Ah. You seniors.
Life insurance. Who needs it? Should you obtain life insurance?
Well, there’s no income issues per se, nor are there typically business concerns for the senior. There is a major concern for wealthy seniors, however, and that is Estate Taxation.
If you have an estate in excess of $2,000,000 in 2008, and you pass on, your estate will be taxed at a 45% rate on everything above the $2,000,000. So, as an easy example, suppose your estate is $10,000,000. $10,000,000 minus your $2,000,000 exclusion equal $8,000,000. Tax on the $8,000,000 at 45% is $3,600,000!!!! Now that you are sick to your stomach, there is a way to pay for this with little or no financial outlay.
Premium financing gives the senior the opportunity to have someone else finance the sometimes onerous yearly premium payments for them. That’s right. With a pittance, or nothing out of pocket, the senior can obtain life insurance. Wouldn’t it be great if your family could use the life insurance proceeds to pay that $3,600,000 in estate taxes in the example above?
Well, it is being accomplished by savvy seniors right now, and it’s really a simple process. Feel free to visit our sister site Life Insurance For Seniors to find out how, and also learn about immediate annuities with no cash outlay at all.
5 responses so far ↓
1 SeniorsSpace.com Blog » Should Seniors Obtain Life Insurance? // Jul 25, 2008 at 12:45 pm
[...] NCPSSM wrote an interesting post today onHere’s a quick excerptPremium financing gives the senior the opportunity to have someone else finance the sometimes onerous yearly premium payments for them. That’s right. With a pittance, or nothing out of pocket, the senior can obtain life insurance. … [...]
2 Mike Harmon // Jul 25, 2008 at 1:01 pm
I discovered your homepage by coincidence.
Very interesting posts and well written.
I will put your site on my blogroll.
3 » Should Seniors Obtain Life Insurance? // Jul 25, 2008 at 1:18 pm
[...] Davebrin wrote an interesting post today onHere’s a quick excerpt Ah. You seniors. Life insurance. Who needs it? Should you obtain life insurance? Well, there’s no income issues per se, nor are there typically business concerns for the senior. There is a major concern for wealthy seniors, however, and that is Estate Taxation. If you have an estate in excess of $2,000,000 in 2008, and you pass on, your estate will be taxed at a 45% rate on everything above the $2,000,000. So, as an easy example, suppose your estate is $10,000,000. $10,000,000 minus your $2 [...]
4 Should Seniors Obtain Life Insurance? // Jul 25, 2008 at 1:19 pm
[...] Go to the author’s original blog: Should Seniors Obtain Life Insurance? [...]
5 Term Life Online // Jul 26, 2008 at 11:47 am
In addition, seniors who are not wealthy, but need life insurance for their spouse’s retirement, or final expenses, may want to compare rates and plans online. There’s even no exam senior lfie insurance plans available that offer a simplified approval process with no medical exam required.
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