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Life Insurance Learn about life insurance options. |
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Life Insurance OptionsLife insurance is a financial product (policy) that pays monetary benefits to the policy holder (beneficiary) in the event of the specified person's (the insured) death. For example, a husband purchases a life insurance policy for himself that will pay his wife $100,000 upon his death. Everyone has heard of life insurance, many are not aware of the different types of life insurance available, and that some types of life insurance have the ability to help people invest money for the future. A life insurance policy with an investment component is Permanent Life Insurance
With a permanent life insurance policy, monthly premiums are higher than comparable coverage on a term life insurance policy (a policy with no savings/investment component). The extra premium goes toward sales commissions and expenses, and the rest is placed into investments. Typically the permament life insurance policy holder has options on the investment of their money. Many insurers provide mutual fund sources to choose from. As of tax year 2004, money earned from these investments is tax deferred, which means there is no income tax to pay on earnings or capital gains as long as the policy remains in force. With a permanent life insurance policy, the policy holder has the option to borrow money against any accumulated cash value of the policy - without having to pay income tax on the amount borrowed. It takes many years for cash value in a permanent life insurance policy to accumulate, so policy loans are something to consider at some point. Another benefit of permanent life insurance is that the policy will remain in force until the death of the insured. Term life insurance policies expire when the insured reaches a certain age. While this isn't advantageous to all, it can be beneficial to some (i.e. - a parent with dependents, disabled child who needs adult financial assistance, a person who doesn't want a sizeable estate tax burden on heirs upon his/her death). Consult with a life insurance professional to help determine if a permanent life insurance policy is appropriate for your financial goals. Latest Life Insurance News March 20, 2007 If you have been thinking about getting term life insurance, now's a great time to start shopping because life insurance rates are declining rapidly. According to the Insurance Information Institute's forecast the cost of term life insurance policies will drop by an estimated four percent in 2007. Term life insurance rates are dropping largely as a result of increased competition among insurance companies.
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Santa Fe Springs Credit Union Robbed At Gunpoint, Police Say
NBC 4 Los Angeles -
One of four men who held up the Vons Federal Credit Union in Santa Fe Springs Wednesday is quickly taken into custody, but the others get away after firing shots at a security guard who tries to prevent their escape, police say.
Full Story: http://www.knbc.com/news/15236540/detail.html?rss=la&psp=news
Credit union members compensated
BBC News -
Members of a Wrexham credit union which collapsed are told they will receive full compensation.
Full Story: http://news.bbc.co.uk/1/hi/wales/north_east/7231199.stm
Fort Mill man convicted in pipe-bomb scheme
The State -
An 18-year-old Fort Mill man has been convicted for his role in a scheme to plant pipe bombs at a Charlotte school to provide a diversion while a group of men robbed Founders Credit Union. Steven Michael Eddington was convicted Thursday of conspiracy to rob a bank, possession of explosive devices and other charges, Assistant U.S. Attorney Kevin McDonald said. Eddington’s father, Timothy Wayne ...
Full Story: http://www.thestate.com/local/story/305620.html