Insurance

Universal Life Insurance is a flexible policy that lets you vary your premium payments and adjust the face amount of your coverage.

Whole life insurance policies build cash value and covesr a person for as long as he or she lives, as long as premiums continue to be paid.

Inflation Protection is an insurance policy option that provides for increases in benefit levels to help pay for expected increases in the costs of long-term care services.

Accelerated Death Benefit is a feature of a life insurance policy that lets you use some of the policy's death benefit proceeds prior to death.

COBRA is the abbreviation for the Consolidated Omnibus Budget Reconciliation Act of 1985.
It is a law that requires employers with 20 or more employees to allow employees and their dependents to keep their group health coverage for a time after they leave that job under certain conditions.
It is called "continuation" coverage. Generally, COBRA allows the ex-worker and their dependents to keep their existing group coverage for 18 months (29 or 36 months in some cases) after termination from the job. Generally, the ex-worker will have to pay both the ex-employee's share and the previously paid employer's share of the premium.
Some state's require employers with less than 20 employees to keep their group health coverage.
Speak to your local CPA or your State's Insurance Department for additional information on your COBRA rights.

` You can avoid early withdrawal penalties and taxation on accumulated interest on a life insurance policy by doing a tax-free exchange into a no-load, commission free variable annuity. Speak to your local CPA about this tax strategy.

Contact FEMA at: - Disaster Assistance- Telephone: 1 (800) 621-FEMA (3362)- TDD: 1 (800) 462-7585- Fax: 1 (800) 827-8112

The reimbursement is generally tax- free if you are paid under an insurance policy for living expenses resulting from the loss of occupancy or for a loss of use of your residence when your principal residence is destroyed or damaged by fire, storm or other casualty. Speak to your local CPA about the taxability of your reimbursement.

If you are insured for the full loss you incurred, but you do not file a claim, you cannot claim a deduction on your tax return.