Life Insurance Maine – Can you imagine living in a world where nothing protects you from potential disasters? If there is a lot of unpredictability in life, it is a wise thing, in fact
Insurance agency(ies) have come a long way. From basic compensation protection and financial support for widows to funeral expenses to date; Whole life insurances, which provide insurance benefits during the life of the policyholder.
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There will always be a demand for insurance because people and businesses are constantly looking for ways to reduce risk. Each type of insurance had an initial event that triggered the belief that protection was needed.
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The first example of life insurance was recorded and known as the Presbyterian Ministerial Fund. The main purpose was to help widows with funeral expenses and support their children in the absence of their husbands.
These first benefits were exclusively for the case of death. As from death is not good. The original sale was limited to members of the Presbyterian Church.
However, as life and world events unfolded, it became clear that it was not just widows and orphans who needed such unexpected financial support. During the history of insurance, the types of insurance offered have been expanded in response to new risks.
1845. to secure people, families and businesses through such world events. The Civil War, the San Francisco earthquake of 1906, the stock market crash of 1929, and September 11.
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1847 – Foundation of the Mutual Insurance Company. In 1932, Penn Mutual issued the first retirement income plan, and in 1992, life insurance sales reached $30 billion.
1848 – Accident insurance for railway passengers (registered with the Universal Casualty Compensation Company). The insurance package was sold to the passengers when they bought the train ticket.
1873 – Innovations in the life insurance industry begin to take shape. For example, they cost only a few cents a week, and many life insurance companies can protect against overdue accounts by having their agents visit their customers’ homes each week to collect premiums.
1901 – The African American Life Insurance Company is formed, allowing African Americans to receive basic life insurance benefits.
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1950 – 9.8 million workers are covered by private pension plans. This figure rose to 18.7 million a decade later.
1978 – Revenue Act of 1978 takes effect, Deferred Compensation for Qualified Plans; It’s known as a 401K. This law made it easier to pay employees.
Much has changed in the world of life insurance over the past two centuries, and even more so since the 1970s.
The days on which the agents visited door-to-door customers to collect the weekly fees are not relevant. The Internet has taken the customer service industry to a whole new level.
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Most people, and indeed businesses, deserve to look at their entire lives as a starting point for building personal wealth and thinking about retirement.
Now is the time to upgrade when you can retire comprehensive life insurance. We recommend that you contact your agent today to be prepared and up-to-date on insurance changes.
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How often do women buy life insurance? And does the type matter when it comes to life insurance? It turns out that when the original purpose of life insurance is no longer valid – such as raising adult children or guaranteeing financial security – then your policy can also make sense to support our work. There are three ways to offer life insurance to the University of Southern Maine Foundation:
Our name is the beneficiary of the policy. This gift is as simple as a form designating the beneficiary with the policyholder. You can designate us as the primary beneficiary for a certain percentage or a specified amount. You can also have a contingent beneficiary collect only the balance of the plan if the primary beneficiary does not survive you.
Make sure you get an existing plan as a gift. You can name us as the owner and beneficiary of an existing plan. You claim a charitable federal tax deduction when you itemize your taxes. If you continue to pay premiums into the plan, all payments are tax-deductible as a charitable gift if itemized.
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Give the gift of a new plan now. You can take out a new policy and irrevocably name USM as the owner and beneficiary of the insurance contract. This method may be particularly attractive to a younger donor. Whether you pay a one-time fee for a plan or pay an annual premium, each payment can be deducted for charitable purposes if you itemize your income.
Our free, no-obligation tool for paying USM claims through life insurance. Our reliable partner, Dans Docs, provides you with fair and safe support.
A charitable bequest is a sentence or two in your will or living trust that leaves a specific item, sum of money, event-related gift or estate to the University of Southern Maine Foundation. an individual or entity receiving benefits or funds under a will or other contract, such as an insurance plan, funds or retirement aid, to “The University of Southern Maine Foundation, a non-profit corporation at P.O. Box 9300, Portland, ME 04104” at address. -9300, or your successor, __________________ [a written amount or percentage of the estate or a description of the estate] for any use and purpose Amendable or revocable A revocable living trust is created during your lifetime and can be revoked at any time before your death They allow the assets of the trust pass directly to the beneficiaries without a probate, and they can also tax the estate, they can reduce the federal gift tax, the person making the gift cannot change or delete the item instead of its original value, such as as a stock, before increasing or decreasing the value of something such as stock or real estate, from which the original purchase price that a willing buyer and seller can agree upon. you will receive the annuity due after the gift. a part of the estate remains after payment of certain debts, claims and legal legacies, which must be sufficiently adjusted by the person named in the will by managing the estate, collecting the estate, paying the debt and dividing the estate in the will. . A Will Trust is a donor-advised account that you set up but is managed by a non-profit organization. You contribute to the bill, which is generated from income. You can propose how much money (and how often) you want to distribute from this fund to USM or other charities. You cannot control the features. A given donation can create a new donation or increase an existing donation. We invest the initial donation and use a portion of the capital tax each year to support our mission. A tax on the value of an asset, such as real estate or shares, at the time of original purchase. Securities, real estate or any other goods in the fair market at a price higher than the original purchase price. The property can be personal, vacation home, timeshare, farm, commercial property or undeveloped land. A charitable remainder trust provides you or other nominees with an individual income each year for the rest of your life, or for up to 20 years, from assets you contribute to the fund you create. You provide a good basis for our organization to pay the installments in the number of years you want. The longer this period, the better the potential tax savings. At the end of the term, the rest of the trust’s assets go to you, your family, or another trustee of your choosing. This is an excellent way to transfer ownership to families at minimal cost. Fund this type of fund with cash or appreciated real estate—and you may qualify for a federal charitable tax deduction when items are listed. You can also make gifts; both are also relevant from the point of view of the tax deduction system. The loan to you is a variable amount each year based on a certain percentage of the market value of the trust assets. When the trust expires, the remaining capital goes to the full weight of USM. You fund this fund with cash or assets—and it can be determined from federal income taxes