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Cash Surrender Value of Life Insurance
I bought a whole life cash surrender value policy a number of years ago. When I die will my beneficiaries have to pay tax on the cash value? If so, would I be better off cashing in this policy and making another type of investment? Richard Crew, Beeville, Texas Good question, Richard. The proceeds from [...]
Tax Free Life Insurance Withdrawal
Reader Question I need to borrow against my Life Insurance but I was told I would have to pay tax on any withdrawals. If this is true at what tax rate would I be assessed? Sincerely, Alfred in Oklahoma Thank you Alfred for your question. If you have a variable and traditional whole life policies, [...]
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