Policyowner changes in life insurance plans and conversions
Policyholders can switch plans as needs change. Converting term to permanent may occur without insurability proof. straight life can move to higher premium via cash value differences plus a small charge. higher plans can be exchanged for lower premiums with evidence. Government insurance converts to private policy within 120 days of discharge, by factors including health. Mortgage insurance tied to the mortgage may terminate on sale, otherwise the policy remains in force if premiums are paid. Life insurance offers tax advantages, including tax free death benefits and favorable treatment of proceeds under inheritance tax laws, with cash value growth tax deferred until withdrawal. A young mother’s appropriate coverage is discussed.
MENTIONED IN THIS ARTICLE
Metropolitan
Life insurance buyers show common sense
Dean Chenault extolls life insurance as security love and common sense. He argues life insurance offers family protection at a tiny cost and acts as a social miracle. Strategies include Straight Life combined with term riders and wife insurance options within Family Plans.
MENTIONED IN THIS ARTICLE
Dean Chenault
Connecticut
Mutual Life
United States
Canada
Planning Solves Problems by Gary Shupe
A husband gains insight into the economic value of a wife’s caregiving over 15 years totaling 313,683 dollars when factoring nursemaid and household roles. It compares tax impacts of losing a spouse and notes the marital deduction’s role, suggesting life insurance as a hedge. It also cites life insurance market data on youth policy purchases.
Social Security No Magic Bargain
Column by Ray Craycraft examines the idea that Social Security benefits are seen as a certainty and questions whether benefits will keep pace with expectations while affirming social security as a sound program.
Tax advantages of life insurance and social security notes
Life insurance offers tax benefits such as no income tax on cash values dividends premiums and policy loans and death proceeds can avoid estate tax and provide tax favored payouts. Social Security is described as essential but costly and not a magic money machine with potential long term funding concerns.
Also Mentioned on This Page
Gary Shupe
CLA
Northwestern Mutual
The
Institute of Life Insurance
Social Security
Ray Craycraft
CSU
Oge
Ohio
Rom Peter
Paul
Peter
LIFE
Thomas C. Jones
Robert L. Grimes
William D. Long
William T. Snider
William A. Harrison
Jim Mears
Michael D. Long
Glenn C. Lane
N. Main ST
Middletown, Ohio
Lincoln National Life
William A. Kuhr
Jerry Michael—Supervisor
Mary Eichholz
Satish Bawa
Lawrence Klasmeier
Thomas Nieders
Charles Anderson
Jerry Michael
Special Agents
John Linville
Mark Hauck
Bill Howard
Toney Walton
Steve Hively
Mike Gunkel
John Michael
Inderjit Bawa
Tom Fey
Doug Fey
Ray Crayrat
Fred Parella
Charles Hall
John Howard
Bob Detmer
State Farm
Dick Nunnery
Clu
State Farm Insurance Companies
Bloomington
Illinois
Metropolitan Life
Metropolitan Life C.g.&e
Middletown
New York, N.Y
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