How would it be best to give the life insurance to Wyclife? Six of us children are the owners.  We want to avo
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Generally, there are no taxes due on life insurance. Unless there's an investment option attached to it and dividends are paid out, you will have to pay taxes on it.\n\nTo avoid gift tax, you can give a child or any minor up to $11,000/year.\n\nAnyway, who is Wyclife and why do you want to give your insurance to it/him/her? Life insurance policies are non-transferable. You can change or add new beneficiaries to your policy. You can name Wyclife as your beneficiary if Wyclife is related to you. If not, I would stop talking to Wyclife.
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Contact your local law authorities,...as I'm SURE they'd appreciate your interest in doing the right thing.  Having health insurance and a life insurance policy might not be a bad idea either.
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you can turn your whole life policy into a "Paid up" policy.  Check with your agent or company, this is easy to do.  Generally, whole life is a rip off and generates lovely commissions for the agent that sold it to you.  Term insurance is much much cheaper and provides a much greater death benefit than whole life.\n\nA downside to group insurance is that it goes away if you leave the job.\n\nAnother option for your policy is to stop paying premiums and let it go on an extended term option.  In other words the cash value will be used up over time paying for your 11,000 in coverage, but the covereage will convert to cheaper term.  Once the cash value is used up the policy will terminate\n\nAnother option for your existing wholelife policy is to cash it in and use some of the proceeds to pay for a greater amount of term insurance depending on your need for additional life insurance.\n\nMost people are underinsured.\n\nGawd insurance is WAY boring.
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Pre-Paid Legal is the way to go for sure. Have a will, a living will/ health care directives, etc. Plus a whole lot more.\n\nhttp://www.getprotectedhere.com
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Get a suplemental insurance.
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First I would make sure my kids would be set for life, then I would build me a nice big house in nice quiet place, with lots of room to intertain.  It would have big yard, pool, nice deck.  I would also travel a lot.  I would also give a nice big donation to our school, it is having a lot of financial problems.  I would help a few people I know out, give some to all my family, and make sure I have invested so will be able to live off interest.
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Your best bet is to consult with an insurance professional.  All the major life insurance companies are reputable.  I would avoid anything on line.  An insurance professional will work out something for you within your budget and explain how to list your children as beneficiaries.  They do not have to be adults to be listed on your policy.
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Have done daycare for twelve yrs just stopped\nyou are going to need it because there are preditors\ntrying to collect the insurance money at all time at least have you but covered. Good luck. I have switched carrers\nfulltime you can take a look at site below. It help me come out of the daycare business. Share with all your clients\nemail if you have any questions
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Do you want a term policy or a lifetime policy?\nHow much love do you want insured?  The rates vary depending on whether it is puppy love, carnal love, a simple crush, unrequited love, romantic love, familial love or eternal love.  God's love is free and insured by heaven, so we don't cover that.  Is the love you are insuring going to cover just yourself, or another person as well?  Do you want injury protection in case of broken heart?  Do you need medical coverage for injury incurred during love making?  Do you want full coverage or depreciation over time?  I need all these things answered before I can help you.
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A couple of things.  You dont need multiple policies, one will do.  The policies allow you to designate beneficiaries, and also you are able to designate percentages to each.\n\nIf you want to control how the money is used, have a trust setup so that if you died, the insurance proceeds would go to the trust and the trust would distribute proceeds according to your pre-established desire. You pick who you want to be the trustee of the money...someone you trust would spend money according to your wishes..it could be a friend, family member, or outside independent source.\n\nThat would keep the money out of everyone's hands.
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I had to go shopping for health insurance recently and got a lot of quotes with all kinds of options. Private pay - like what your asking. If your not over 40, healthy, don't smoke or have any special needs, then our situations are similar and I can tell you what I was impressed with. Out of 8 bids from various national company's; The two best were Mutual of Omaha and American Family. MofO was very impressive with coverage, additional free benefits and low cost riders like glasses and dental. American family was the same with an added benefit of a high yield health savings account that can be used as a tax deduction. Both had low deductables with free well care or low co pay well care, and were well under 200 a month not including riders. Good luck.
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If you are talking about unit linked plans almost all the life insurerers have such a scheme. contact any one of them.
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Well, it doesn't exactly work that way.  The life policies commonly sold to babies, that you pay on for their whole life, are called Whole Life policies.  They are usually a BAD buy.  It usually pays out $2,000 towards funeral benefits, and when they turn 18, you can increase the policy to $25,000 or so (with an increase in cost) without having to prove insurability. \n\nIt was a good deal for my brother, a type 1 diabetic, because that was the only way he'd get coverage except through an employer.  For the most part, however, it's a rotten deal.\n\nFor less than that, maybe $100 a year (2/3 the price) you can buy a 20 year term life insurance policy that will pay $100,000 upon death, you can renew that for another 20 years for about $125 a year.    Just make sure the policy you get is renewable and convertible.
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send the kids with your spouse.\n\nansw3r3r
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Hi, your friendly insurance guy here again. :)\n\nLong, but hopefully informative, post.\n\nLet's get the ugly bit out of the way first:\n\nTerm is cheap, Whole Life is expensive.  Whole Life pays an agent or broker more commission because it costs more and generally is given a higher percentage commission than Term products.  I mention this because there are a lot of people who hate Whole Life products and think the people who offer them are sleazy.  Thus, I am putting that bit out here right in front to satisfy the Whole Life Haters. :)\n\nHere's how Term Works:\nYou buy it for a specified period of time (typically 1, 5,10,15,20,25 or 30 years).  When that period, or TERM, is over, you can usually renew it yearly at a vastly increased cost until you reach a particular age.  The age at which you can no longer renew vaires by insurance company.  If you live past your TERM and have not renewed, your family gets nothing and you have lost all the premium money you spent (unless you have a "Return of Premium" rider, which not all companies offer and which is often extremely expensive to add).\n\nHere's how Whole Life works:\nYou buy it now.  It stays in force typically as long as you pay your premiums.  The payments stay the same forever; ther eis no "holy crap the renewal cost is insanely higher than last year."  It develops a cash value over time and in many cases the face value of the insurance goes up as well.\n\nThis, by the way, is the fallacy of all those people who say "the insurance company keeps the cash value when you die."  That's not exactly accurate.  As long as the cash value is in the policy, the typical function of it is to pay for additional face value of the insurance.  So yes, while you don't get a check for the cash value when you die, your death benefit will be larger than the original face value of the policy, making it generally a wash.  If you have had the policy for a very long time, the policy owner comes out ahead in many cases.\n\nThe cash value is NOT, NOT, NOT an "investment." That term is reserved for certain other things, like mutual funds.  It can be called a cash accumulation vehicle or a savings vehicle.  It is NOT an "investment."\n\nThe downside to Whole Life is that it costs a LOT more than the same face value of Term insurance - at least, in the short run.  If you buy a 20-year term policy for $100,000 at age 25, start renewing it annually after it runs out at age 45, and compare your lifetime costs, the Term policy will absolutely kill your wallet.  The Whole Life policy in the long run costs a LOT less than constantly renewing an old Term policy.  This does NOT mean Whole Life is for everyone.  It's only appropriate in some situations and for certain clients with specific needs.\n\nSo which one is the best?  This is the part where I hope folks who are shrieking "But...but Suze Orman told me to buy term and invest the rest" realize I am not some commission seeking scumbag:\n\nIT DEPENDS.  There is no "off the cuff" answer.  To know for sure which is the best for you, your specific situation needs to be evaluated.  Contrary to what other folks may say, I do recommend using an agent.  I do that because I am one and I treat clients properly.  If you go to an insurance company directly, you lose the benefit of having a local contact.  And guess what?  Generally life insurance companies are NOT going to give you a discount because there's no agent involved.  They charge the same and keep the commission money themselves.\n\nSo talk to an agent.  Talk to several.  Find one that you are comfortable with.  The agent should be focused on doing a full evaluation of your specific needs.  Be careful with anyone who says:\n\n"Buy Term and Invest the Rest." (they have a preconception of what's right without wanting to consider your case may not fit their mold - ask if they are willing to conside
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Life insurance - seek out a Financial Planner who specializes in insurance and estate planning. DO NOT go to a captive agent (who will sell you whatever his company has to offer) or to anyone who uses a "multiple of salary" approach to determining your need for coverage. Online insurance sites are going to quote only term life for you, which may very well be the right thing, but it may not. The bottom line is to avoid anyone who is going to make their product fit your situation in order to make a sale.\n\nWills - be careful with DIY kits/software. Wills and trusts are usually controlled by state laws which can and do vary from state to state. DIY kits tend to use generic language which might cause propblems in some states. A worthwhile attorney will meet with you free of charge initially and will tell you how much your wills and trusts might cost to set up. If you must go DIY, make sure the software is very up to date and state specific.\n\nIf you happen to be near Philadelphia, PA check out my website, www.acanthusassociates.com and let me know if I can help you.
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A term life insurance policy is a contract between you and the insurance company where if you die during the contract term they will pay your beneficiary the amount specified in the contract.  This is pure insurance and there is no account or cash value.\n\nFor example: If you purchase a 30 year TERM policy for 1 Million dollars then the insurance company will pay your beneficiary $1 Million dollars, tax free if you die in the next 30 years.  Some term policies offer conversion options without underwriting should you want to extend your insurance beyond the original term.  You would be converting into one of the policies I mention below.\n\nTerm insurance is the cheapest option and the shorter the term the lower the premium.  You may have heard the people say "buy term and invest the difference".\n\nSome term policies offer a "return of premium" rider.  This option usually increases the premium 30-40% (ballpark).  If you survive the term of the policy they will refund the premium you paid.  These policies do accumulate a small account value.\n\nUniversal and Whole Life Insurance Policies are the ones that accumulate a cash value.  Whole life policies are the most expensive because they are guaranteed to be in force until age 100.  Universal policies may or may not be in force until age 100.  If it doesn't say guaranteed to age 100 then it isn't guaranteed.\n\nThe account value of these policies grows over time and you can then either withdraw cash or borrow against it.  if you take the money out it may be subject to taxes.  If you borrow it there are no tax implications as long as you don't lapse the policy.\n\nLife insurance policies are not the best investment vehicles, but because of the tax benefits they can be a good alternative depending on your tax bracket.\n\nAgents will most often try to sell you a Universal Life policy.  This is because the premiums are higher than term and the commission is that much better.\n\nI tend to recommend guaranteed level premium 20-30 year term policies with convertibility options (just in case).  You should only consider companies rated A- or better.  I find the best rates come from American General, First Colony, Genworth, Met-Life, West Coast Life,  and Prudential.\n\n"A wife doesn't know the value of a life insurance policy...but a widow does."