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Most of us buy life insurance plan to protect our households in case we die. But even we buy a term plan that that will last for years; we do not actually assume to pass away throughout that time. If your program passed through underwriting, that is a good sign that the life insurance company does not expect you to pass away either. Of course, if you do buy a conventional term policy, and if you do survive it, you will have nothing left at the end of the contract except the total pleasure of having protected your family and enduring.

You Should Still Consider Buying Term Life

Of course, that delivers the concern of why many people never do obtain a policy. Some customers talk to an broker or shop online to get the best insurance plan quotes. Then they add up all of the monthly premiums they may pay over the course of years, and the amount alerts them.

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โˆ™ 2016-02-09 07:01:06
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Q: Can you get back the money paid for insurance premiums?
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Why does the insurance company get paid back the money Isn't that why we pay our premiums?

You pay premiums because insurance companies are a business and they are there to make a profit. Also, the premiums you pay go into a pool of money so the insurance company can pay out claims when necessary.

Are private disability insurance benefits taxable?

Individual disability insurance benefits are not taxable, because the premiums are paid with after-tax money. The employer paid disability insurance policies have taxable benefits due to the fact that premiums are paid by the employer with pre-tax money.

What is the taxability of insurance money?

This depends on the type of insurance money and who paid the premiums for the insurance for the insurance money that was received and what reason was the payments made. A LOT OF MISSING INFORMATION NOT INCLUDED IN THE ABOVE QUESTION.

What is paid to the insurance company?


How does the insurance industry work?

Insurance works by collecting premiums from people who need to have coverage. This money is then paid out to people who have losses.

Can you deduct group insurance premiums on taxes?

Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.

How does a life insurance company make money?

A well run life insurance company makes money in two ways: from underwriting profits, which is the excess of premiums paid in minus losses paid and by investment income, which is the money earned on premiums that have been invested before they are used to pay claims.

Under what circumstances is home content insurance worth the premiums it requires?

It is worth it when the contents of the home exceeds the premiums being paid. The insurance should recover some of the value of the contents. Otherwise it is not worth the money this is being paid.

House given to her sons she is paying Insurance premiums a claim is made who legally belongs to the insurance money?

The Son's are the owners, The Sons receive compensation for their loss. It doesn't matter who paid the premiums.

Can a nursing home owner seek reimbursement from medicare for insurance premiums paid for laibility insurance?

No, Medicare does not reimburse liability insurance premiums.

Are taxes taken out of life insurance?

Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.

Can an employer take out insurance premiums when insurance is cancelled?

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 deduction stops, if the premiums were paid in arrears.

Are life insurance premiums paid tax deductible by a business?


Is money gained from a life insurance inheritance taxable income?

No. Death benefits from life insurance are not taxable. The only way that it could be taxes is if you illegally deducted your premiums on your tax returns. As long as the premiums are paid with after- tax money, there is no income tax on death benefits.

What type of life insurance companie pay dividends?

Rip-off companies. If they pay dividends, it means they are returning excess premiums you paid. So they charge you bunch of money at first and invest it for themselves. Then return the excess premiums back to you at the end of the year.

Is certificate of insurance binding?

No, there is usually some stipulations to a certificate of insurance - such as the premiums must be paid.

Does life insurance expire when you change jobs?

Not as long as premiums paid.

What if you lie about whether or not you smoke cigarettes on your health insurance application?

The answer will depend greatly on what type of health insuance you applied for and in what state. Here in CA if you lied on an application for individual insurance then the penalty can be severe. If the insurance company can demonstrate that they would have made a different underwriting decision if they had all the facts then they will unwind the policy. Basically they would say you never had coverage and return your premiums to you less any benefits paid. If benefits paid exceeded the premiums paid you would owe that money back to the insurance company.

Do you have to pay taxes on life insurance inheritance?

Taxes on a individual life insurance policy is generally not taxable in any manner. A main factors in deciding the taxabiity of this is who paid the premiums for the life insurance and whether or not it was deducted on a tax return. If the premium was paid through a group life plan where the employer paid the premiums entirely then it would be taxable. Most employee benefit plans are set up by professionals who are aware of such things and make sure that the small premiums for the life and disability insurance are paid by the employee with after tax money so that tax problems do not arise.

Can you deduct health insurance premiums you paid?

If you file Schedule A (long form) you can deduct your health insurance premiums as a medical expense. If you pay this through your employer, most likely you have it paid from pre-tax income such as through a cafeteria plan, then you are not allowed to deduct the premiums.

What is a paid up insurance policy?

A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.

What type of insurance is there?

There are a lot of different types of insurance. Real insurance is any insurance policy that offers you a certain type of coverage in return for premiums paid by the insured. Private insurance and government are both real insurance as long as benefits are being exchange for premiums whether paid by the government or a private party.

Can you collect unemployment benefits while you are a realtor in IL?

You can collect unemployment insurance benefits if you paid premiums or premiums were paid for you. As a realtor I don't think that applies.

Who pays insurance premiums into the social security system?

The people that have paid jobs.

What the amount paid for the coverage under an insurance policy is called?

These are referred to as "premiums".