MAGNA LIFE BLOG

contract - Modified Endowment Contract

Modified Endowment Contract

Modified endowment contract (MEC) is a common term used in the life insurance industry. Life insurance is a popular way to protect your loved ones from a potential future loss in income. If you have a life insurance policy and premiums exceed a certain Federal limit, the policy is converted into a modified endowment contract. Read more >>

retirement blog - Top Blogs for Seniors [2020 Guide]

Top Blogs for Seniors [2020 Guide]

Certainly, there are some in the over-65 demographic who still get their news from traditional newspapers and television newscasts, but the newer media can offer a breadth of perspective and information beyond what one can find through old-school means. Because blogs are accessible to anyone and space on the internet is unlimited, seniors might be Read more >>

What is a Life Settlement? [2019 Guide]

What is a Life Settlement? [2020 Guide]

The origin of life settlements dates all the way back to a 1911 Supreme Court case called Grigsby v. Russell. In the 1980s selling your unneeded life insurance policy for cash became a way for people with poor health to obtain funds for medical and living expenses. In the years since, legislation and tax laws Read more >>

life settlement cash

Sell your Life Insurance Policy For Cash

All cash-value life insurance policies are eligible for a life settlement or viatical – even convertible term policies qualify in most cases. Life Settlement brokers look for a face amount of at least $100,000 to sell a life insurance policy. Most states have restrictions on selling a recently acquired life insurance policy, and require policy Read more >>

Guide to Beneficiaries

Guide to Beneficiaries

Beneficiaries are the most important part of life insurance. The purpose of life insurance is to give financial protection to your loved ones in the event you were to pass away. Because your income would to suddenly stop, life insurance pays out a lump sum to the person or people you designate. The insurance industry Read more >>

life insurance

How Does Life Insurance Work?

Life insurance forms the backbone of most middle-class financial plans. Because without this form of protection, the financial futures of many families would lie in ruins if something were to happen to the breadwinner.  What is life insurance?How Life Insurance WorksUses for Life Insurance5 benefits of life insuranceTerm vs. Perm Life InsuranceTypes of Permanent Life Read more >>

How are Life Settlements Taxed - Life Settlement Taxes

Life Settlement Taxes in 2020

Life Settlement proceeds are treated as ordinary income. Whatever the net proceeds from the transaction is valued will be taxed as ordinary income. The amount paid into the premiums will be treated as capital gains. The remaining net proceeds after taxes from surrendering the policy after should be compared to after-tax proceeds received by surrendering Read more >>


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