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What Is A Major Tax Advantages For Life Insurance

What Is A Major Tax Advantages For Life Insurance - No one likes to imagine the worst, but sometimes it is important to be cautious and do it to be able to make sound decisions. Ensuring the economic stability of our family, in case of death, is one of the main benefits of having life insurance, but also, it will allow us to cover the costs of a possible prolonged hospitalization because of a serious illness. Furthermore, there are other less-known advantages both for recipients and for the holder of life insurance.

What Is A Major Tax Advantages For Life Insurance:-

Why Have A Life Insurance

The main reason is undoubtedly the economic beneficiaries' security. Nothing can remove the duel which means the loss of a loved one, but having life insurance will help us that this situation does not lead implied an economic loss that totally changes the standard of living that we had up to then.

Tax Advantages For Life Insurance
 Tax Advantages For Life Insurance

Tax Benefits Life Insurance

  • Life insurance is granted tax benefits to the policyholder. For example, for the self-employed. These can deduct a maximum of 500 euros of the premiums paid. Or if the policy aims to continue with the payment of the mortgage loan of the House, we can deduct that expense from the performance of the real estate Capital.
  • The capital is tax-free. The beneficiaries are exempt from paying inheritance and gift tax. In this way, we know that contracted capital reaches all the recipients you have chosen.
  • And not only that: the beneficiary is debt-free. When we inherit, we received the goods, but also the debts of the deceased. Then, we can choose to accept the full package or also reject it in its entirety. But in life insurance, received capital is unattachable. I.e., the beneficiary does not have to answer for the debts of the insured.
  • We can also accommodate reductions of the tax Base depending on the degree of kinship of the beneficiary. If this is a person under 21 years, you can deduct 15.956,87 euros, over 3.990,72 euros for each year remaining until you reach that age. If the child already has 21 compliments or exceeds them, 15.956,87 euros shall be deducted (something that also happens if the beneficiary is the spouse, mother, or father). When the recipient of insurance is a family of third grade, 8,000 euros can be inferred.
  • Beneficiaries who have a disability may apply a reduction that will go from 48,000 to 150,000 euros, depending on the degree of disability.
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