Money, Wealth, Life Insurance by Jake Thompson

Author:Jake Thompson
Language: eng
Format: azw3
ISBN: 9781494896478
Published: 2014-01-15T05:00:00+00:00

That being said, there is one caveat; as the policy grows, you will have undoubtedly accumulated more than you contributed if you’ve designed it for high cash value. If at any point you decide to withdraw your money from the insurance policy, the growth (everything above the cost basis of the policy) can be taxable.

For example. If I’ve contributed $100,000 to the policy, and my cash value is $300,000, withdrawals up to $100,000 would be considered cost basis, and not be taxable. Withdrawals passed that cost basis would result in taxation. By handling this policy correctly, I can avoid the taxable events by using a combination of withdrawals and loans. I’ll talk more about how to do this later.

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