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What type of life insurance should I get?

In part 3 of our life insurance questions, we look at the types of policies and if tax is applicable.

What are the different life insurance policies? Which should I get?

  • Term insurance: Only applies for a period of time and typically get for an immediate need. These policies only pay out 2% of the time

  • Permanent insurance: Applies until you pass away. Two types, whole-life and universal-life, where the investment portion is either invested the say way for each policy holder or has options for how it is invested, respectively

  • To decide what’s best for you it’s best to work with a life insurance provider

Do I pay taxes on payments from an insurance policy?

  • The death benefit is tax free, meaning the beneficiary does not pay taxes on the money received

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