The number one danger to building wealth and creating a legacy is death and taxes. The good news is that permanent life insurance provides protection against both. In the following article, we do a deep dive into life insurance taxation to help you make a more informed decision about how you can best secure your […] Read more
Is Life Insurance Taxable
Cash value life insurance has the uncommon distinction among financial products of being both predictable and versatile. With whole life, for instance, premiums, growth rates, and death benefits are all guaranteed. This means that you can predict with a reasonable level of certainty the cost of the policy, the rate at which its cash value […] Read more
Many people think about life insurance as strictly a death benefit. A few more savvy individuals know that this death benefit is NOT taxable to the beneficiaries. However, only the truly astute understand the tax advantages that permanent life insurance offers (as opposed to term life) not only to beneficiaries but to policy owners, providing […] Read more
For those of you that are familiar with the Internal Revenue Code (IRC), or happen to know a little about the tax advantages of life insurance contracts, you probably know that IRC section 7702 defines the type of life insurance contract that receives tax advantages. A “7702 Plan” or “7702 Private Plan” in common terms […] Read more
