Life Insurance

[feh]

Can any one tell, are life insurance benefits taxable.?

Google.

[rennigade]

Are there life insurance policies that last forever? I believe the answer is yes, the whole life policies?

My father has a policy he bought when he was younger. I think its $350k. I think he only has to pay in $500 or $600 a year to keep the policy in place.

He has no need for one but his reasoning is if he dies then wife would get the money. If they both die then myself and sister would get the money.

For easy math, im going to say he bought this policy when he was 30 years old. Lets say he lives till 90...so he will be paying in for 60 years. So thats $36,000 and in return the insurance company will pay out $350k.

If this is how this type of life insurance policy works, why wouldnt anyone who wants to leave their kids or anyone else for that matter money...why wouldnt they have life insurance? Seems like a decent rate of return, as long as you dont miss any payments. Only downside is the person paying in doesnt actually benefit from the investment.

[galanins]

Thank you for your answers!

[galanins]

Google[/URL].

Google does not help me.
I know how to use it.

[Nika]

DH 500k 30 year term - $804 per year
me 500K 30 year term - $360 per year
Evidently I am a picture of health.

It is not enough at all to be set. It is just enough to pay off the apartment, so that the other parent could support it on one salary by just having to pay maintenance charges (close to $1,400 a month right now).

[Like2Plan]

Google does not help me.
I know how to use it.

from google search
(search criteria: are life insurance proceeds taxable to beneficiary )

sample search results:

Will my beneficiaries have to pay taxes on the proceeds of my life insurance policy?

Are Life Insurance Proceeds Taxable to the Beneficiary?

Read more: Are Life Insurance Proceeds Taxable to the Beneficiary? | eHow.com http://www.ehow.com/about_7269443_life-insurance-proceeds-taxable-beneficiary_.html#ixzz2LSIsFf8W

[elfen lied]

To put it simply, life insurance protects those who depend on your paycheck. If you die prematurely, life insurance provides your dependents with ongoing income to replace yours, until (or unless) they can live comfortably without it. It can also provide a timely emergency fund for medical, legal, and funeral costs, should family savings not be adequate to cover them. (After all, that golf-inspired Fairway to Heaven casket ain't cheap.Life insurance is not a good way to strike it rich for "pennies on the dollar."