"The average amount of life insurance coverage on insured husbands is $235,600 "
100% of the amount of the policy...each of which are purchased for a specific amount, or amount of payout.
In 2011 the average commercial company takes between 3-6 months to pay out.
A life insurance payout is not taxed.
If the owner of the policy is not a business, you would not have to pay taxes on a life insurance benefit payout. You should consult with a tax professional in your state for more details.
No, it will not pay. An aneurysm is not an accident.
i don't believe it would
There is no basic payout. The death benefit is whatever the insured chose to insure himself for.
If you are the beneficiary of a life insurance payout, the income is not taxable. If you withdraw from a policy that you have on yourself, then yes, it is taxable as regular income. http://taxresolutionaries.blogspot.com
No. You will get a payment from the insurance policy if either * You are killed due to an accident or health issues or * You meet with an accident and are permanently disabled As long as you are healthy and alive, you will not get your insurance payout.
Generally speaking, the death benefit payout of a life insurance policy is not taxable from a federal tax standpoint, and usually not taxable from most states. I suggest you check with your state insurance department.
Property insurance - If your property is damaged the insurance will pay for this to be repaired. Life insurance - If you die then your estate (or the named beneficiary) gets a payout to the value of the insurance.