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An employee must include in gross income for Federal income tax purposes an amount equal to the cost of group-term life insurance coverage on the employee's life to the extent that the cost of the coverage exceeds the sum of $50,000 plus the amount (if any) paid by the employee to purchase the coverage. [2]
Owning a life insurance policy can be an effective way to ensure that your loved ones are provided for if you die prematurely, and it can also play an important role in estate planning. But do you ...
Why a death benefit claim might be denied. A life insurance death benefit claim can sometimes be denied based on specific exclusions written into the policy. One common example is an aviation ...
Although the 4 out of 7 test was exploited in the 1980s by businesses seeking to in effect pay for insurance on employees/shareholders, e.g., on a deductible basis, the introduction of the US$50,000 cap/insured in 1986 in turn led to the creation of broad-based leveraged COLI transactions, i.e., those in which the employer would purchase life ...
Consider term life: If permanent life insurance premiums are too expensive, consider term life policies. These provide coverage for a specific period (like 10 or 20 years) and typically offer more ...
Universal life insurance (often shortened to UL) is a type of cash value [1] life insurance, sold primarily in the United States. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest .
Variable universal life insurance (often shortened to VUL) is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner.
The premiums you pay are tax deductible, but certain conditions must be met and there is a limit to the amount of money you can deduct each year. Tax Planning Tips is long term care insurance tax ...