Category Archives: Life Insurance

What are life insurance underwriters looking for?

Life insurance underwriters at carriers look at a long list of factors. Those factors include personal health history, family health history, driving record, prescription, medical records, and MIB (Medical Information Bureau). MIB tracks application history at other carriers. Making healthy lifestyle changes produces a significant difference in an individual’s policy rate classification for life insurance. […]

Is Keyman Insurance Tax Deductible?

The most common question asked about keyman (also known a key person) life insurance is whether the premiums are a tax-deductible expense. Per U.S. Code § 7702, the answer is, unfortunately, no. A business cannot deduct premiums paid on a company-owned life insurance policy where the company is a direct or indirect beneficiary under the policy. If the policy covers […]

What is Keyman Insurance? How Does it Work?

Keyman insurance (also known as key person insurance) is a specialized use of life insurance. Businesses use it to cover the risk of losing a key employee. Keyman insurance is not a specific life insurance product. A key-person can be considered those whose role in the business is vital to its continued success. A business […]

What is a Brokerage General Agency (BGA)?

Brokerage General Agencies are wholesalers of insurance products, this can be in the Property and Casualty or Life and Health business. They work in a space between dozens of carriers and in this example, they offer products for life, disability, long-term care, annuities, and health insurance products. Brokerage General Agencies work with financial advisors, who then communicate […]

Life Choices, Life Insurance Lessons

Life is full of choices. We make choices every day. Good choices, bad choices, simple choices, and complex. We make choices that impact our lives day in and day out. If you sit back for a moment and think of all the choices you make during the day, it will astound you. As the saying […]