Tag: "life insurance policy"
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, [...]
Borrowing Against Life Insurance
Reader Question: Does borrowing against my Life Insurance Policy reduce its value? I need some funds to cover an unexpected expense, but do not want to affect my policy’s value. Thanks, Ritchie Thanks for your question, Richie. It will not if the loan is repaid. Whole life, universal life and variable life insurance policies unlike [...]
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