Sentences with phrase «pay for your life insurance policy using»

You can even pay for your life insurance policy using direct deposit from your checking account.

You may choose to pay for your life insurance policy using your debit or credit card, or electronic bank payment.

Not exact matches

For some permanent life insurance policies, you're also able to pay premiums using the policy's cash value.

If you have a cash value policy and can no longer afford to pay the contract's premiums but still need insurance, for example, your carrier may be able to continue insuring your life by using your policy's cash value to buy term life insurance.

As an added benefit, the life insurance death benefit of the new hybrid policy would pay off her mortgage if she passed away, assuming she didn't use the policy for long - term care.

Universal life insurance is essentially a version of whole life insurance but with the added flexibility of using the policy's cash value to pay for premiums.

For some permanent life insurance policies, you're also able to pay premiums using the policy's cash value.

The proceeds from a life insurance policy can be used to help pay for funeral costs and final expenses.

A better options may be to opt for a 20 year term life insurance policy and deposit the difference in premiums into a retirement or other savings account (or use it to pay off debt).

Initially, the premiums paid on cash value insurance, such as whole life insurance rates, are higher than those associated with term insurance, given that term insurance payments are used just to pay for current insurance coverage and not to build up cash value in the policy.

Cash value life insurance refers to a type of life insurance that, in addition to paying out a death benefit to your beneficiary or beneficiaries upon your death, accumulates cash value inside the policy while you are alive, that you can use for whatever you please.

Frank and his attorney put a plan in place that would allow Frank's survivors to use his life insurance policy to help pay for some of the potential estate taxes that might be owed at his death.

For those whole life insurance policyholders who have eligible policies, there is also the option of using dividends to help in paying some or all of the premium.

Your beneficiaries can choose to use the proceeds from a life insurance policy to pay for your final expenses.

However, many permanent policies have a sizeable amount of cash value accumulation, particularly policies that employ the use of a paid up additions rider for reinvesting life insurance policy dividends.

That is because the proceeds from a life insurance policy can be used for paying off large debts, ongoing living expenses by the insured's survivors, and for the high cost of the insured's funeral and other final expenses.

In general, life insurance policy cash value can be used to supercharge the life insurance policy through paid up additions AND the cash can later be freely utilized to take advantage of other investments through life insurance policy loans, allowing for maximum financial leverage and the velocity of money.

For example, you might use the infinite banking concept ®, and paid up additions, to create a life insurance policy that is designed to build cash values in a tax advantaged environment.

While providing for this can be accomplished with permanent life insurance, proceeds from a term policy can also be used to pay for these expenses.

An accelerated death benefit rider lets you use money normally allocated for a death benefit (the amount a life insurance policy pays out) before you die.

Did you know you can build cash value in a whole life insurance policy that can also be used to pay for your children's college education?

In addition to using the proceeds from a life insurance policy to continue paying living expenses, these funds can also be used for paying off debts of the insured, as well as for paying his or her funeral and other financial expenses — which today can exceed $ 10,000.

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.

All sorts of income can potentially be tax - free, including: Auto rebates; child - support payments; combat pay; damages in lawsuits for physical injury; disability payments, if you paid the premiums for the policy; dividends on a life insurance policy, up to the total of premiums paid; Education Savings Account withdrawals used for qualifying expenses; gifts; Health Savings Account withdrawals used for qualifying payments; inheritances; life insurance proceeds; municipal bond interest; policy officer survivor payments; profits from the sale of a home, up to $ 250,000 if you're single or $ 500,000 if you're married; qualified Roth IRA and Roth 401 (k) withdrawals; scholarships and fellowship grants; Social Security benefits (between 15 percent and 100 percent are tax - free); veterans benefits; and workers» compensation.

For those that plan properly, they can purchase a very small amount of whole life, and use paid - additions to grow the cash value very quickly (as early as the first year), AND they can use term insurance (preferably as a policy rider) to supplement their overall family protection along the way.

This refers to using a small percentage of a current pension income to pay for a life insurance policy, which, upon death, would then replace the income from the pension to the survivor.

Generally these can be taken under one of three possible non-forfeiture options: (1) surrender for full cash value; (2) use of the cash value to purchase reduced paid - up life insurance; and (3) use of the cash value to purchase extended term insurance in the full face amount of the original policy for as long as the cash value will pay net premiums.

If there is a filed collateral assignment for life insurance against the policy, any monies paid out will be used to pay off the balance of the loan before either the policy holder or their beneficiaries.

But if you are looking to life insurance to act as income replacement, pay off large debts like a mortgage payment or be used for future expenses like college education, you should have purchase another policy.

Therefore, by also having a pre-need funeral policy or burial insurance coverage also in place, the decedent can be assured that final costs are paid and that the other life insurance policy's proceeds will also be used for their original intended purpose.

The death benefit from a life insurance policy can be used for immediate needs such as paying for medical expenses and a funeral as well as longer term needs such as mortgage assistance, funding educational expenses, replacing lost income and potentially maintaining other investments.

You can use the value inside of your permanent life insurance plan to borrow against if you need a loan or to pay the premiums for the plan once there is enough value inside of your policy.

The death benefit from a life insurance policy can help pay debts like mortgage payments or credit card bills, be used for college education, for simple everyday living expenses or for whatever the beneficiary would like.

This is because the proceeds from a life insurance policy can be used for paying off debts, continuing to pay ongoing living expenses and to pay off the insured's funeral and other related final expenses.

Some people feel they don't want to pay for a life insurance policy and then not end up using it.

Dividends can be used for paid up additional life insurance, to repay policy loans, for cash out, leaving with the company and earning interest, or to pay premiums.

In order for the estate tax to be paid by the life insurance, the wishes of the policy holder must be carried out by the beneficiary with the understanding that this is how the money is to be used.

Therefore, having a life insurance policy in force can assist with this financial need — but if the proceeds were used for paying final expenses, it could significantly reduce what is left over for the beneficiary.

The beneficiaries will normally decline to take any «gifted» funds from the ILIT and the money is then used to pay the premiums for the life insurance policy that is owned by the trust.

policy so their estate transfers intact to their heirs, with the life insurance benefit used for paying the taxes.

A term life insurance policy is affordable protection and the money paid out as proceeds can be used to pay for an outstanding mortgage, college tuitions for the kids, or to help a family maintain the standard of living they have enjoyed.

This is because the proceeds from a life insurance policy can be used for a number of different things, such as paying off large debts, paying for the insured's funeral and other final expenses, and / or paying survivors» ongoing living expenses.

One of the obvious factors that is going to be used to calculate how much you pay for life insurance is going to be the size of the policy.

The proceeds from a life insurance policy can be used for a multitude of purposes — including paying off big debts, the payoff of an insured's funeral and other final expenses, and / or for the payment of loved ones» ongoing living expenses in the future.

A very common strategy with ILIT's, is to use your annual gift tax exclusion to effectively remove assets from your estate and the trustee can then use the funds to purchase a life insurance policy for the sole purpose to pay your federal estate tax bill.

Those life insurance rates quoted by the bank are for a policy that lasts the length of the loan and which lists the bank as beneficiary, ensuring that proceeds are used to pay off the mortgage should you pass away unexpectedly.

Marcus and Cindy have established a special needs trust that enables their trustee to use the payout from their life insurance policies to help pay for Greg's ongoing healthcare costs, and to ensure that his quality of life is maintained after they pass away.

Because you're essentially using your premium to both pay for your insurance and fund the investment part of the policy, and because the policy lasts well into your golden years (when you're more expensive to insure), whole life insurance is a lot more expensive than term.

An accelerated death benefit rider lets you use money normally allocated for a death benefit (the amount a life insurance policy pays out) before you die.

Plus, you pay more for a permanent life insurance policy compared to a term policy, so you might as well use the extra perks when needed.