The Detroit Post
Sunday, 17 October, 2021

My Life Health Insurance

Bob Roberts
• Sunday, 17 October, 2021
• 7 min read

Financial Consulting Services offering stocks, Bonds, Mutual Funds, Annuities, Retirement Plans, and various Insurance Products in Life, Accident & Health ; Specializing in Health i.e. Medicare, Affordable Care. My service model consists of analyzing your situation fully; monitoring market changes and conditions; researching suitable products; monitoring tax changes and assess their impact relative to your goals; understanding the political impacts and risks as they materialize; and keeping abreast of financial reform legislation to ensure that my practice is compliant and able to serve your needs.

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My goal with any relationship is to help clients manage risk by identifying vulnerabilities, and closing gaps in your plan so that your financial position is not compromised in any way. My immediate focus will be to concentrate on understanding the Protected vs. non-Protected assets in your current portfolio and reducing liability exposure.

Due to various state regulations and registration requirements concerning the dissemination of information regarding investment products and services, we are currently required to limit access of the following pages to individuals residing in states where we are currently registered. Victoria S. Lorem ipsum dolor sit met, ConnectEDU adipisicing elite.

Williamson Lorem ipsum dolor sit met, ConnectEDU adipisicing elite. Term Reinsurance is relatively inexpensive and provides a tax-free death benefit to your beneficiaries with coverage for a fixed period of years (5, 10, 15, 20 and 30) depending on your age at the time of purchase.

Income Replacement Recently Married Have become new parents and college tuition Provide funds to pay off a mortgage Provide a charitable donation New job or leaving current employer Starting a business or buy/sell agreements Pay off all liabilities for family and loved ones No matter whether you are considered “special/high risk” or you have a terminal illness, we can get you affordable coverage.

With You Every Step Of Life's Way In 2019, we provided peace-of-mind to over 500 families, helping them with their insurance needs. We provide economical insurance solutions to your needs.

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Whether it is life insurance, disability insurance, or something else, you and your family are our #1 priority. Our experience gives us the unique ability to help you, while keeping your best interests first.

My Family Reinsurance is an independent insurance agency, offering insurance quotes, comparison services, and educational insurance resources geared towards protecting you, your family, or your business. That might sound strange coming from an insurance company.

Maybe in your dealings with some other agencies, you dealt with uncaring individuals or companies focused on themselves rather than you. We believe in placing you and your interests first, giving you peace of mind if the unexpected were to happen.

Life insurance helps protect those who depend on your life, so there’s no sudden monetary shortage in the event of your death. If someone besides you depends on your income, life insurance can help provide for your loved ones at a time when they may need it the most.

Principal ® offers a range of life insurance products to fit your current and future needs. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes.

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A taxable fringe benefit arises if coverage exceeds $50,000 and the policy is considered carried directly or indirectly by the employer. Because the employer is affecting the premium cost through its subsidizing and/or redistributing role, there is a benefit to employees.

A policy that is not considered carried directly or indirectly by the employer has no tax consequences of the employee. Therefore, each employee is subject to social security and Medicare tax on the cost of coverage over $50,000.

Generally, if there is more than one policy from the same insurer providing coverage to employees, a combined test is used to determine whether it is carried directly or indirectly by the employer. If coverage is provided by more than one insurer, each policy must be tested separately to determine whether it is carried directly or indirectly by the employer.

Whether a benefit provided is considered de minimis depends on all the facts and circumstances. In some cases, an amount greater than $2,000 of coverage could be considered a de minimis benefit.

If the optional policy were not considered carried by the employer, none of the $100,000 coverage would be included in income. Check with your employer to see if they participate in the Commonwealth’s life insurance program.


Don’t forget that your basic and optional term life insurance plans also provide accidental death and dismemberment benefits. These benefits provide additional financial protection in the event of death or injury caused by certain accidents.

The terrible consequences of omitting a single detail from an insurance application have been underlined by the tragic case of a father who died knowing his family may not benefit from his life and critical illness policy. NIC Hughes died in October, less than a year after being diagnosed with cancer of the gall bladder with secondary tumors in his liver.

To Mr Hughes's horror, Friends Life rejected his claim on the basis of alleged non-disclosure of required information, and cancelled the policy. At the time of applying for the insurance, in 2009, he had been suffering ulcerative colitis (UC) for a number of years, and revealed this in his application.

But Mr Hughes's medical records from July 2008 onwards include the symptoms of pins and needles, numbness and clumsiness, a recommendation that he reduce his alcohol intake and have blood tests. In a later letter to Mr Hughes, a specialist claims consultant for Friends Life said: “The recent symptoms of numbness, loss of feeling and tingling sensations recorded in your medical records, together with the abnormal liver function tests you'd had, could have indicated the onset of a number of serious medical conditions.

Unfortunately, being able to sell the policy is not a cut and dry, yes or no answer, but we’ll share what the process looks like and what options may be available. Once converted, a life settlement provider can then make an offer based on your age, health, type of insurance, premiums and death benefit.

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If you don’t have your original policy documents, call the agent or insurance company directly and have them check for you. That said, it can range between 10% and 50% depending on various factors, including your age, life expectancy, and policy details.

The biggest issue you might run into is that you had a conversion rider on your policy originally, but it has since expired. The age limit on conversion can make it difficult to sell a term life insurance policy.

State Farm, for instance, allows you to convert your policy to whole or universal life until age 75. TIAA Life allows you to convert your policy at any point during the initial term, regardless of your age.

So, when you’re looking at your policy documents or checking with the insurance company, make sure you find out what kind of restrictions the rider has. If your policy doesn’t have either of these riders, or receiving cash now outweighs their benefits, a life settlement is a good option to consider.

If you have a convertible term life insurance policy and need cash to supplement your retirement income, pay medical bills, or pay for long-term care costs, you should consider converting your term life insurance policy and engaging in a life settlement. Always consult with your insurance agent or trusted adviser in handling these important matters.

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Since its organization in 1952, Life of Alabama has paid HUNDREDS OF MILLIONS OF DOLLARS in benefits to its policyholders. Browse our website to find out more about the products we offer and why LICRA has been the go-to company for all of your insurance coverage needs for 66 years.

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