How To Withdraw Money From Life Insurance?

  1. 0 POINTS
    Contact Me
    David RacichPRO
    Fountain Hills, Arizona
    Assuming you’re addressing one of the three types of current assumption universal life insurance, there are a few things to consider before you access your policy cash values. First order an in force ledger. The ledger will display the current and guaranteed values, a good starting place to begin determining if you should withdraw to basis or take out policy loans of gain. If your life insurance policy was issued as a non-modified endowment contract and it has accumulated cash values over 15 years or more you should be able to take your basis out first tax free and free of policy fees. If you need access before 15 years, then policy loans should be used. But be aware of the policy loan charges.
     
    Answered on June 15, 2013
    +0
    1 Thumb up 0
    +1 this answer
    flag this answer
    2. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>