If you take money out of a life insurance policy as a loan (assuming this is permitted under the terms of your policy), the amount of the loan is not taxable to you.
The with-profits policy, a mainstay of the life-insurance industry, is especially opaque, says the review.
On the basis of his interpretation of the life insurance policy contract, petitioner stopped making premium payments in 1977 and considered the policy abandoned.
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If the ownership of a life insurance policy is transferred to another party before death for cash or other consideration (like a business interest), the proceeds paid to the beneficiary may be considered taxable income to that beneficiary.
The beneficiary of a life-insurance policy on his family, the jurors are told, he was arrested for shooting his wife, from whom he had recently separated, and two children.
The question of whether life insurance might be taxable really depends on the type of policy, how the policy was purchased and who owns the policy.
The Elders say that over the life of their Nationwide Insurance policy, their premiums nearly quadrupled.
So anything held jointly with someone else, or that had a beneficiary designation (like a life insurance policy), would pass outside of probate, directly to the other person.
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That suit sought to recover life insurance policy proceeds for the families and heirs of the millions who lost their lives in the Holocaust, many of whom had purchased life insurance policies.
Companies are reluctant to move policy data to newer platforms because of the risks and costs, and life insurance policies persist as long as the policyholder is alive.
It is alleged Rafal Nowak smothered Catherine Wells-Burr, 23, in September as part of a plot to claim her six-figure life insurance policy.
In one method, the insured sets up an irrevocable trust to buy a life-insurance policy and pays the premiums by giving sums of money to the trust annually.
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We believe a plain reading of the terms in the life insurance contract signifies that the policy should have terminated and been converted to extended term insurance on several occasions before 2008.
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Robert Kiener, of the Precision Machined Products Association, cites the case of one Ohio manufacturer whose bank asked for his life-insurance policy as collateral.
For example, Marty obtained two life insurance policies on his own life, with Patti as the beneficiary of one policy and the National Multiple Sclerosis Society as the beneficiary of the other.
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Life insurance actuary James Hunt of the Consumer Federation of America recently evaluated a 1971 John Hancock policy.
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