Hi guys, Welcome to the Advanced Video Search Engine, and you are watching Life Insurance: Term and Whole Permanent Life Insurance. Tax Compliance and Planning TCP Exam. That video is uploaded by Farhat Lectures. The # 1 CPA & Accounting Courses at 2024-01-15T06:52:57-08:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [xAx_erJNIOQ]
| Name | Life Insurance: Term and Whole Permanent Life Insurance. Tax Compliance and Planning TCP Exam |
| Video Uploader | Video From Farhat Lectures. The # 1 CPA & Accounting Courses |
| Upload Date | This Video Uploaded At 15-01-2024 14:52:57 |
| Video Discription | In this video, I discuss the two types of life insurance: term life insurance and permanent whole life as they are covered do the tax compliance and planning CPA TCP section. Start your free trial👉https://lnkd.in/g4hZAp2 Life insurance is designed to mitigate the financial consequences of death, which is known as mortality risk. This type of insurance plays a crucial role in personal financial planning, especially for those who have dependents. Here's a breakdown of what life insurance entails and its importance: Purpose of Life Insurance: It primarily serves to provide financial support to the dependents of the insured after their death. This support can cover various expenses, such as: Income for Survivors: It ensures that the dependents continue to receive financial support. Debt Settlement: It helps in paying off any outstanding debts that the deceased may have had. Funeral Costs: It covers the expenses associated with funeral arrangements. Education Expenses: Sometimes, it can also provide funds for the education of the insured's children, like college fees. Insurability of a Client: This refers to how suitable a person is for life insurance based on factors like health, age, and lifestyle. Insurability is a key element in personal financial planning because: It determines whether a client can obtain life insurance and at what cost. If a client needs life insurance for any reason, their level of insurability will greatly influence the options available to them. Underwriting Process: Before issuing a life insurance policy, companies conduct an underwriting process. This involves: Assessing the risk associated with insuring the individual. Evaluating the individual's medical history, lifestyle, occupation, etc. Life Insurance Riders: These are additional benefits that can be added to a standard policy. Riders enhance the policy by providing extra protections or features, though they usually come at an additional cost. Types of Life Insurance Contracts: There are two primary forms: Term Life Insurance: This is a temporary form of insurance that covers the insured for a specific period, say 10 or 20 years. It's typically less expensive but does not accumulate any cash value. Permanent (or Whole) Life Insurance: This type of insurance provides coverage for the insured's entire life and includes an investment component, which builds cash value over time. It is generally more expensive than term life insurance. In summary, life insurance is a vital tool in personal financial planning, offering financial protection to dependents in the event of the policyholder's death, while also providing options like debt settlement and educational fund support. Its importance is underscored by the need for insurability assessment and the availability of various policy types and riders. #cpaexaminindia #cpaexam #accountingmajor xAx_erJNIOQ |
| Category | Education |
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