Single premium insurance provides an income tax free death benefit to the beneficiary, charity, or favorite cause which is easier to qualify for other type of insurance.
Some of the tips for buying single premium life insurance include:
Some of the tips for buying single premium life insurance include:
(1)One needs to implement a retirement and estate settlement plan for one self and spouse. Make sure one includes the final expenses.
(2)Study the various strategies for passing estate to your heirs with various tax benefits.
(3)Thoroughly research the integrity of any charity or a special cause which one might consider as a beneficiary.
(4)One needs to conduct a search for qualified, experienced insurance agent to assist one to choose a company to apply for the policy.
Along with this there are various steps, which one needs to apply for policy:
(1)One needs to determine the amount of money one wish to deposit as a single premium.
(2)Consider the type of insurance that reflects the tolerance of the risk. There are basically 3 types of insurance policies which are categorized by the criteria: whole life, universal life, variable universal life policies.
(3)One needs to get a guaranteed printed illustration from your agent which shows how much life insurance a single premium buys and how the contract will work.
(4) Make your agent talk with tax advisor to make sure that all tax issues are accommodated.
(5)One needs to fill out the application for insurance, which would provide the detailed information about the doctor and any recent visit one has to the doctor.
(6)One needs to carefully disclose all the permission and statements before signing.
(7)One should read the policy carefully when it would arrive, and file it with another important legal document. One needs to return the policy as soon as one find any errors into the policy.
Comments
Post a Comment