{"id":517,"date":"2023-08-21T15:49:14","date_gmt":"2023-08-21T15:49:14","guid":{"rendered":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/?page_id=517"},"modified":"2023-08-21T15:57:10","modified_gmt":"2023-08-21T15:57:10","slug":"life-insurance-2","status":"publish","type":"page","link":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/life-insurance-2\/","title":{"rendered":"Life Insurance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"517\" class=\"elementor elementor-517\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c8f0d95 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"c8f0d95\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c8663c5\" data-id=\"c8663c5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c0c165e elementor-icon-list--layout-inline elementor-align-center elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"c0c165e\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/plugins\/elementor\/assets\/css\/widget-icon-list.min.css\">\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Home<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-ellipsis-h\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1f87f28 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f87f28\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8289c7\" data-id=\"e8289c7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-97e0c51 elementor-widget elementor-widget-heading\" data-id=\"97e0c51\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">DEATH BENEFITS & TAXATION<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-604cd63 elementor-widget elementor-widget-text-editor\" data-id=\"604cd63\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>A death benefit is a payout to the beneficiary of a life insurance policy, annuity, or pension when the insured person or annuitant dies. With life insurance policies, death benefits are not usually subject to income tax and named beneficiaries <u>typically receive the death benefit as a lump-sum payment<\/u>. <strong>**<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f74fdb elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-image\" data-id=\"2f74fdb\" data-element_type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"80\" height=\"80\" src=\"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/pattern-5.png\" class=\"attachment-large size-large wp-image-57\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93bde4e elementor-widget elementor-widget-heading\" data-id=\"93bde4e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Payout of Death Benefits<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-566eca2 elementor-widget elementor-widget-text-editor\" data-id=\"566eca2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe process of receiving a death benefit from a life insurance policy, pension, or annuity is straightforward.\nBeneficiaries need to know which life insurance company holds the deceased\u2019s policy or annuity. The policyholder has a responsibility to share policy or annuity information with beneficiaries when they name them as beneficiaries.\nBeneficiaries must submit death claim forms to each insurance company with which the insured or annuitant carried a policy, along with a copy of the death certificate. Most insurers require a certified death certificate listing the cause of death. If multiple beneficiaries or survivors are listed on a policy or annuity, each one must complete a death claim form.\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-092daf7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"092daf7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-507ab9b animated-slow elementor-invisible\" data-id=\"507ab9b\" data-element_type=\"column\" data-settings=\"{&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-264c2cf elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"264c2cf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"95\" height=\"95\" src=\"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/pattern-4.png\" class=\"attachment-large size-large wp-image-53\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b875bf9 animated-slow elementor-invisible elementor-widget elementor-widget-image\" data-id=\"b875bf9\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_animation_delay&quot;:500}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1137\" height=\"782\" src=\"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/zxc.png\" class=\"attachment-full size-full wp-image-537\" alt=\"\" srcset=\"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/zxc.png 1137w, https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/zxc-300x206.png 300w, https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/zxc-1024x704.png 1024w, https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/zxc-768x528.png 768w\" sizes=\"auto, (max-width: 1137px) 100vw, 1137px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3da38f elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-image\" data-id=\"e3da38f\" data-element_type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"95\" height=\"95\" src=\"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-content\/uploads\/2023\/08\/pattern-4.png\" class=\"attachment-large size-large wp-image-53\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2f3ff4a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2f3ff4a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-45f5247\" data-id=\"45f5247\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2568f09 elementor-widget elementor-widget-text-editor\" data-id=\"2568f09\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Death benefits under a life insurance policy are not subject to ordinary income tax, but they may be subject to federal or state estate tax if the death benefit is paid to the estate and exceeds the estate tax exemption limit. <strong><u>Beneficiaries of an annuity with a death benefit may pay income tax on the payments.<\/u><\/strong><\/p><ul><li>With all of this in mind, why are death benefits non-taxable? Well, for the beneficiary, it\u2019s not really income for their own use. You will not see the payout, because it\u2019s only issued once the policyholder (you) passes away.<\/li><li>For the beneficiary, especially a beneficiary of a final expense policy, they will likely receive little to none of the death benefit for their own personal use. They are instead going to use it to cover the policyholder\u2019s designated expenses\u2014it is, therefore, not taxed.<\/li><\/ul><p><strong><u>If the beneficiary is paid one lump sum policy amount, it is not taxable income<\/u><\/strong>. However, if the beneficiary is paid in installments over several years, any interest accrued on the policy amount is considered taxable income.<\/p><p>When a decedent leaves an asset, such as a house or a car, and the beneficiary sells it for more than it was worth at the time of decedent\u2019s death, the beneficiary will have to pay capital gains taxes on the difference. Only the &#8220;date of death value&#8221; is relevant, not the value when it was purchased.<\/p><p>Estate refers to an individual\u2019s assets, which includes their home(s), bank accounts, investment accounts, cars, jewelry, and so on. Estate taxes apply to assets that the decedent owned or retained an interest in at death. <u>Gifts made during life of the decedent decrease the exemption available at death.<\/u><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Home DEATH BENEFITS &#038; TAXATION A death benefit is a payout to the beneficiary of a life insurance policy, annuity, or pension when the insured person or annuitant dies. With life insurance policies, death benefits are not usually subject to income tax and named beneficiaries typically receive the death benefit as a lump-sum payment. ** [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-517","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/pages\/517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/comments?post=517"}],"version-history":[{"count":4,"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/pages\/517\/revisions"}],"predecessor-version":[{"id":540,"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/pages\/517\/revisions\/540"}],"wp:attachment":[{"href":"https:\/\/demo-websitedesigns.com\/growingcommunityx\/v1\/wp-json\/wp\/v2\/media?parent=517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}