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If you surrender a Variable Universal Life policy and receive the cash surrender value is the amount considered taxable?
Wiki User
∙ 16y ago
Anything you pull out above and beyond your base, is taxable. Base is the money you have put into it, your premiums that you paid.
Wiki User
∙ 16y ago
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If you surrender a Universal Life insurance policy and receive the cash surrender value is the amount considered pre-tax or post-tax?
Since you paid it with after tax $$$ any money you receive would not be taxable, UNTIL it's more than what you paid into it. In that case, it might be better to take loans.
If you cash in a universal life policy do you receive the Net Policy Value or Net Cash Surrender Value?
Typically it is called "Net Cash Surrender Value". This is the amount of cash value in the policy accumulation account minus any outstanding loans etc. But it is typically referred to as "Net surrender Value" or "Net Cash Surrender Value". Get a good agent and he can explain.
If you take cash value from a whole life policy do you have to claim the money as income?
If you take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
How long does it take to receive money after you surrender your life insurance policy?
Once the company receives your signed surrender form it should take 7 to 10 business days to receive a check.
Is it best to borrow or surrender the cash value in a universal policy?
That depends on whether or not you wish to continue having the life insurance in force at the insured's death. If you wish to have the life insurance in force at death, then it is best to borrow some of the cash value. If you surrender the policy, then you receive all the remaining cash value (less any surrender charges), but the death benefit is no longer there. Also the cash value received MAY be taxable.
If you surrender a Universal Life insurance policy and receive the cash surrender value is the amount considered pre-tax or post-tax?
Since you paid it with after tax $$$ any money you receive would not be taxable, UNTIL it's more than what you paid into it. In that case, it might be better to take loans.
If you cash in a universal life policy do you receive the Net Policy Value or Net Cash Surrender Value?
Typically it is called "Net Cash Surrender Value". This is the amount of cash value in the policy accumulation account minus any outstanding loans etc. But it is typically referred to as "Net surrender Value" or "Net Cash Surrender Value". Get a good agent and he can explain.
If you take cash value from a whole life policy do you have to claim the money as income?
If you take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
How much of the face value will you receive if you surrender policy?
You will receive the cash value minus the surrender charges, not the face value of the policy.
Which one of the following policies has a guaranteed cash surrender value a. Endowment at age 65 b. 20 yrs level premium term insurance c. variable whole life d. traditional universal life insurance?
All of the policies mentioned would have cash value with the exception of the 20 year level term. Although it might be some time before the cash value started to build up (likely years), and the variable and universal life would not have "guaranteed" cash value. The variable cash value is based on how your investment choices did, and the universal life could lose all of its cash value if you went a long time without paying on it. Short answer A. Here is the correct answer: Option A, C and D will both have guaranteed cash surrender values. Variables are securities and as such there are risks. In addition it can only be sold and counciled on by a registerd Rep. The 20 year term does not have any cash value unless the policy has a money back rider then it will. Now there are life settlement companies that given certain criteria may offer a better alternative selling the policy over cashing it in.
How do I receive a surrender form from John Hancock Financial Services to terminate a universal life policy?
Call the J.Hancock customer service line @ 1-800-387-2747 press "0" for customer service.
Why are type ab individuals considered the universal recipient?
Because people with AB blood can receive blood from any donor, regardless of their blood type.
How long does it take to receive money after you surrender your life insurance policy?
Once the company receives your signed surrender form it should take 7 to 10 business days to receive a check.
Can universal blood donors receive o?
Yes because universal donors have o blood.
Is it best to borrow or surrender the cash value in a universal policy?
That depends on whether or not you wish to continue having the life insurance in force at the insured's death. If you wish to have the life insurance in force at death, then it is best to borrow some of the cash value. If you surrender the policy, then you receive all the remaining cash value (less any surrender charges), but the death benefit is no longer there. Also the cash value received MAY be taxable.
Why is type A blood considered the universal donor?
Type A blood is considered a universal donor because it lacks the antigens that can trigger an immune response in recipients with type B or type AB blood. This means that type A blood can be safely transfused into individuals with these blood types without causing an adverse reaction.
Is blood type o the universal donor?
Yes, type O blood is considered universal because they can donate to all other blood types. It is also the most common blood type. They only can receive blood from another type O person.
