I lost my brother two years ago and he was only 23 years old. My parents bought life insurance for him, putting in 10k, never expecting him to die so soon. My brother had gotten married about a year ...
They cover nothing for obesity too!! But about the smoking aids, I think that is wrong. Wouldnt you think that your employer would want you to quit smoking before you have to have them pay for cancer ...
My insurance agent sent me a postcard that read, "Call me immediately about your insurance policies!" That worried me, so I tried calling her over a couple days. When I finally got ...
Do most helth insurance companies cover therapy?
I have an eating disorder and I self injure and I just told my school counselor and I think she's going to want me to get therapy.
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Fist of all I would not have even know I had sleep apnea if I had not gone to the sleep study I never st oped breathing even on the sleep study test they just said durnig dream stage my breathing ...
all mds. at the center are in the plan. We never thought to check the center itself. Now we may owe alot.do we need a lawyer? It's lakeshore surgery center in chgo,il. Way wouldn't that be ...
My future husband is a divirced man. His ex wife has a 1/2 million $ life insurance policy on him. I plan to have one one both of us after we are married. Is she still able to keep hers and benefit ...
I was in a wreck last April and a man about 75 yrs old hit me. We were going on a sharp turn and he did not see me ( i guess) and came into my lane while taking the sharp turn and hit my car. Well ...
Neurologists offices will only let u in the door with insurance because its too expensive. Of course to see a neurologist there has to be a possibly big problem, this has all been very stressfull and ...
I am purchasing my first home, and getting quotes on home ins. How does it work if you decide to use your escrow account? Is this your home's escrow account? I know you would need to bring your 1...
I am purchasing an insurance policy in Spain. The company is Zurich, and international provider. The policy is written in Spanish. They are refusing to provide a translation. Is there any EC D...
It depends on the type of policy. In most cases, you have to pay taxes on any amount over what you paid on the policy.
In regards to dividends on any insurance policy, that is a return of OVERPAID premiums. Money that has already been taxed.
Professor Wonderful
Ask you agent or the company itself. Different policies are taxed differently upon surrender.
Instead of surrendering, contemplate the other options offered by the carrier.
If you do not have an agent, open an old phone book. Look under insurance in the yellow pages. Find someone with your last name or the next in alphabetical order (this keeps Adams from getting all the calls.) The person should hold a CLU (Chartered Life Underwriter) designation. If the person does not, continue on until you find a CLU.
That person can answer your questions with authority.
Insurance Pickle.com
Policies ARE NOT taxed differently. They are ALL taxed exactly the same (well...unless they're a modified endowment contract, but other than that the same...). What you get out minus what you paid in is the amount you'd pay taxes on. Naturally if that's negative then you'd pay no taxes.
car253
It depends if you get more cash out of it than you paid in.
Ask your insurance company before you cash it in. You might have a taxable gain if you have had a policy a very long time. Ask them. Other alternitives to cashing it in are withdrawing dividends if you have some or taking a loan. Or you may want to wait until January to cash in the policy if you do have a taxable gain so you can put off putting it on your tax return for another year.
Bottom line is ask your insurance company if you will have a taxable gain if you cash in the policy and ask for alternitives to getting at some of the cash.
Michael M
You will have to pay taxes on the earnings above the premiums that you have paid in. It is usually taxed as interest income and the insurance company will file the 1099.
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