Life Insurance Mentors

Final Expense Insurance: Essential Statistics Believe it or not— 2016 Insurance Barometer Study shows— 53% of life insurance owners in the U.S. find reasons to buy final expense insurance. Look at the following table before you wonder: Why Final Expense Insurance Matters Death has never been easy and cheap. It is emotionally troublesome for those who stay behind when you pass on. They lose the love they enjoyed from you. They lose the benefactor, the breadwinner, the best guide they had. Even if you are not the breadwinner, you count important to them. This is family ties. However, on a realistic note, they find the burden of paying for the medical bills, the loans and the funeral costs to be an addition of fire to the fuel when you pass on. For those who have no savings and lose their breadwinners, the time can be of heightened emotional turbulence. If you have a practical approach toward family finance, you can save your heirs from the financial troubl...

Is there tax on life insurance? – You may have wondered to know. Even if you have not, you should. Don’t credulously believe an agent if he says the policy you are planning to buy is tax-advantaged. While he may not be usually lying to you when he says so, he may not be absolutely right either. Typically, you do not have to pay taxes for your life insurance proceeds. But there are exceptions. If you are not aware of the exceptions, which themselves are rules, you will end up paying taxes on your proceeds. Understanding the way there may be tax on life insurance can be a very complicated issue. So, with a view not to confusing you, we have dealt with 6 most essential questions that every buyer should know the answers to. Question 1: Is There Tax on Life Insurance Death Benefit? General Rule: The answer is – no, absolutely not. A beneficiary to term insurance or whole insurance does not have to pay tax on the death benefit. According to IRS rules, life insuran...

Image Courtesy: Discovery Channel Cash Value Life Insurance, China and El Dorado  For a capitalist state like ours (thank God even China is a socialist capitalist state today!) the first two words of ‘cash value life insurance’ is a Right Bros invention by the insurance companies. To me, it sounds more powerful than Jesus himself (No blasphemy meant!). Just think how the name of the Prophet of Nazareth got corrupted and turned into interjections: jeez, jeeze or geez. But, we, the sons and daughters of the land of El Dorado, have  not corrupted the phrase ‘cash value’. Truly speaking, the phrase 'cash value life insurance' has a pull of its own. A great pull. The Gold Rush Series and the Aggreived Lady from Ohio: While thinking of and studying for writing something on cash value insurance, I chanced upon a review of  one of the most popular mutual insurance companies that sells cash value insurance. The aggrieved reviewer from Lucas county, Ohio, in a ...

Don’t Let the Ads Decide As you have decided to buy life insurance, it is time you made a list of the cheapest life insurance companies to choose yours from. You must save, mustn’t you? We have done the job for you. In fact, we have done more than that. Alongside finding the cheapest life insurance companies, we have also made sure that they are the nation’s best ones. Because, you cannot just insure yourself anywhere. Be warned not to let the ads decide your beloved ones’ future. Let one of the nation’s best insurers be your insurer. To do so, you need to focus on 3 important criteria: Company Age Competitive Cost; and, Commendable Ratings (While making the list we have strictly followed the criteria for you. So, yes, you have a list of the country’s best as well as cheapest insurers here.) Let’s know what to see in each of the categories. The Company Age You need to focus first on the age of the company. When a life insurance company survives in the...