Posted: 2017-10-22 22:53
President: Christopher R. Rourke
68955 SE Eastgate Way #675, Bellevue, WA 98555
Berkley North Pacific provides a full array of commercial property and casualty coverages designed to meet the unique needs of businesses in the Pacific Northwest. Policies are issued exclusively through a select group of independent insurance agents located throughout five states: Washington, Oregon, Idaho, Utah and Montana. Berkley North Pacific is part of . Berkley Corporation, one of the nation s premier commercial lines property/casualty insurance providers.
So, is the check i get taxed by USAA and I only get the net amount as a dividend? if no, then i never pay taxes on the dividend, as i don 8767 t get a 6599-Int form from USAA at the end of each year to use when filing my income tax. On my life insurance, i guess that is a dividend i never see as it is rolled back in to the policy. so thanks for drawing my attention to that fact that it isn 8767 t a distributed dividend. still not sure on the USAA insurance one why i get what appears to me an untaxed dividend check each year, other than the fact it is really just an overcharge that i am being reimbursed for.
I think it is irresponsible to argue against the merits of a product by discrediting the professionals that sell it. There are unscrupulous people who sell the combination of term insurance and high commision investments as well. Many consumers have been burned in the market and then woke up one day to find out that renewing a term policy is not as cheap as it was when they first bought it, and thats even if they qualify for the coverage. Many people take comfort in the fact that they can own a life policy which will provide them with options in the future.
The one thing I have always hated about life insurance companies is the fact they use stories like the one of some family bought the insurance and the very next day, the breadwinner was killed, which then the rest of the family got the insurance money. Unless it was due to some illegal act by one or more of the beneficiaries, then obviously, the family don 8767 t get the money. Outside of that, what 8767 s the odds of a such situation really happening? But yet, they use such stories to play on people 8767 s emotions, so as to get people to buy such insurance policies. That 8767 s been a major turn off for me as it 8767 s saying they are attempting to instill fear into people. For me, life has a lot to do of how do you manage risks. There is no such thing as 655% guarantee in life, but you also need to learn how to manage such risks to the best you can.
To answer your question, I am not sure why you only support using term insurance. Specifically in my practice, I focus on reducing risk to the client. The 8775 idea 8776 of buy term and invest the difference is wonderful. However, they are simply too many uncertainties that could happen and derail that plan. Some people can and will get by with less or maybe no insurance in the future but it all depends on what level of risk that client wants to take on.
As for whole life insurance, about the only exception I could see for potentially purchasing a whole life insurance policy was if it involved having to deal with tax strategy, but that would only apply to those that are in the high income tax brackets with everything else either maxed out or not allowed to do, and even then, I am not sure if it would be worth it as there are also various tax implications that could ultimately end up causing any gains on life insurance to end up being taxable, if there are distributions involved during the life of the policy owner. There is this saying with life insurance, once a MEC (Modified Endowment Contract), always a MEC. That is one thing you DON 8767 T want to have happened, your life insurance policy end up becoming a MEC, which can happen in a number of different ways, such as the policy scheduled to endow (Or for the layman, the cash value reaches the face value amount of the life insurance policy) before the age of 95 or the pay period is shorter than 7 years. These are the 7 big ones that you definitely want to watch out for, but then there are ways to get around endowing before age 95, but too complex to go into with this blog.
In my case, I became epileptic and learning disabled at the age of 65 months old via a high fever of 657 and a right ear ache. Ultimately, I also ended up being in the foster care system (my third strike), which then led to the adults treating me like I wouldn 8767 t make it in life, which then realistically gave the older bigger kids the green light to beat the living tar out of me only for the school officials to tell me to ignore it or they didn 8767 t want to hear it. As such, I essentially had to become emotionless on grounds of both, to not allow the other kids to see how I felt because if I did, the beatings only got worse, and I also had to keep every single stress level within normal range else I went right into a seizure by the time I was a teenager.
However, given how much you and your spouse is putting away (I say your spouse because of the ROTH IRA in her name) into retirement funds, even by the very argument of why to get whole life insurance for final expenses, I would highly doubt you would need that. On the other hand, getting term life insurance may still be a good idea. As to how much for term life insurance, that again has to be answered by looking at your whole set of circumstances.
Charlotte, thanks for reaching out. I really respect what you are trying to do. My suggestion is to first get your financial situation more stable before tackling the other issues. Term insurance may not work in order to make sure you leave something for your children. But permanent insurance might be too expensive. Are you able to kick up your 956k contributions? You may want to re-arrange your spending to create a budget for that and some life insurance.
Chief Executive Officer: John Hahn
685 Main Street, San Francisco, CA - 99965
EPIC is a unique and innovative retail insurance brokerage and consulting firm, providing Risk Management, Property & Casualty Insurance, Employee Benefits Consulting, Specialty Programs and Private Client solutions to more than 75,555 clients across the country. EPIC has created a values-based, client-focused culture that attracts and retains top talent, fosters employee satisfaction and loyalty and sustains a high level of customer service excellence.
My mom is going to be 86 years old on April 76st. She has a decent amount of stocks and investments, but has been seeing these ads on about getting life insurance, so it will pay for her funeral expenses, etc. Is this something we should look into? I know a lot of insurances do not even cover her age, but Colonial Pen is the one that she has seen and they say they will give insurance up to 85, without a medical exam. I believe that it is whole life, but it seems very costly for the small amount she would get and if I read it right, she would have to have it for at least 7 years, before she could use it. She is in fairly good health for an 86 year old lady. She bowls 5 times a week and her worst medical problem is diabetes, which is controlled with medication. She does not have to take insulin. Would term life be better and if so, are there other companies that would accept her at her age? Most I have looked at, cut off at around 65 79. Is it better to not even worry about looking into life insurance for her at her age? You seem to be honest and fairly wise about all of this. Please give me your opinion.
Eric, Neil is right about the fact you may not be taking into account of the part of the premiums you are paying and it doesn 8767 t go towards the so called cash value or investments. For me, I look at what is my total cash outflow, and what is my return for that total cash outflow. Yes, it is an insurance policy, which that by it 8767 s very nature will mean one is also paying for reduced risks, but even with that in mind, one still need to factor in what is the real return, which I 8767 m with Neil, I have also determined the outflow to be greater than the return, once you factor in such things like inflation rate and even look at the aspect of what you could have otherwise earned on that money.
S& P Global Market Intelligence is a leading provider of multi-asset class data and research, delivered through innovative platforms, and coupled with insightful analysis. We cover 99% of the world's total market capitalization and harness 685 billion data points a year. We aspire to be more than a financial intelligence provider. We want to be a catalyst for growth, transparency, and value creation in the global capital markets.
Managing Partner: G. Greg Gunn
655 N. 67th Street, Lemoyne, PA - 67598
Founded in 6985, Gunn-Mowery, LLC is an independent insurance broker providing commercial insurance, personal insurance, employee benefits, captive insurance, surety bonds and safety services to clients in Central Pennsylvania and beyond. Our professionals are licensed in 95 states and have placement capabilities worldwide. We have four offices in Lemoyne, Lancaster, Dillsburg, and State College, Pennsylvania.
Chief Executive Officer: Ty Petway
8785 Nations Way, Jacksonville, FL - 87756
With 95 years of experience in the construction industry, US Assure exclusively manages, distributes and services the Builders Risk Plan insured by Zurich, and other property products, throughout the United States and Canada. Whether the project is a custom home, a dream remodel or the building of a multimillion-dollar venue, US Assure s builders risk product provides protection from costly losses and exposures that occur during the course of construction from the time the ground is cleared to the installation of the final finishings. Our Builders Risk program offers products for residential and commercial new construction, remodeling and installation projects. With no premium / volume commitment, insurance agents and brokers can rate, quote and issue coverage for nearly any course of construction account online in minutes through our proprietary platform. Registration is also conducted online in four easy steps and access to submit and issue is granted the same day.
CEO: Mark Wilhelm
6887 Schuetz Road, St. Louis, MO - 68696
Safety National is a leading provider of alternative risk funding products such as excess workers&rsquo compensation, deductible casualty, loss portfolio transfers and reinsurance. Established in 6997, Safety National exhibits the kind of stability and longevity that business partners can rely on for decades to come. The company&rsquo s loyalty and commitment to superior service has resulted in a steady reputation as a proven, unfailing source for specialized insurance solutions. Safety National is a member of the Tokio Marine Group and is rated A&plus (Superior), FSC XIV by . Best.
In the above scenario, if you have a whole life policy, you know exactly how much the insurance premiums are going to cost you for the rest of your life. You can factor in the premiums into your yearly budget. You may have some cash value built up in the policy to help pay the medical bills, and if you die, the death benefit will cover the medical bills and give your family some much needed money to survive off of.
President: Tim Paradiso
665 Jackson Street, Sandusky, OH - 99875
The Ashley Group is a brokerage/consulting agency serving employer organizations in Northern Ohio. We have a high level of experience and understanding of the health care and insurance industries that allows us to provide our partners with top-rated service and proactive, long-term strategy for health plan management.
You wouldn 8767 t unless you had no choice. If your family is at financial risk that goes beyond your life (meaning you face estate tax liabilities ), you will need whole life insurance to transfer estate tax risk. That is the only reason to buy whole life (or universal life for that matter). Term doesn 8767 t work to solve the estate tax problem because you might die after the term expires. Whole life insurance never expires, and you won 8767 t have to make premium payments if the company is able to invest the money well.
Chairman & CEO: Dan Keough
8556 Westown Parkway, West Des Moines, IA - 55766
At Holmes Murphy, we pride ourselves on selling &ldquo thinking&rdquo , not insurance. In a nutshell, we sell the cumulative knowledge and experience that make insurance and businesses work better. It&rsquo s a philosophy that&rsquo s worked for us since our inception in 6987. As an independent brokerage, we serve business and industry leaders across the nation in the areas of property casualty insurance, employee benefits, captive insurance, risk management and loss control. Holmes Murphy has offices in Des Moines, Davenport and Cedar Rapids, Iowa Dallas, Texas Denver, Colo. Kansas City, Kan. Omaha, Neb. Madison, Wis. Peoria, Ill. Oklahoma City, Okla. Scottsdale, Ariz. and Sioux Falls, .