different needs, such as paying off large debts, continuing with ongoing living expenses, and / or paying off the insured's funeral and other final expenses.