Before answering the question, let’s remind ourselves that life insurance payouts are generally not considered as taxable income, as reviewed in detail in the article “Do beneficiaries pay taxes on life insurance payouts?” There are a few exceptions discussed in the...
Are proceeds from a life insurance policy payout considered taxable income? It’s a very important question, both for the owner of the life insurance policy, who wants peace of mind that his family will be financially secure in the event of his passing away, and for...
Many of us take out life insurance, wishing to protect our loved ones if we die. It’s not uncommon for people to have even multiple life insurances. While this might sound strange at first glance, the case for this is quite straightforward. You take out your first...
Financial literacy has taken significant strides following the economic crunch that the COVID19 pandemic brought on markets and households. In addition, after many people lost jobs, businesses, and even lives due to the virus outbreak, people are starting to realize...
Have you ever wondered what would happen to your family if something unfortunate happened to you? Some people work for almost all of their lives just to be able to provide the basic needs of their families. Others work to pay for their children’s education and take...
The basic reason for having life insurance is the promise that your loved ones will be protected financially in the event of your premature death. There are many types of life insurance, and all of them can protect your family or loved ones, but they differ in a...
Off on a business trip! A few years ago, I was talking with a friend of mine. He had previously been an executive in a large corporation, and for several years had been the CEO of his successful startup. He mentioned that every time he went on a business trip, his...
Life is a mystery. Many unexpected events, both good and bad, can occur at any time of our lives. Unfortunately, we cannot predict those events, we can only prepare for the worst and hope for the best. Life insurance is a contract between a person and a life...
