Life Insurance
What Are the Tax Consequences of Cashing In a Life Insurance Policy?
Many policyholders are surprised to learn that cashing in a life insurance policy may lead to unexpected tax liability. While a policy’s cash value can be an appealing source of funds, the IRS may treat part of the proceeds as taxable income depending on how the funds are accessed. The tax consequences of cashing in [...]
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Life Insurance
What is the Cash Surrender Value of Life Insurance?
Purchasing a life insurance policy can be a big financial decision. When it comes to protecting your loved ones if you pass away, a life insurance policy is an easy choice to set your family up for anything that could happen. But what if you no longer want your life insurance policy or can’t pay [...]
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Life Insurance
Can You Sell a Term Life Insurance Policy?
Most people buy term life insurance to ensure their loved ones are financially protected in the event of an unexpected death. But what happens when the original reason for coverage no longer exists, or worse: the premiums become unaffordable? You might wonder if you can sell your term life insurance policy and receive some financial [...]
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Life Insurance
What Happens When a Life Insurance Policy Is Surrendered for Its Cash Value?
Surrendering a life insurance policy is a major financial decision that can bring immediate access to cash, but may also come with significant consequences. When you surrender your policy, you give up coverage in exchange for its cash value… but are there better options out there for you? It’s important to understand how the surrender [...]
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