When Should You Purchase a Life or Disability Insurance Policy on Someone Else?

Jamie Articles

Typically people purchase their own life and disability insurance policies on themselves. However, sometimes people choose to purchase a policy on someone else. Juvenile policies. One of the most common times people purchase policies on someone else is when they purchase a life insurance policy on their child or grand child. The benefit of doing so is to protect child’s …

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Are Life Insurance Premiums Tax Deductible?

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If premiums for life insurance are deducted, the death benefit will become taxable at the time of claim. Therefore, in most situations you are better off paying for your life insurance premiums with after tax dollars from a personal account. There is one exception: If your beneficiary is a charitable organization. If you choose to name a charitable organization/non-profit as …

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Whole Life Insurance Red Flags

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I regularly come across agents in the life insurance business who are recommending that their clients  purchase whole life insurance. While whole life has a lot of great benefits, it is not for everyone. Whole life insurance is a big commitment as it requires premiums to be paid for your whole life. As such, it is important as a consumer …

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Life Insurance Exclusions

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When you apply for a life insurance policy, the company will ask you a variety questions about your medical history, avocations and travel. If any of these items in your history are deemed risky, the company will most likely rate your policy—they will NOT add an exclusion. Life insurance does not exclude conditions, avocations, travel or the like the way …

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