Monthly Archives: September 2011

Providing Higher Education with Life Insurance

As parents we do all we can to provide our children with opportunities to succeed. If the unexpected occurs, the death benefit proceeds from a Life Insurance policy can be used to fund College or other higher educational schooling.

A 2012 Bloomberg report finds that the cost of college tuition has soared 12 fold in 30 years. The same report shares some grim news that this rate has outpaced the price of inflation on consumer goods, medical expense and food. Most of us know that College Tuition is expensive, but with these staggering findings it may put a bit more urgency in protecting this opportunity for our children.

When there is a policy in place to cover your child’s college tuition should there be a pre-mature death, the surviving spouse and child(ren) will not endure this financial burden. Many variations are available for obtaining college tuition insurance coverage. You may feel it is best to have this coverage from the time your child(ren) are born or you may decide it is better to have a term policy only during the time your child(ren) are in college.

What ever is best for your personal situation, talking with your insurance representative about the different options available is the first step. Continuing to provide opportunities of success for your children with life insurance proceeds can make one of the biggest differences in their lives.

Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
View INSTANT Term-Life Quote: www.insureyourfamily.com
If you prefer to speak with a local financial representative, call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

Death Taxes – Will You or Your Loved Ones be Affected?

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Death Taxes – aka: Estate Tax, Federal Estate Tax, and Inheritance Tax

In the United States a taxable estate is generally the value of everything owned or have certain interest in at the time of death, minus deductions, such as funeral expense.

Benjamin Franklin once wrote: “In this world nothing can be said to be certain, except death and taxes.”

As the saying goes… you are Taxed when you are coming and Taxed when you are going.

Estate tax rates vary between 37% to 55%, depending on each individual.

Beneficiaries of life insurance proceeds may be required to pay estate tax attributable to the death proceeds, in either of the two following circumstances:

The decedent/insured has directed in his/her will that the life insurance beneficiary pay the share of death taxes attributable to the proceeds.
The state of the decedent’s domicile has a statue that apportions the burden of death taxes among probate and non-probate beneficiaries in absence of any direction from the decedent regarding where the burden of death taxes should fall.

Resources on this subject:

mystatewill.com gives a great answer to the question: Is life insurance subject to the Federal estate tax?

http://www.mystatewill.com/info_files/life_ins_fed_estate_tax.htm

Tax Laws change often, which means It’s always best to view the IRS.gov site under Estate and Gift Taxe s for the current laws.

FAQ’s Estate Taxes

http://www.irs.gov/businesses/small/article/0,,id=108143,00.html

Bulletin No. 2003-17 April 28, 2003

page 8 (search 2042)

http://www.irs.gov/pub/irs-irbs/irb03-17.pdf

Bulletin No. 1996-7 February 12, 1996

Estate Tax, page 16

page 24 (search 2042)

http://www.irs.gov/pub/irs-irbs/irb96-07.pdf

9/11 We Will Never Forget

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What Does Final Expense Insurance Do?

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Funerals: One of those subjects no one likes to think about, especially when it is our own. On the other hand; If it’s hard for you to think about funerals, imagine your loved ones having to plan your funeral with out knowledge of your wishes and struggling to come up with the funds to pay for your final arrangements. The last thing anyone wants to think about after they lose a loved one is how to pay for all the final arrangements.

Coping with the grief of death is hard enough without having to worry about
final arrangement expenses.

When Final Expense Life Insurance is in place it helps ease the financial burdens of final arrangements by paying for the many costs associated with final arrangements, while allowing loved ones to focus on the issues that matter most when a death occurs.

Having a Final Expense Insurance policy means you are covered for your entire lifetime. Premiums and benefits are guaranteed to remain the same as long as the whole life policy is in effect and premiums paid. This type of insurance is affordable, has a simplified underwriting process, builds cash value and available in a variety of face values.

North Coast Life’s final expense policies are available in face amounts ranging from $2,500 up to a maximum of $25,000. These face amounts are less than a standard life insurance policy, because the main purpose of these policies are to cover final expenses (funeral). Final Expense policies are NOT intended to cover ongoing living costs, college, large debt or retirement funding for beneficiaries. (click for product brochure)

FAQ’s
Will my coverage change? No, your policy is guaranteed to stay the same
Can my premiums change as I get older? No, your premiums are guaranteed to stay the same, and your policy stay with you for a lifetime.
Is the policy guaranteed to my satisfaction? You have a no risk 30-day free look money-back-guarantee.
Can the policy be canceled? NCL insurance company cannot cancel your policy except in the case of fraud or failure of premium payment.

ABOUT NORTH COAST LIFE INSURANCE
Established in 1965 in Spokane, WA. North Coast Life Insurance Company (NCL) is focused on providing solutions for you and those you love most. Experience genuine personal service while receiving guidance on all your insurance needs.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). Providing solutions for your financial needs. INSTANT Term-Life Quote: www.insureyourfamily.com
Prefer to speak with a local financial representative? Call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

How “Key Employee” Life Insurance is Important.

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Key Employee Life Insurance

Would your business survive the loss of a Key Employee?

The loss of valuable lives to a business can be more serious than one may originally think. Nearly every business has key employees who are critical to the overall success and profitability of the business. Key employee life insurance insures a business against the Continue reading →