Is the Cash Value of Life Insurance Taxable?
Harbor Life Settlements Blog
by Lucas Siegel
1M ago
Cash value life insurance is any type of policy that features a death benefit and a savings element. Common types of cash value life insurance policies include whole life, universal, variable universal, and indexed universal. Cash value policies are permanent, and accumulate value that you can access during your life to pay for emergencies, cover retirement expenses, or even self-cover the policy’s premiums. The savings component of cash value life insurance makes it an attractive option over term policies that do not build cash value. If you’re considering the purcha ..read more
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9 Alternatives to Life Insurance
Harbor Life Settlements Blog
by Lucas Siegel
2M ago
Life insurance is a financial tool to provide for loved ones when you pass away. The death benefit can cover funeral expenses, pay off debt like a mortgage, and provide for living costs of beneficiaries. However, JRC Insurance Group notes that you can be declined for life insurance due to reasons like age, chronic illness, diabetes, a hazardous career, a history of cancer, or even low income. If you’ve been rejected for life insurance or are simply interested in some alternative options that may be a better fit for your needs, here are some options to consider. 1. Income protection ..read more
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The Complete Guide to Life Insurance Payouts in 2024
Harbor Life Settlements Blog
by Lucas Siegel
2M ago
If you have a life insurance policy, you may have some questions about the death benefit or payout beneficiaries will receive after you pass away. The average life insurance payout in 2024 is $168,000 and is insurance companies typically pay claims within 14-60 days of a claim’s submission. However, various factors can impact the payout amount and timeline for payment. We’ll discuss common questions with insights from industry experts to give you a better understanding of life insurance payouts. What is a life insurance payout? A life insurance payout is the money paid out to benef ..read more
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Should I Sell My Life Insurance Policy?
Harbor Life Settlements Blog
by Avery Logan
3M ago
As you get older and your situation changes, you may decide that your life insurance policy is no longer necessary. Maybe it’s because your loved ones are financially independent, or maybe it’s because your rates have increased and made the policy unaffordable to maintain. In either situation, you’re left with a decision on what to do with your life insurance policy. Selling your life insurance policy can be a good idea for some people, as it generally offers a higher return than surrendering the policy. However, it’s a decision with major implications so you need to ..read more
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What is a Life Insurance Buyout and How Does It Work?
Harbor Life Settlements Blog
by Avery Logan
3M ago
If you have a life insurance policy you no longer want or need, a life insurance buyout may be a viable option to get money out of your policy. The process involves selling your life insurance policy to a third party for a lump cash sum, and it frequently comes up when people can no longer afford coverage or it’s no longer needed because children are financially independent. To decide if a life insurance buyout is the right decision for your situation, there are a few things you should know. We’ll share information to help you understand the process and answer common questions from ..read more
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15 Ways to Make Money in Retirement
Harbor Life Settlements Blog
by Avery Logan
3M ago
Enjoying retirement means having a comfortable income, either from savings or benefits. However, recent studies suggests that nearly half of retirees struggle to afford basic living expenses and it’s only getting more difficult with inflation reducing your purchasing power. If you’re running out of money or just looking for some ways to get extra income, we’ll share the top available options. 15 ways for retired people to make money Although a financial emergency like a surprise medical bill can change your financial situation instantly, there are generally signs you ..read more
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Nourishing the Golden Years: Nutrition and Wellness Strategies for Healthy Aging and Longevity
Harbor Life Settlements Blog
by Liz Keller
6M ago
The Importance of Nutrition in Aging As we age, our bodies undergo a range of changes, impacting everything from metabolism to nutritional requirements. This period of life calls for a reevaluation of dietary habits to align with the body’s evolving needs. It’s not just about what we eat, but how our body processes it. One of the most notable changes is a slowdown in metabolism. This reduction in metabolic rate means older adults require fewer calories. However, the need for essential nutrients remains high, sometimes even increasing. It’s a delicate balance of consuming nutrient-rich foods ..read more
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4 Ways to Find a Lost Life Insurance Policy
Harbor Life Settlements Blog
by Avery Logan
9M ago
A life insurance policy is something you hold onto for years, or in some cases, an entire lifetime. Over time, you may lose track of a life insurance policy you took out, especially if there have been changes to the company it was purchased from. This is more common than you think, as each year it’s estimated that tens of millions of dollars in life insurance benefits go unclaimed.  In this guide, we’ll provide steps to help you find a lost life insurance policy along with the information you’ll need to submit to claim it. How to locate a lost life insurance policy If you have a l ..read more
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Cost of Living Adjustments Explained + FAQs for 2023
Harbor Life Settlements Blog
by Avery Logan
9M ago
As inflation reduces people’s buying power, it can be difficult for people to afford living expenses like food, housing, and medical care. In response to rising costs, the government and some employers have implemented Cost of Living Adjustments (COLAs) that increases the amount of money you receive each month. In this post, we’ll explain what COLAs are, the types of COLAs, and answer common questions about these adjustments. What is a Cost of Living Adjustment? A cost of living adjustment (COLA) is an increase to your benefits or salary in response to rising costs of goods and services fro ..read more
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Free Senior Budget Template for 2023
Harbor Life Settlements Blog
by Avery Logan
11M ago
Your senior years are often referred to as your “golden years” because they’re supposed to represent the time in your life where you can relax after a lifetime of work. However, rising costs associated with inflation can put financial strain on seniors’ finances. Without proper planning, seniors may find their expenses are greater than their income. Over time, this can even lead to seniors burning through their retirement savings with few options left. Whether you’ve just retired, been away from work for years, or are continuing to work in any capacity — we’ve created this guide a ..read more
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