How are life insurance premiums paid?
A person can pay individual insurance premiums once, annually or monthly. In particular, an insurance contract may establish that an individual insurance premium is paid, on the basis
FAQ
If you have decided to hear the term “Life insurance” for the first time and you are planning to apply to an insurance company, you may have a lot of questions. We have tried to answer the most typical ones and provide you with answers to the questions that insurers ask most often.
What determines the price of life insurance?
In life insurance, the insurance premium depends primarily on the age, sex and health of the insured. Mortality tables are used in determining the cost of life insurance
How are life insurance premiums paid?
Under life insurance contracts, insurance premiums are mainly paid in installments throughout the entire term of the contract (at least 3 years) in such a way that at the time the contract expires
What is the basic principle of insurance?
The basic principle of general insurance is that small amounts of money are collected by a financial intermediary from a large number of clients
Why is corporate life insurance attractive for employers?
Long-term life insurance contracts are most often used by employers to build their personnel policy using the “golden handcuffs” effect, when a person must work for a certain number of years
How is the taxation of insurance payments under long-term life insurance contracts?
Now a citizen who does not apply for a tax credit ends up losing, as the fiscal authorities use the amount of insurance compensation as a tax base
What are the problems with obtaining a tax credit?
There is a problem of tax calculation and its return. When calculating 15% is paid as income tax. Plus, there are payments to various funds – up to 3%
How is the beneficiary under a life insurance contract taxed?
When another person is forced to become the beneficiary under a life insurance contract, is the amount of compensation taxable?
What to do with employees of the enterprise of pre-retirement age who are ready to buy life insurance?
If a long-term insurance program is activated at an enterprise that employs people who have ten or less years left before retirement, will they have time to accumulate funds?
Should we raise the retirement age?
The retirement age needs to be extended and equalized. But this should be done gradually, so that every year women retire three months later , and men two months later
What to do with a collective life insurance agreement if an employee leaves?
The legislation of Ukraine provides that if during the term of the life insurance contract ( 10-20 years ) one of the employees leaves, the insurer and the policyholder must retroactively transfer
Are insurance intermediaries and brokers taxed?
Insurance intermediaries and brokers in Ukraine are not in very good working conditions. The tax authorities do not favor them
What options to include or not include in a life insurance contract?
Whether or not to include certain options in a life insurance contract is a private matter for each insured and this “case” depends on his financial condition and health?
