Minimum Deposit Whole Life Insurance
Definition of "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
Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...
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Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...
Portion of a life insurance policy cash value after the deduction of all the policyowner's indebtedness. ...
Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...
Conducting of maritime suits involving ocean marine insurance policy claims before an admiralty court. ...
Type of excess of loss reinsurance in which the insurance company (cedent) cedes its known loss revenues to its reinsurer. ...
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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