article thumbnail

What Workers Need to Know About Group Life Insurance

InterWest Insurance Services

Voluntary group life insurance is offered to employees as an optional benefit, and often employers will pay the small premium as an employee retention tool and to provide workers some peace of mind for their families. Internal Revenue Code Section 79 governs the taxation of this employer-provided life insurance.

article thumbnail

The pros and cons of term life insurance vs. permanent life insurance

Higginbotham

One of the first and most important responsibilities embraced by every breadwinner is life insurance. Should they lose your support, life insurance will immediately pay your beneficiary the cash value of the life insurance policy, with no taxes owed, providing a lifeline to resolve debts and pay living expenses.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Financial Costs of Being Unvaccinated

Money Talk

Below are 10 potential expenses for people who remain unvaccinated without a solid medical or other legal reason to do so. Cases have been reported of families swamped by medical expenses , getting hit with balance billing statements despite Congressional bans, and declaring bankruptcy to escape mounting medical expenses.

article thumbnail

How a living benefit rider can add value to life insurance

Higginbotham

Many people purchase life insurance as a way to ensure that their loved ones will be financially secure in the event of their untimely death. But, if your life insurance policy has a living benefit rider, you may also be able to claim benefits for yourself during your lifetime. What is a living benefit rider?

article thumbnail

I have group life insurance through work. Is it enough?

Take It Personel-ly

Employer-sponsored life insurance comes as a well-intentioned perk for loyal employees. Getting covered through work is a less expensive way to protect your family, especially when you need life insurance but haven’t shopped around for one yet. On the […].

article thumbnail

Financial Shocks: What You Need to Know

Money Talk

childcare, food, insurance, rent, utilities) ¨ Car accidents ¨ Disability ¨ Divorce ¨ Large home repairs (e.g., roof, furnace) ¨ Large out-of-pocket medical or dental bills ¨ Loss of a job ¨ property damage due to natural disasters ¨ Reduced income (e.g., certifications, degrees, and work experience) ¨ Strong social capital (e.g.,

article thumbnail

2022 Personal Finance Year in Review

Money Talk

Medical debt in collections that was subsequently repaid was removed from credit reports and Equifax reported a three-week credit scoring glitch. Insurance- Auto insurance premiums increased due to increased cost of repairs (labor), replacement parts, and car rentals and life insurance sales increased amid COVID fears.

Finance 244