Sentences with phrase «other types of life insurance proceeds»

The funds that a beneficiary receives from a funeral insurance policy are typically received free from income taxation, just like other types of life insurance proceeds.

Not exact matches

In many ways, Final expense insurance works like any other type of life insurance policy in that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiary.

Just like with other types of life insurance coverage, the death benefit proceeds that are received by the named beneficiary are not subject to income tax.

As with other types of life insurance coverage, the proceeds that are received from a final expense life insurance policy will be free of income taxation to the recipient.

Burial insurance — also known as funeral insurance or final expense life insurance — is a type of life insurance coverage that is designed for paying out proceeds quickly to the beneficiary so that the cost of the insured's funeral and other expenses can be paid off, eliminating a great deal of stress and worry for survivors at an already emotional and difficult time for them.

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.

Similar to with other types of life insurance, the owner of a final expense life insurance policy is able to name a person, or persons, as their policy beneficiary to receive the death benefit proceeds.

These types of life insurance policies, which are also often referred to as funeral or burial insurance, will typically provide between $ 5,000 and $ 25,000 in proceeds so that the insured's funeral and other final expenses can be paid.

Therefore, if the beneficiary is counting on a certain amount of funds for paying final expenses, estate taxes, or any other type of debt with the life insurance proceeds, it is essential that either the loan or withdrawal be paid back, or the beneficiary be made aware of the unpaid balance.

Although there is no cash value or investment component associated with term life insurance, the death benefit proceeds from these plans can be used just like any other types of life insurance.

And, just like with other types of life insurance, the proceeds from these policies are typically received income tax - free.

Just like with other types of life insurance policies, the death benefit proceeds will be received income tax - free to the beneficiaries.

When people speak of being legally separated in New Jersey, they may be referring to the fact that they have entered into a written separation agreement governing custody and a parenting plan and support (and maybe even division of property and debt); or where, instead of having the marriage dissolved, the spouses filed for separate maintenance (a type of support proceeding in New Jersey that results in the entry of a support order but not dissolution of the marriage) or for divorce a mensa et thoro (divorce from bed and board) that allows the parties to live separately while still remaining married (which some spouses wish to do for religious reasons or, where the insurance plan allows it, to continue with health coverage through the other spouse).