Month: March 2018

by Erie Insurance on February 16, 2018
Source: https://www.erieinsurance.com/blog/buy-life-insurance

Before you can get the life insurance coverage you need, you need to understand why you need it. While there are many reasons to buy life insurance, the most common reasons include:

1. Final expenses: Final expenses refer to any expenses related to someone’s passing. This can include a casket, funeral, preparations, memorial service, cremation and more.

Life insurance for final expenses is worth considering—after all, the National Funeral Directors Association reports that the median price of a funeral with a casket is more than $7,000. Funeral directors say families without enough funds are forced to cut back on the service or ask friends and family for donations. A modest term life insurance policy can unburden your loved ones by taking care of these expenses. Continue reading “Top Three Reasons Why People Buy Life Insurance” →

by Carolyn Sennett on March 15, 2018
Source: https://www.erieinsurance.com/blog/car-insurance-tax-deductible

Tax deductions are a way to lower your taxable income, so you can decrease the amount of taxes that you owe the government. Thinking about the different IRS-approved deductions as you prepare your tax returns may lead you to wonder: Is auto insurance tax deductible? The answer? It depends on how you use the car and other factors.

Using a car for work
Businesses that own and are dependent on the use of company cars or a fleet of vehicles as part of its operations may deduct auto insurance as an expense of the business. According to the IRS, you can deduct the necessary cost of insurance as a business expense, if it is for your trade, business or profession. Continue reading “Is Auto Insurance Tax Deductible? It Depends” →