Minimum Deposit Whole Life Insurance
Ordinary life insurance that generates a first year cash value from the payment of the first year premium. Using this cash value, loans could be made to finance premiums due in the future, with the interest deductible for tax purposes under specified IRS rules. However, the 1986 Tax Code revision appears to have canceled this arrangement.
Popular Insurance Terms
Person who is expressly or by implication asked to visit property in the possession, care, or control of another person. The inviter has the obligation to render his or her property safe ...
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Statement showing the amount of money owed the agent by the insurance company, according to the contract he or she has with the insurance company. ...
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Comments for Minimum Deposit Whole Life Insurance
policy cancel in 2017 after having it 36years .now being hit with 95,000of ordinary income yet never got a daime in cash out .are there any option on how it will be taxed
Aug 10, 2018 15:01:47Hey Darnell,
Aug 13, 2018 15:11:15First of all, we're sorry to hear.
Probably. But because of the sensitive matter, we highly recommend you contact an accountant or a real estate lawyer to help you understand all your options. Good luck!
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