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madhu | Our daughter is 24 years old earning professional. What would be the best life insurane policy for her? |
The policy is for long term and need to give tax benefits as well. |
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Chris C
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It depends where you live.
For example, in Canada insurance benefits are not taxed, and a whole life/universal Life policy can be overfunded and the investment grows tax sheltered. IF you withdraw it correctly it can be withdrawn almost tax free as well, creating tax free income as long as it lasts. It's actually endorsed by Revenue Canada and written right into the Income Tax Act of Canada.
Term life has absolutely no tax benefits other than the benefit amount is paid out tax free (you can't over fund it or anything).
I beleive in the US this is not possible becuase of the taxation of insurance policies. Not sure about other countries though.
The only other universal tax benefit would be if she is a business owner/entreprenuer and the insurance is bought through her business as key person insurance or something. The premiums should be a tax deduction as a business expense then.
your best bet is to contact an insurance broker in your area and they can make a suggestion about the best fit your you. IF you're in Canada, let me know and I can suggest a few good brokers in your area. |
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Anand V
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Since your daughter is only 24 this is the right time to take a policy for her. There are a number of different types of policies.
The first thing is, insurance is not Investment. Pls do not buy insurance policies as an investment for your daughter. there are a million other ways to invest and create wealth. insurance is just a precautionary measure we take to ensure that in the unfortunate event of our demise our family continues to go on without any major burdens which we would leave behind.
The best kind of policy for any person is - "The Pure Term" Life insurance policy, This is the kind of policy where you pay a nominal premium every year and during the policy term (Usually 25 years or 30 years) if anything happens to us our family would receive the entire sum assured. If we happen to out live the policy we wouldnt get anything. You may feel that the amount is not recoverable in such policies but the risk cover we get will be way too high when compared to other policies.
Say for a Rs. 15000/- premium per annum you can get only a 2 lac or 3 lac insurance policy for the policies in which you get a maturity amount if you outlive the policy.
For the same amount of Rs. 15000/- you can easily get a 10 or 15 lac insurance policy which is of this pure term insurance kind. (Why this coverage changes is because the premium is not the same for two people. It depends on our age)
Most important: All life insurance policies premium payments are useful for tax purposes Except the one time premium policies. the premium must be paid regularly for the tax exemption.
All the best...
Cheers,
Anand
mail me at anandvijayakumar@ymail.com if you need any more details. |
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bud68
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"Tax benefits?" In what country? |
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satheesh
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It is the insurance policy with the least premium for that age and also go for a maximum term. The best one as one of my friend already pointed out is the pure term life policy. You can take it now with a term of 36 to 40 years. so that her life will be covered up to 60 to 65 years. As the cost of everything goes up will also go the insurance cost too. so it is ideal to go for a long term right now. The sum assured you have to decide on many factors like the number of persons she have to protect, their future needs etc. If you cannot accept the conditions of a term life policy and you need the investment factor clubbed to it go for a money back policy and or a ULIP policy. Don't forget to get a long term, and opt for additional riders like critical illness, accident, permanent disability, term life riders with the policy |
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Adam F
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first, investing is something that you use for tax advantages (roth ira), insurance is for protection: don't confuse the two.
life insurance is not something that you seek for tax benefits, unless we're talking estate planning.
i recommend sitting down with several agents to get a perspective on what is available, what she needs (married, intent to marry, kids, planning for kids, etc) and what she has through her employer are important.
a great choice is the balanced program that ozark national life has, midland national life has a nice indexed universal product (universal is not for everyone), whole life has its place, term may be appropriate.
if you are in eastern north dakota or western minnesota, i know some agents around here and could give you some names if you email me. |
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Joshi A
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**She is your daughter! Not ours !!! Let us be very clear about that!!**
Now about insurance:
There are different type of polices offered by LIC of India - LIC is the leader in the field.
There are TERM Insurance policies - without profit - you won't get anything on maturity. You can take insurance for a larger amount with a low premiums.
The other option is with profit policies. This type of policies provide risk cover - in case of demise Sum assured alongwith accrued bonuses are paid to the nominee. There is an element of savings also. A certain amount is given as maturity amount on completion of the term.
So go ahead! Insure yourself adequately.
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megannichole@rocketmail.com
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i love it when young people see a need for life insurance. what is so great about life insurance is it is never as cheap tomorrow as it was yesterday.
i would recommend universal life. it is a whole like policy that not only builds cash value, but cash value plus an interest rate. right now, the current interest rate is a little over 4 percent, but it will vary with the market. This way, rather than taking a new loan out for a car, she can take it out on her policy. The best part about universal life is the paid up insurance. For example, if she buys a 100K universal life policy and decides to stop paying it when she is 40 years old, she will have about 60K+ in paid up insurance she will never have to pay for again.
First, map out her needs.
Total Debt:
Funeral expenses (normally 15K):
Money you want to leave your kids:
Your yearly income (times at least 3 years) for your spouse:
Cost of college for your children:
This will show her exactly how much insurance she needs. If term is your Ideal way to go, get whole life on the expenses that go your whole life. Then get a 10, 20, or 30 year term depending on the expense. (For example, get a 20 year term on your child's college fund when they are born.)
I hope i have helped you some!! |
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Deepak T
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Just take the polciy available various with Life Insurance Corporation of Indiay as per your requirement |
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vishu bharal
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hdfc standar life, unit link plus is better for hher, for bettere returns |
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temeculawebbuilder
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term life or nothing |
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