If a person is paying $20,000 a year for life insurance, how much of a payout would they be getting?

Answer 1

do you wanna kill somebody for the insurance money?

Answer 2

There is no way to know without knowing more about the insured individual (at the time they were insured) and the general type of policy. Then we could make a decent guess.

If this is a riddle, the insured doesn't actually get any payout because they will be dead at claim time. It goes to their estate or a named beneficiary.

Answer 3

I went to http://www.quickquote.com/ and entered my own personal information to obtain a term life insurance quote. Based on my answers to the questions asked, I could purchase a $10 million term life policy based on an assumed payout within 20 years. Guess what! I am not 30 years old! : ) The annual cost ranges from $15,000 - $21,000 a year, depending on the company.

Answer 4

If they're paying $20,000 a year into the life insurance, they'll be getting a lot!

Most people pay a fraction of that a year and still get a sizable ammount back.

Answer 5

I recommend one to visit this website where you can get rates from different companies: http://insurecheap.us/index.html?src=5YAhih52VaKMtd1

RE :If a person is paying $20,000 a year for life insurance, how much of a payout would they be getting?
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Answer 6

I am sorry to hear about your father. Here's a complete overview of tax information about life insurance: When a person insured by a life insurance policy dies during the term of the policy the proceeds are paid to the beneficiary or beneficiaries. Life insurance death benefit proceeds are usually not subject to state and federal income taxation. But, if there is no beneficiary, the death benefit proceeds of the life insurance policy may be included in the estate of the deceased. Then, it may be subject to state, federal and inheritance taxes. Also, the proceeds may be subject to federal estate taxation. If you own all or part of the life insurance policy at the time of your death, the proceeds may be included in your gross estate for federal estate tax purposes. Also, federal gift taxes and state inheritance taxes may apply to life insurance policy proceeds under certain circumstances. You may want to consult a tax advisor regarding your questions about any estate, income and gift taxes related to any life insurance policies you own or are considering buying. Also, your insurance agent should be able to tell you if your life insurance policy benefits will be taxable. Finally, different taxes may apply to the benefits paid by your life insurance policy if the death benefit is paid to the beneficiary in installments, instead of as a lump sum. The interest portion, if any, of each installment is usually treated as taxable to the beneficiary at ordinary income tax rates, while the remaining principal portion is tax-free. I hope that helps! Take care and best of luck.

Answer 7

it all depends on the age of the person. if the person is already in their 70's or 80's it will not be near as much as somebody in their 20 or 30's

Answer 8

There are SO MANY variants involved in calculating the amount of premium to be paid in regard to benefit amount.
Age. health, and gender at time of application. Choice of type of insurance: Term, Universal ,Whole Life or Return of Premium.

Answer 9

if he star Early in life he may collect 2 to 3 millions by the age 80 .

Answer 10

The answer depends on many variables, the largest being their age.

My first suggestion would be to avoid life insurance companies (and banks) for any investing purpose's.

Answer 11

Uh, my dad pays about $500 a year, and his policy covers $250,000 for natural causes, $500,000 for accidental. Who the hell are you insuring, Bill Gates??? That's WAAAAY over-priced insurance, but it would give a VERY considerable amount of coverage.