 Which Insurance company is the best? |
| Im going to buy a mercedes but im not sure which model. I want a good insurance policy to go along with it..... |
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 Online Auto Insurance Quotes, are they really safe and accurate? |
| I know several people who have submitted their information into one of the many "online auto insurance quotes" and now they have solicitors all over them, on their phone, emails, junk mail ... |
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 If disability is paid by an Insurance Co. can individual still seek part-time work without loosing benefits? |
Disability payments are paid by MY insurance co. not by the state. Can I get a part-time job that pays about
$150.00 weekly without losing my short-term disability benefit?
My state is CO.... |
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 How can I negotiate a better price on my home owners Insurance? |
| They rasied my premium about $70, and I lost one months coverage because the agent listed the policy a month early, so now now the premium is now due earlier also. And I haven't even paid the ... |
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 How do you tell someone you love that you are dying? |
| I can't get health insurance because I've had abnormal pap smears and had surgery on my cervix. I can't get health insurance through my employer. I fear I may have cancer since it has ... |
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 Is there a way to get cheaper health insurance that's not through your employeer? |
| I pay $180 a month for health insurance and I think it's absurd. I'm a 24 year old guy and I bet 60 years olds pay just as much.... |
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 Would my sisters husband still need to pay insurance? |
| He has been paying child support and now his ex has remarried. The kids have been on peachcare. She contacted him recently and told him that he needed to start giving her $67 a week for insurance ... |
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 Internet sites for comparing car insurance in the UK, have you saved money? |
My car insurance is up 1st Aug just looking at the many internet sites to compare prices.
Have you gone through these sites and made genuine savings on car ins renewal from you last years ... |
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 Car Insurance ripping us off? |
| My fiance and I owned a 05 Scion Tc and it had only 14,000 miles on it. for some reason we were driving and the car stalled he tried to restart the next thing we know there were fire shooting from ... |
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 Medical Insurance for Middle Aged People? |
| My mom is 59 and can't find any medical insurance with good coverage that isn't priced through the roof. We're hoping someone out there knows something we don't. She is employed ... |
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 Homeower CAR INSURANCE.? |
| Thank you ahead for answer my question. I live in MA, I'm a homeowner of a 3 units property in Boston. When I bought that house, my insurance agent for my AUTO said that I have to raise my ... |
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 How much should i get for home owner's claim? |
A year and a half ago, my date hit me in the face with a bottle of champagne. Thus resulting in an implant in my front tooth. Total damages over $8,000.
I missed tons of school and work, ... |
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 Questions about benefits as far as what you get thru your employer??? |
| So I was out of town during the time of year when we were to update our benefits package. I realized that I am covered thru blue cross for my health and dental, but eye coverage is not on my plan. I&#... |
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eugene | Is life insurance taxable? |
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Chris C
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Depends where you live...
In Canada:
the death benefit amount paid out is not taxable in any way.
If you over fund a whole life policy the money grows tax sheltered, but when you withdraw the cash value, it may be taxed (depending on how you withdraw it...)
In the US:
My understanding is the benefit amount is taxable, but I would suggest getting the answer from an American on here if you are American.
Not sure about the other countries. You're local insurance agent will be well aware of the taxable implications of a policy. |
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Insurance Pickle.com
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They are not income taxable, but they are recognized as an estate asset (the death benefit that is) and they ARE subject to estate tax - or I should say that will increase the size of the estate and create a larger liabliity for the estate. But, it would have to be a sizable policy and estate for that to be an issue. Either way it's not taxable to the beneficiary at all. |
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Darn Dave
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Car 253 has the best answer so far.
Every case is different. You should seek the advice of a certified financial planner to evaluate your personal situation. There are many variables and considerations. This is too important to rely on an anonymous tip in this forum. |
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car253
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It depends on which part your talking about. If you cash in the policy and you get more out of it than you paid in, you will have a taxable gain. This especially happens to people that have had a life insurance policy for a long, long time.
The second way of thinking about this is if someone dies, then if the proceeds are taxable depends who is the beneficiary. If the estate is named beneficiary then it could be taxable to the estate. That is why I suggest you name a live person as beneficiary. Proceeds named to a individual are not generally not taxable.
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hadley2120
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Life insurance proceeds are not taxable by federal income tax.
When a person insured by a life insurance policy dies during the term of the policy the proceeds are paid to the beneficiary or beneficiaries.
Life insurance death benefit proceeds are usually not subject to state and federal income taxation. But, if there is no beneficiary, the death benefit proceeds of the life insurance policy may be included in the estate of the deceased. Then, it may be subject to state, federal and inheritance taxes.
Also, the proceeds may be subject to federal estate taxation.
If you own all or part of the life insurance policy at the time of your death, the proceeds may be included in your gross estate for federal estate tax purposes.
Also, federal gift taxes and state inheritance taxes may apply to life insurance policy proceeds under certain circumstances.
You may want to consult a tax advisor regarding your questions about any estate, income and gift taxes related to any life insurance policies you own or are considering buying.
Also, your insurance agent should be able to tell you if your life insurance policy benefits will be taxable.
Finally, different taxes may apply to the benefits paid by your life insurance policy if the death benefit is paid to the beneficiary in installments, instead of as a lump sum. The interest portion, if any, of each installment is usually treated as taxable to the beneficiary at ordinary income tax rates, while the remaining principal portion is tax-free.
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Michael M
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The death benefits are not treated as income for tax purposes. So no taxes there.
The premiums are not tax deductible.
The cash value gains in life insurance are not taxable unless you withdraw them before death.
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bud68
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Life insurance payouts are not taxable. |
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