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Five Common Life Insurance Mistakes
Mistake 1 – You fail to review your policies every few years
Problem: Many policies are term insurance and provide for temporary coverage. It’s easy to forget when the policy term duration is set to expire.
Solution: Months/years before your term is set to expire it’s best to explore your options. [...]
Mistake 1 – You fail to review your policies every few years
Problem: Many policies are term insurance and provide for temporary coverage. It’s easy to forget when the policy term duratio [...]
Life Insurance and Tax Time
Generally, life insurance proceeds received by a beneficiary are received income tax free. Permanent, cash value, life insurance allows for tax deferred accumulation, tax advantaged income and income tax free death benefit. Withdrawals and loans reduce the policy’s cash value and death benefit, and withdrawals in e [...]
Generally, life insurance proceeds received by a beneficiary are received income tax free. Permanent, cash value, life insurance allows for tax deferred accumulation, tax advantaged income and incom [...]
Virginia Beneficiary Laws
Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree.
If it is your intent to keep your former spouse as the beneficiary you need to make sure you do one of the following 4 things.
- Make the beneficiary designation irrevocable.
- Change the ownership and beneficiary on the policy to your former spouse.
- Prepare a written agreement stating that it is your intention that your former spouse be named the beneficiary on your life insurance policy beyond the date of the divorce or annulment decree.
- Make certain that your divorce decree or annulment contains provision stating that the benefi [...]
Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree.
If it is your intent to keep your former spouse as the beneficiary you need to make sure you do one of the following 4 things.
- Make the beneficiary designation irrevocable.
- Change the ownership and beneficiary on the policy to your former spouse.
- Prepare a written agreement stating that it is your intention that your former spouse be named the b [...]
Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree.
If it is your intent to keep your former spouse as the beneficiary you need to make [...]
