A modified endowment contract (MEC) is an overfunded cash value life insurance policy that has more restrictive tax rules than standard life insurance. The MEC came into being in the late 1980s, when the IRS moved to close a tax loophole involving permanent life policies.
What Is a Modified Endowment Contract? Read More »
Providing care for an aging parents can be hard. Getting older comes with emotional, physical, and sometimes, financial stress. As each generation gets older and we are faced with the issue of caregiving, we start thinking about how we can help our parents live happy and fulfilled lives.
5 Tips on Caring for Elderly Parents Read More »
Medicaid spend down is a financial strategy used to qualify for Medicaid nursing home coverage. In short, “spending down” involves reducing one’s income or assets to the point of eligibility. Medicaid law allows you to do so under some complex guidelines. You would typically pursue a spend down on behalf of a family member who needs pricey, long-term care.
What is Medicaid Spend Down and How Does it Work? Read More »
Try calling up your auto insurance provider and asking for a loan. You’ll likely get a big chuckle in response. That’s because your car — and home and health — insurers are only in the business of paying on claims. Cash value life insurance, on the other hand, allows you as policyholder to benefit from your premium payments even without an insurance claim.
Cash Value Life Insurance: Part Insurance, Part Investment Read More »
Harbor Life Settlements, LLC is not a licensed broker or purchaser of life insurance policies. Harbor Life Settlements, LLC is an advertiser that refers qualified policyowners to licensed purchasers of policies. Harbor Life Settlements, LLC does not advertise to residents of Alaska, Kansas, Nebraska, New Hampshire, North Dakota, Vermont, and West Virginia or refer such residents to licensees. Do not proceed if you are a resident of these specific states.
