LoveToKnow Insurance:AllComments

Comments

There are many different factors that influence the taxability of life insurance premiums. Contact a tax advisor to find out about your particular situation.

-- Contributed by: Tamsen Butler

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If you cash in a life policy and take the cash value do you have to pay IRS taxes on this.

-- Contributed by: Marianne

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Charkins,

The details for cashing in your policy will be printed in your policy. The process starts with a call to your insurance company.

Thanks for your question.

-- Contributed by: SusanWeber

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i had an unexpected bill come up and i have cash value built up on my policy can i cash it in and if so how do i do this

-- Contributed by: Enter your name here

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Dear Geoff,

There are various ways to get cash from a life insurance policy. In some cases, the policy remains in force. I suggest that the executor of the will contact the insurance company to determine if the policy was in force at the time of the death. If the policy was still in force, the beneficiaries would be paid.

Thank you for your question and for visiting LoveToKnow Insurance.

-- Contributed by: SusanWeber

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does beneficiaries have any recourse when 30yr. life ins. cashed out & buyer dies within few months?

-- Contributed by: geoff tad
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