Even if you are not a stuntman, do not go in for extreme sports and do not risk your head daily, take a closer look at life insurance programs. With life insurance, you can save up for planned expenses like a wedding or a down payment on a mortgage, or secure an increase in your pension. Visit american-reia.com and find out more information in this area
What are the benefits of life insurance?
In addition to the original goal of providing an airbag for loved ones in case something happens to you, life insurance has other options:
save up for planned expenses - for example, for teaching children at a university;
save up for a pension.
Additional benefits of life insurance:
Risk payouts are not taxed. Income tax on “survival” payments is levied only on the difference between the amount of the payment and the amount of contributions, minus the refinancing rate.
Tax deduction. You can apply to the tax authorities with an application and return a tax deduction in the amount of insurance premiums paid for the tax period (but not more than the transferred personal income tax) under voluntary life insurance contracts for a period of 5 years or longer.
Targeting. Death insurance payments are not included in the inheritance - only the person you specified will receive them. This is caring for the most vulnerable family members - you can protect, for example, grandchildren or children from a first marriage.
Special status of the policy. Insurance policies are not property, so they cannot be levied by third parties. They cannot be confiscated, arrested or, for example, divided during a divorce.
By terminating the contract early, you risk losing some or all of the premiums, for example if you terminate the contract in the first year of the term. Therefore, pay attention to the procedure for determining the amount of the redemption amount under your contract.
Also pay attention to:
term of the insurance contract;
amounts of insurance premiums;
frequency of payment of contributions;
distribution of the risk and funded part in insurance;
list of exclusions from insurance;
grounds for refusal to pay insurance;
conditions for early termination of the contract (including the procedure for determining the amount of the redemption amount).
