Can Whole Life Insurance Be Cashed In?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Participating whole life insurance, like any cash value insurance can be cashed in by the policy owner. Of course, cashing your policy in will leave you with no coverage, but there also maybe tax ramifications as well. If there is any gain in the contract, there will be an ordinary income tax event.

   Answered on August 8, 2013

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