Why we need Life Insurance top 3 reasons :-
These are individuals with no dependents, no debt and feel that their demise will not be a financial to those they left behind.
There are individuals who are financially burdened and who cannot afford any coverage for them and family insurance. Life insurance products or other providers are not affordable in Canada.
Life is so uncertain; crisis happens anytime, it’s most unexpected and usually at the worst time. Your health is your number one asset! What if you were diagnosed with Cancer today, or had a heart attack tonight? Or had a stroke at work today? Where would the money come from to receive treatment? And how can you cope with your family obligations? So it better to plan ahead; otherwise you are left out in the cold when the inevitable happens! Have you ever considered Critical illness insurance?
These people might really need insurance and can afford the premiums; however it a priority to consider dying and the security of those they left behind.
- It is not an essential need
- People do not have money to pay premiums.
- People believe insurance is not a priority.
Life insurance and taxes
- Insurance contracts must follow requirements of IRS.
- Remember that your premiums are not deductible from your federal income tax return.
- Tax maybe deducted from employer-paid insurance.
- Inquire if the premium you paid is either pre- tax dollars or after-tax dollars.
- Life insurance beneficiary probably won’t have to pay income tax on death benefit received
- Consult life insurance quotes Canada for inexpensive coverage so you a policy to be included in your taxable estate insurance that would not be paid from death benefit received by beneficiaries.
- Part of the cash value of your policy will be tax deferred.
- Paid dividends are usually aren’t taxed.
- Cash withdrawals in excess are taxable
- Withdrawing part of your cash value will reduce death benefit of your beneficiaries.
- No need to pay taxes for loans taken against your policy.
- Death benefit and policy’s cash value are reduced for any loan against your policy,.
- No interest is deducted from payment of policy loans.
- In surrendering your policy, you may get taxable gain.
Life insurance tax rules are complicated and often changeable. An affordable insurance quotes Canada will help you save big on instant insurance policies. Get all information and answer to your inquiries from a qualified insurance provider.
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