My Investopedia Posts

Can you do a life insurance to life insurance 1035 exchange after the new life insurance policy is issued? Does it have to be done at the time of issue?

 This is a really good question. Typically, an exchange is made from an existing policy to a new policy at the time the new policy is issued. The existing policy… Read More
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Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Can I remove my spouse from my life insurance policy prior to filing for divorce?

If you are the owner of the policy, you have full control over the beneficiary designation. You can ask your broker, or the carrier’s policyholder service department, for a simple form… Read More
“Compare term life insurance rates at no cost from top rated companies in seconds.”
 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Should we keep paying the premiums for a whole life insurance policy and let the cash value grow until year 10, or do we get out now and invest the difference and hope to recoup the losses?

What you have is probably the best product in the marketplace to grow cash on a guaranteed basis. Can you honestly find another vehicle that will give you the same guaranteed interest… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

How do I find out if my deceased mother left me an insurance policy?

The National Association of Insurance Commissioners provides a lot of consumer services, including a policy locator. You can deal with them directly. “The NAIC can assist consumers in locating life… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

How do I know which option to choose for receiving an annuity to guarantee that the remaining money goes to beneficiaries?

I think a commonsense rule of thumb is to take care of yourself first. Take a look at both options and determine the monthly income you will get from each…. Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

When canceling whole life insurance, how much tax is usually imposed, and how it is calculated?

You get taxed on the difference between what you put in, and what you took out. The insurance carrier can provide you with the cost basis – the amount of… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

What changes should be made to our life insurance coverage?

Unless you guys are capital-rich, I can’t see how you would be able to put in enough money now to compensate for having insufficient life insurance.  Bear in mind that… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Do I need term life insurance or whole life insurance?

Term insurance can be a cost-effective way of meeting a single need for coverage. If all you need a policy for is to pay off the mortgage, then term should… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Is an indexed universal life (IUL) policy a good investment?

I appreciate the complexity of this product, and sympathize with all the various confusing messages you’re getting. I take this approach for evaluating the product: 1. The bottom line is… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Should I purchase long-term care insurance, or invest the money to pay for my long-term care?

Here is something for you to think about: I have had four elders in my family die in the last five years – my father, mother, aunt, and uncle.  Each… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Is life insurance a good investment for leaving money to your child?

I think it’s a great idea to leave money to your child with life insurance. Think about it. If God forbid you die tomorrow, you’ll have paid one premium, and… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Should I purchase a permanent life insurance policy to supplement my retirement plans?

The bottom line here is after-tax income. I am sure you know that life insurance can provide tax-deferred cash accumulation, and tax-free distributions, if the policy is properly managed. But… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Should I get indexed universal life insurance (IUL)?

Don’t put the cart before the horse. No financial advisor should be recommending a product until you and he have become clear on your needs, goals, and comfort level with… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Is a cash value life insurance policy a good idea for me?

Here are some of the variables I think you should consider when answering this question. The whole point is to set up a table of standards against which you can… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

If I am using a loan to pay the premiums on a life insurance policy and I surrender the policy to take out the cash value, will I have to pay income tax on the loan and the accumulated interest?

Cash taken out of a life insurance policy is taxed if it is above your cost basis. The quickest way for you get to get an answer is to call… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Is it better for a 34-year-old with a family of three to take a 20- or 30-year life insurance policy if I know that the premiums will significantly increase if I choose the 20-year policy?

If you think there is a possibility you will need life insurance for more than 20 years, then you should buy the 30-year term. You will probably spend less… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Is whole life insurance a good option for my family of three if I have multiple retirement accounts and insurance policies already in place?

It could be a good idea if you want to have a guaranteed portion of your financial portfolio. Whole life insurance gives just about the best guarantees out there. Of… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Does the IRS consider a life insurance payout to a minor, my 6-year-old child, as received income that I have to report?

Truthfully, I’m having a hard time wrapping my head around this question. Are you saying that your six-year-old child actually received a check from an insurance company? I have never heard… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Is purchasing a $300,000 life insurance policy as a single 53-year-old with no children a good decision?

I think it can be a fantastic decision. Life insurance is a superb way to leave a legacy of caring for someone you love and support. It’s a financial product… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Should I purchase term life insurance or whole life Insurance?

Permanent insurance is a unique product. Here are three reasons why you should buy it: 1. You are guaranteed to get a fantastic return on your money. Permanent coverage means… Read More

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.