 Does taking a life insurance policy help ?? at my age ?? |
| Im only 27 & this person introduced me a Life Insurance Policy (LIC) where il get the benefits only after 15 years & i pay them for 5 years in installments, where in it will benefit only ... |
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 What should you buy with your grandmother's insurance money? |
| Im not being selfish because she died at least year ago.... |
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 I have an HMO health insurance plan for my wife and I. I hear people say bad things about HMO's. Why is this |
| I did some reading but from what I've read the difference is that the doctor get's paid differentlly with an HMO v.s. a PPO. My wife and I are doing well and get treated well.... |
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 Unemployment question? |
| If i worked for 2 companies, basically same hours for each position. Company 1 went bankrupt, so I lost my job, Company 2, I still work for.....but my income went down tremendously!!! Almost 50%. Can ... |
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 Will my Health Insurance sue the father of my baby for pregnancy-related expenses? |
| I am 7 months pregnant, and my partner and I are not married for complicated reasons and will not be married when the baby is born. I recently heard that my insurance company (through my employer) ... |
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 Can i be fired if i am on short term disability.? |
| i am a truck driver and have been taken out of work by the MIDOT and my company has all the paper work to prove this, however they are talking about terminating me because I have been out of work for ... |
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 Cheap health insurance that will cover dental? |
| I need some help. I can no longer work at one of my jobs and my new job wont provide insurance since it is part-time I need help and scared that i cant afford anything. i already cant afford student ... |
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 Im 17.. I need advice on how to go about getting medical insurance for me and my unborn child? |
| Right now i dont have a job because i just moved out of town but i am currently looking very hard, and im about 5 or 6 weeks according to some websites. ( baby center , what to expect) Also, im ... |
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 Is there a GOOD, HONEST, RELIABLE, AFFORDABLE Health Insurance (in TN), that individuals can acquire? |
| I have a job that has an option for health insurance, but the insurance in terrible & expensive. My boss has agreed that if we can find a good health insurance company, that he would be willing ... |
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 Insurance question? |
| When you move in with your boyfriend could you be put on his insurance, or would that only work if you are married?... |
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 What is the best option for personal health insurance? |
| I am recently coming to the end of my COBRA 18 month policy that I took after ending my last job. I am my own boss, and I am wondering how to go about seeing which providers would be a good fit. I ... |
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 Insurance sales / Career questions. I need advice? |
Hi. I am becoming an insurance sales agent. I am concerned because every company promises the world, and none of them really talk about how to get people to ask for what you are offering.
T... |
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 Getting health insurance over the age of 25? |
| How does the law work and what is it called for somebody who is over the age of 25 but still gets their health insurance paid through their parents until their parents die or stop working? Who ... |
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 Which health insurance policy is best? |
Hi Im going abroad for higher education(Europe)..
which health insurance policy would be best for me...
Additional Details
Im presenlty in I... |
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| Can men get maturnity leave? |
| hi, im a hairdresser of course with no benefits, like maturnity leave. my boyfriend works for lowes home improvement stores. im already getting domestic partnership health insurance through him which ... |
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 For Home Owner Insurance purposes, is an unfinised basement included in total square footage of the house? |
| Are Insurance company underwriters not supposed to include unfinished living areas of the house when determing my total square footage of house for replace cost purposes? My premium went up even ... |
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 How can i get out of my verizon contract?? |
| I signed up for a 2 yr contract with verizon wireless.. Now i am very unhappy with their service. They want me to buy the contract off. which is $350.00. How can i get out of this contract. without ... |
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 There are many factors that determine your need for life insurance; _______ ______ is just one? |
| There are many factors that determine your need for life insurance; _______ ______ is just ... |
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homelands | Can an insurance company make me pay taxes on a loan i took out against my life insurance policy? |
I took out a loan on a life insurance policy. the premiums i paid had twice exceeded the amount my beneficiaries would recieve if i died. I was told that if i didn't repay the loan the only penalty would be that amount would be deducted from the pay out if i should die.I did not repay the loan and decided i did not want to keep paying on the policy because i had much better insurance. the insurance company added the cost of the loan plus a lot of interest and unbeknowst to me reported (to IRS)an amount almost 3 times larger than the loan as my additional income. Can they do this? |
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Mark S
 |
Yes they can. The way your loan is non-taxable is because you would still be paying your premiums.If you stop paying your premiums, your loan becomes a taxable event. Sounds like this may have been a VUL policy. Check out term insurance. Invest the difference between the old policy and the term into mutual funds. You will come out FAR ahead. |
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dicey047
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Ignore all the scammers who answered you. NOBODY lends money at 3% or 4% unless they're going to jack the interest up to 39% before the interest is dried on your contract. REPORT THESE ABUSERS!!
The answer is YES. When you fail to pay a loan, the creditor can report the debt plus interest you owe to the IRS as INCOME to you, on which you will be taxed next year. This is called an IRS offset. You must be an government employee. |
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Snickers
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I would like to echo what Mark S says. Buy a term policy &
invest the difference in a mutual fund/IRA.
Question: Why do you have to pay interest on a loan for
money agents say is yours?
By what you state in your question, you are more of an
insurance company than they are.
You are wise to drop this policy------ I wish you the best !!! |
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brainyblonde38
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If you surrender a life insurance policy, and the amount of money you received (including previous loan) EXCEEDS the total premiums you paid, the difference is taxable as income and will be reported to the IRS. Example: If you paid $6,000 in premium, took a loan for $4,000 and then received $3,000 in cash at the time of surrender from the insurance company, the $1,000 difference is taxable. In insurance terms, it is called a taxable gain. |
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BarbaraP
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No doubt the easiest way to get insurance quotes is on the web.
Why would you waste your time on the phone calling around?
the last time i needed quotes on insurance i used one of these comparison sites and it was great.
this is the site i used and it was quick like less than 5 mins.
The last thing I want to do is listen to elevator music while waiting for a salesman.
Anyway I got good quotes and ended up saving money so I was happy.
So shop around and compare quotes which is easy on the net.
Good starting point is at this site.
http://insurance.deal4-you.com
Good luck. |
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