answersLogoWhite
Ask
Investing and Financial Markets
Income Taxes
Masters of Business Administration MBA

Can you get back the money paid for insurance premiums?

230231232
Answer

Top Answer
User Avatar
Wiki User
2016-02-09 07:01:06
2016-02-09 07:01:06

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.

1
0

Related Questions

User Avatar

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.

User Avatar

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.

User Avatar

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.

User Avatar

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

User Avatar

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.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.