Definition of "Cash withdrawals"

Gina Hightower real estate agent
Gina Hightower, Real Estate Agent Mike Hightower Realty

Removal of money from an individual life insurance policy or an employee benefit plan. A cash withdrawal from a life insurance policy reduces the death benefit by the amount of the withdrawal plus interest thereon. When a cash withdrawal is made from an employee benefit such as a pension plan, the employee usually forfeits all benefits purchased on the employee's behalf by the employer.

 

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