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If my employer pays the premium for an insurance policy for me is it taxable?
Any cash value beyond the total amount of premiums paid is mostlikely taxable at ordinary income tax rates. It also depends onownership, beneficiary (e.g. a Trust) but for mos…t of us the firstanswer is correct.
Answer There are many different types of life policies. You need to call your insurance company to get the specifics of your policy. Some policies will s…imply cancel when payment is not made. Others have cash calue build up that can make your payment for you. In some sitiuations it may benefit you to convert it to a paid up policy.
Once your policy lapses, your insurance company is no longer liable should something happen to or on your property. There are several implications here: 1) any personal lia…bilities that would otherwise be borne by your insurance company would go against your estate (the property and/or your personal assets) 2) any damage to the property would normally go against the estate (i.e. you would have to pay for damage caused by a broken pipe or a tree that falls on the roof, etc.) 3) Your mortgage company would eventually find out (or should...) and you would eventually be compelled to buy homeowners insurance that your lender selects for you in order to protect the lender's interest in the property. Technically you would be in default of your mortgage if you don't pay for the selected insurance or prove that you have homeowner's insurance at that point. 4) The insurance company may assess you an additional fee for coverage beyond the insurance period (for example if you let the policy lapse without informing the agency that you wished to terminate the policy by a certain date) - sounds weird, but I've seen it assessed. Bottom line, not paying the home insurance premium has fairly significant effects besides not having insurance coverage.
If you take out a 50000 whole life insurance policy and pay one annual premium then die what do your beneficiaries receive?
Assuming no fraud had been commited at the time of application, the ins co. will pay the face amount ($ 50k) plus any "unearned" part of the annual premium.
That is called rebating and it may or may not be illegal in your state. Check with your local department of insurance.
Part of it is used to pay the wages of the people who work for the insurance company, part of it goes as earnings to the people who own the company, and some goes out to cover… damages that insurance holders claim compensation for.
You can calculate life insurance premium for a life insurance policy by requesting free life insurance quotes online or from a life insurance company. Rates for lif…e insurance vary by insurer. Some of the factors that insurers consider when determining your premium include the following: Age, gender, height-to-weight ratio, amount of coverage, type of policy, smoker/non-smoker, your health, your family's health history, etc.
You have the option to get a mortgage insurance for the length of your mortgage contract, or you can choose 10 years, 15 years, 20 years, 40 years, etc.
its paid on the value of goods travelling in it n value of the ship
Answer Return of Premium (ROP) is a relatively new feature available in Term Life Insurance. The major drawback to Term Insurance is that if y…ou live beyond the stated term of the policy one of two things happens. It either ends completely and all your premiums are gone forever or it increases from the guaranteed premium to some new amount which is generally thousands of dollars more. A recent 43 year old female I quoted had a $325 premium guaranteed for 20 years but if she wanted to continue coverage in year 21 without being medically underwritten, the cost was over $7000. To solve this insurance companies added a Return of Premium rider. In the example above, if she lived for twenty years she could get all the premiums she paid back. There would be no interest or other enhancement, just the exact amount paid. However, to continue the example above, the premium amount with the ROP included would be $1103 for this woman. It is important to know that this idea has been extended to some other forms of coverage. One company that offers Defined Benefit Health plans and supplemental plans has a rewards program that does the same thing. If you keep the plan in place for five years you can get 50% of your premiums back, wait until year 7 and get 75% back or wait until year 10 and get 100% back. Many of my clients like their supplemental plan that includes Ameritas Dental, VSP vision, Rx plan, $10,000 AD&D, $7500 Accident plan and much more for only $89/month for the whole family. That is cheaper than most family dental plans.
Can you waive the group health insurance offered by your employer and receive more pay because they do not have to pay a premium for you?
Traditionally, medical benefits are offered on a "take it or leave it" basis, meaning that you have the option to waive the insurance - but will not receive increased pay beca…use of it. Increasing your salary because you waived benefits is a newer, more progressive concept that some businesses (typically, smaller businesses) are leaning toward. Ask your employer about their policy on this. No. For a detailed explanation on an ATtorney's site visit sgilaw.com for more information visit www.steveshorr.com
Can an employer offer the same insurance to employees but fully cover the premiums for some and require others to pay half of the premiums?
No, if they are similiary situated individuals. It could be done by class - say management vs. salaried For more details http://www.steveshorr.com/dictionary.htm#Similarly_Si…tuated_Non-COBRA_Beneficiaries
When a majority stock holder has his corporation pay personal life insurance premiums and does not report the premiums on form 1099 is the death benefit taxable income to the beneficiary?
Answer Yes, simply report the premiums paid on your taxes. Keep in mind if WL and you do not report your premiums that are paid for you, the cash value is… taxed as well rather than viewed as a return on premium.
When you use the annual dividends to pay the annual premium on a life insurance policy what are the possible implications Can you use the accumulated cash values to pay the annual premiums if so what?
No you can't do that.
No. Life insurance benefits are not eligable for taxation unless the insured passed away without assigning a beneficiary. In this situation the benefits are paid in…to the deceased's estate and are subject to any back taxes or child support owed by the deceased, or the would be inheritor. Cash value is not the same as an insurance benefit and may be taxable in some situations. Group (employment) insurance has no cash value.
If an employer pays the premium on medical insurance and forces an employee to take that coverage is there anything the employee can do if they are covered under another plan?
Contact your human resource or personnel department people. If you have to self-pay for your health insurance coverage at your workplace you may be able to select not paying f…or it and decline the coverage. It depends on the insurance laws in your state and what is the policy at your workplace. If your employer pays for the insurance for you and you don't have to pay anything then why turn it down? Medical care is very expensive. And if you lose your job you may be able to continue that coverage until you have coverage from a new job.
No, an employer cannot take money from your paycheck unless it is for an employee benefit. There may be a lag time between when the insurance is cancelled and the payroll dedu…ction stops, if the premiums were paid in arrears.