Sentences with phrase «use the insurance proceeds»

The company uses the insurance proceeds for expenses towards replacement of the person, to pay off debts, distribute money to investors, pay severance to employees or even close the business down in an orderly manner.

If that same $ 200,000 home was insured, you can use the insurance proceeds towards replacing a roof over your head.

If your boat would cost more than that amount to repair, it will be totaled and you can use the insurance proceeds to help replace it.

In the event of a pensioner's death, the spouse can also use this insurance proceed in order to have income during retirement.

Not exact matches

Upon your death, the trust established for your children may use the proceeds of the insurance to purchase the stock from your estate.

Mortgage payment fund: Whether or not your survivors would use life insurance proceeds to pay off the mortgage right away, creating a fund to cover mortgage payments makes sense.

The death proceeds from the key employee life insurance policy may be used in a number of ways.

The cash values may be used to supplement the plan, and life insurance death proceeds may be used in the event of the employee's death to pay an income stream to the employee's survivors.

The proceeds from securities - based lines of credit may not be used to purchase additional securities, pay down margin, or for insurance products offered by Wells Fargo and any of its affiliates.

Then - Governor George Pataki claimed most of the Empire conversion proceeds for state coffers, hiked taxes on health insurance, and used the money not just to balance the budget, but to increase pay and benefits for hospital and home - care workers.

Trump urged senators to repeal the Affordable Care Act's health insurance mandate and use the proceeds to slash the top tax rate paid by the richest Americans — a suggestion that pitted his priorities against his daughter, Ivanka, and Republican senators intent on helping the middle class.

Proceeds from surcharge would be distributed to insurers and used to lower insurance premiums for New Yorkers.

An administrator uses money from the deceased's bank accounts and life insurance proceeds to repay the debt.

You can indicate in your will that a bequest be made to a charity of your choice using the proceeds from the life insurance policy.

Other than a few restrictions such as limitations on using funds for estate planning service firms and certain annuities or insurance products, the loan proceeds could be used for anything you choose.

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

The premium payments can be «gifted» to the ILIT, once formed, and the trustee may use the gifted proceeds to pay the life insurance premiums.

→ insurance proceeds are not part of the marital assets (unless used for the benefit of the family during the marriage, such as a downpayment on a home)

Loan proceeds will be used to pay all mortgage loan and mortgage - related expenses to Servicer (e.g., escrowed fees such as, property taxes, homeowner insurance, homeowner dues) to bring the homeowner's mortgage loan (s) current.

If you used the proceeds of a home mortgage to purchase or «carry» securities that produce tax - exempt income (municipal bonds), or to purchase single - premium (lump - sum) life insurance or annuity contracts, you can not deduct the mortgage interest.

For example, when you die, and your paychecks stop, the life insurance proceeds can be used to continue to support your family members.

The deductible is not money paid to the insurance company, the deductible is money that you add and use along with the proceeds of the claim to replace the property that suffered a loss.

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

Life insurance death benefits paid out of qualified plans also retain their tax - free status, and this insurance can be used to pay the taxes on the plan proceeds that must be distributed when the participant dies.

The loan proceeds are first used to pay off your existing mortgage (s), including closing costs and any prepay items (for example real estate taxes or homeowners insurance); any remaining funds are yours to use as you wish.

The term «proceeds and avails», in reference to policies of life insurance, includes death benefits, accelerated payments of the death benefit or accelerated payment of a special surrender value, cash surrender and loan values, premiums waived, and dividends, whether used in reduction of premiums or in whatever manner used or applied, except where the debtor has, after issuance of the policy, elected to receive the dividends in cash.

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.

«Even for parents who have the means to pay for these unexpected expenses, the insurance proceeds can be used to absorb additional costs, such as for family counseling or for unpaid time away from work,» Lynch said.

However, if the trust is revocable, if you are the trustee, or if the trust is required to use the death proceeds from the life insurance to pay your estate taxes and debts, the entire death benefit may be included in your taxable estate.

It has an extremely small Up - Front Mortgage Insurance Premium and allows borrowers to use all available proceeds for any purpose they choose but being a fixed rate, borrowers receive all their available funds on the day the lender closes the loan.

A life insurance death benefit is not taxable and proceeds can avoid estate taxes when used in conjunction with a proper estate plan.

The homeowner and his wife decided to sell their house, applied 50 % of the proceeds for a down payment on a smaller, low - maintenance condo, used the Purchase Reverse Mortgage to finance the rest, and bought a long - term care insurance policy with the leftover proceeds.

The property heir (s) can use the proceeds of the homeowners» life insurance policy to pay off the reverse mortgage principal, and thus the loan is paid in full and the lender removes the lien from the property.

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.

Term life insurance can be used to fund buy - sell agreements so that on the death of a business owner, surviving partners can use the proceeds to purchase the business from the deceased owner's beneficiaries.

You have three options that you can make use of if you are denied but still want to proceed with removing the private mortgage insurance.

Life insurance proceeds could be used to create a nest egg — or even a scheduled income distribution plan — that will make up for the lost Social Security benefit.

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.

Second, the cash proceeds are typically first used to pay closing costs and other upfront expenses like property taxes and homeowners insurance, so you won't always receive the full difference between your new loan amount and your old loan amount.

Upon your death, the life insurance proceeds are used to repay any outstanding loans.

Where gifting interrelates to life insurance for high net worth households is that proceeds that are gifted to an irrevocable trust may be used to purchase life insurance.

Gifting to an irrevocable life insurance trust has been particularly effective because gifted proceeds are used to purchase life insurance to further the estate planning goals and utilizing financial leverage with the gift.

If business continuity succession planning is required, then liquidity is also the objective, even if the estate tax is NOT an issue, because the life insurance proceeds may be used to finance the purchase of the business from the estate by a beneficiary OR a third party.

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.

People use life insurance proceeds to pay for (1) funeral cost, (2) existing loans and debt, like credit cards or a mortgage, (3) childrens» college savings, and (4) daily living expenses.

With control of the life insurance proceeds, your spouse could pay off all or a portion of the mortgage and use the remaining money to cover other expenses.

A personally owned life insurance policy offers your family the freedom to decide how to use the proceeds.

In the event of your death the proceeds of your insurance is automatically used to pay off your mortgage.

Since plaintiffs with Trial Insurance have little to lose by proceeding to trial, defendants are no longer able to use the threat of trial to facilitate a settlement on their terms when plaintiffs have Trial Insurance.