Many employees have access to employer provided benefits such as health insurance, a retirement savings plan disability insurance and life insurance. Generally the coverage is group term coverage that will pay a specified death benefit up to a certain amount that is usually based on a multiple of the employee’s salary. An employee making $50,000 per year may have group term life insurance that pays a death benefit of $40,000. Generally the employer will pay the premium for coverage up to a certain death benefit amount. Usually this amount is $50,000. The reason why is the IRS allows the employer to pay the premiums on a group life insurance policy up to a face amount of $50,000 without the employee having to include the amount the employer pays for premiums in gross income. Sometimes the employee can elect to have coverage for a higher amount but will most likely have […]
life insurance
Life Insurance is Not an Investment
Last week I seemed to cause a bit of a kerfuffle when I wrote about which life insurance may or may not be appropriate for the general consumer. For the readers that sent in emails and comments – thank you! It’s much appreciated and we enjoy the feedback. Twitter was also flitting and chirping with the commotion. In particular, the discussion really narrowed down to, and most of the comments we received were regarding the comment I made on life insurance not being an investment. And that’s still true. It’s not. Now there are plenty of people that will argue with me that it is an investment for this reason or that. For this writing I am hoping to explain and to clarify what I meant as an investment. From a pure investment standpoint – meaning saving and investing one’s money for retirement and or college or just saving and […]
Sterling Raskie, MSFS, CFP®, ChFC®
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And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.