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What to Do With Life Insurance Proceeds

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What should you do with a life insurance policy payout? Decisions in the claim process. Don’t rush into any decisions. Take care of immediate needs first. Enlist help where needed. Paying off high-interest debt. Paying off the mortgage. Saving for your children’s college. Investing the life.

Life insurance proceeds may be tax-free, depending on what proceeds you or your beneficiaries receive. Life insurance protects your family from your financial debts and obligations after you die by providing a death benefit, but it also may be used for business purposes to compensate a company for the loss of a key person in the company.

Life insurance proceeds paid to you because of the death of the insured person aren’t taxable unless the policy was turned over to you for a price. This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract.

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Generally speaking, when the beneficiary of a life insurance policy receives the death benefit, this money is not counted as taxable income, and the beneficiary does not have to pay taxes on it.

Answer Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren’t includable in gross income and you don’t have to report them. However, any interest you receive is taxable and you should report it as interest received.

Receiving life insurance proceeds provides the opportunity to better plan for current and future needs. It can ensure financial stability and a better quality of life, if managed properly. If financial analysis is not your strength, it is even more important to consult with experts. 4 – Invest Wisely. If you decide to invest funds, do so wisely.

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The best thing to do with life insurance proceeds is to sit with a trusted advisor. If you don’t know one personally, start with friends, family and co workers for their experiences. Absolutely debt should be repaid but also the money will need to be properly invested in order to use it as a steady stream of income to replace your loved one.

4 Things to Do With Life Insurance Proceeds. Four more things Fish and Uren advise you do: Pay off high-interest credit card debt. "If you have credit cards and they’re in your spouse’s name.

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