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Insurance vs. Economy
By Kinney Dancair
The insurance industry is always booming and grows rapidly even in the worst of times. Its coverage area increases in scope and magnitude to impact an increasing mass of the lives both for good and ill. One of the most controversial issues being surrounding the insurance industry is the way in which the government has imposed numerous taxes and regulations upon provider companies.
A thorough study of life insurance shows that reducing existing taxes imposed on the private sector will spur growth in the domestic product of the country or the GDP.
According to the latest conducted studies, lower costs and higher benefits from tax concessions are expected to increase and promote private investment thus resulting in increased GDP for the country involved.
At present, many life insurance industries are subject to several taxes such as the premium taxes, documentary stamp taxes, income interest taxes, taxes on sales of shares of stocks and real estates. Lower taxes upon insurance providers can also decrease the price of insurance. Incidently, one site that I have found a great resource for finding some of these cheaper options is #1 Term Life Insurance (www.1termlifeinsurance.org).
Throughout the globe, many life insurance companies have long been waiting and pushing for the reduction or abolition of these unnecessary taxes. Most insurance analysts and experts believe that if the premium taxes could only be removed, insurance companies would surely bring down the cost of insurance to everybody.
Aside from measurable monetary benefits, there appear to be additional social benefits from the industry based on global experience. These benefits can build up to society partly on the basis of concessionary tax policies. One significant benefit is that life insurance may substitute for the declining state-provided security programs, which can be attributed to financial constraints experienced by certain insurance companies. The study also observed that in making large-scale investments, life insurers also encourage economies-of-scale, promote specialization and stimulate innovations for efficient allocation of capital.
About the Author
Kinney Dancair is a writer with interests in self-improvement, business, and finance.
Article Source: http://www.simplysearch4it.com/article/21479.html
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