 How do you become a claims investigator for an insurance agent? |
| my mom has been in the insurance business for a year now and needs to make more money. She wants to go in another direction but still stay in the insurance business. She is interested in the ... |
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 Somebody Please Help Me? |
I am a financial consultant or usually we said that "Insurance Agent". And I'm still Freshmen. A half an hour ago, I made my 1st presentation to a man in a shop.
I am so nervous ... |
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 Question about medicaid? |
| I applied for medicaid last week because I am not able to get insurance through work right now. I haven't been employed through them long enough. Anyways, I also suffer from severe depression. W... |
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 Hi, i am 26, single and i work full time. Do i need a life insurance?what r the benefits having a life insuran |
| what do you have to pay usually a month?what happens with the money imagine if it was a 30 yr term and after 30 yrs will the money be paid out?... |
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 If you get married out of state, can your parents insurance drop you.? |
Is this true? I was not able to find anything on it, and I doubt it is true. I would like to try though.
Additional Details
Well thanks for the answers, I have a child on the way and I ... |
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 Do you know any UK life insurance companies that refunds all of your premiums if you do not claim? |
| Do you know of a uk life insurance company that refunds all of the premiums at the end of the policy?... |
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 UPS shiping problem? |
| I am seeking advice on what action I should do. I am planned to go to Indiana from Maine, then from Indiana to California to where I will be going to school. I had shipped everything (or most ... |
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 Complicated insurance question? |
| My sister accidentally backed into our house this morning with her car. While the damage to the car was only moderate (There was a large dent in the bumper, a few smaller dents, and some scrapes), ... |
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 What should i do to be able to sell insurance? |
i've recently in life had to make a carrer change due to health related problems, and thought that becoming an insurance broker would be a good, stable job.
does anyone out there know what ... |
|
 What do they do for families who cannot afford a funeral? |
| One my very close friends just died yesturday. There is no obituary or anything and I do not think they can afford a funeral. What do they do for families who cannot pay for a funeral?... |
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 Home Insurance For Special Cases? |
| I am trying to find an insurance company that will write an insurance policy on a very special home. It is way out in the middle of no where. They run on generators not normal electricity. They might ... |
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 We have life insurance on my ? |
| We have life insurance on my husband and I am the beneficiary on the policy. but we are getting divorce. Am I still be beneficialy after our divorce go through?... |
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 Insurance claim on lost ring? |
| I cannot find my wedding ring valued at several thousand $$$. If I make a claim will my husband have to sign papers, know about it? We're both on the policy. He will go ape sh** if he finds ... |
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 Whose problem is it? |
| Today, my wife was in our minivan & ice flew off the top (we cleared as much as we could) & broke a windshield behind her. Info exchanged & not hurt. The guy says he's ok with us ... |
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No nonsense mom | Should I not be the owner of my life insurance policy? |
I have read somewhere that if I own my life insurance policy - when I die the beneficiaries will have to pay taxes on the proceeds, because it is like a gift to them.. |
 |
 
Doing the Right Thing
 |
In the United States, death benefits are not gifts. It is an insurance claim and no one pays taxes on them. It is a morale issue and it wouldn't be right to put taxes on death claims.
However, if no one is named as a beneficiary, the death benefits will be paid to your estate and whoever wish to claim it, will pay taxes on it. |
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mymoon
|
That is incorrect. The beneficiary will not have to pay taxes on the death benefit. You should ALWAYS be the owner of your life insurance policy. The reason is because the owner is the only one that can make changes to the policy. You would want to have that control, not give that control to someone else, right? |
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Suzanne: YPA
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You may be misrecalling the details you read. Generally, insurance you purchase with your own money to insure your own life is not taxable income for your beneficiaries.
However, if someone else purchases a policy to insure their own life, then transfers ownership to you as "valuable consideration," then you will owe tax on the proceeds when that person dies. If you die during the ownership assignment period, your beneficiaries must pay this tax when the insured dies. Tax is due because this assignment of benefits represents income to you or your heirs.
Here's a link to the IRS web page regarding life insurance proceeds:
http://www.irs.gov/faqs/faq4-9.html
I hope this helps. |
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mbrcatz
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SO not true.
The owner of the policy is totally irrelevant - it's the BENEFICIARY that can incur taxes, IF the beneficiary is YOUR ESTATE. Then it becomes part of your estate, and subject to estate taxes.
If the beneficiary is a named person or persons, it's NOT part of your estate, so not subject to estate taxes.
The person who pays for the policy and takes it out is the policy owner. They get to name the beneficiary. The insured person gets to submit to blood tests, etc, and sign off on the application, but doesn't have any say in changing the beneficiary clause. Only the policy owner can do that. |
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floozy_niki
 |
Just do up the trust form when you buy insurance. The agent will have the form for you to sign. |
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Joe
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Contact your Agent of record on the policy. You need a review. Listen to Catz. |
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