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SVTPerformance's Chain of Restaurants
Road Side Pub
Whole life insurance
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<blockquote data-quote="Ohio Snake" data-source="post: 15905924" data-attributes="member: 157862"><p>A few things to remember and it is imperative to read the contract.Typically, you can take distributions up to the cost basis of your contract First. This considered non-taxable. Gain portion can be loaned out of the policy at a set interest rate (8% you mentioned). Depending on your tax bracket and length of loan time, may be better to utilize the loan.</p><p>One key component is missing in your information. The crediting method of the cash value may include the loan balance as well. Lets assume your contract is credited with 6 percent growth and you have and 8% loan. The impaired loan interest is actually 2% (8% gross loan interest less 6% crediting = 2% net loan interest). Some carriers credit equal to loan interest (0% loan).</p><p>Add the death benefit which is still intact and you have tax free income with a tax free death benefit. Always keep in mind, death benefits remain level, but at the time of death...the loan balance reduced from the death benefit dollar for dollar.</p><p></p><p></p><p>Sent from my iPad using Tapatalk</p></blockquote><p></p>
[QUOTE="Ohio Snake, post: 15905924, member: 157862"] A few things to remember and it is imperative to read the contract.Typically, you can take distributions up to the cost basis of your contract First. This considered non-taxable. Gain portion can be loaned out of the policy at a set interest rate (8% you mentioned). Depending on your tax bracket and length of loan time, may be better to utilize the loan. One key component is missing in your information. The crediting method of the cash value may include the loan balance as well. Lets assume your contract is credited with 6 percent growth and you have and 8% loan. The impaired loan interest is actually 2% (8% gross loan interest less 6% crediting = 2% net loan interest). Some carriers credit equal to loan interest (0% loan). Add the death benefit which is still intact and you have tax free income with a tax free death benefit. Always keep in mind, death benefits remain level, but at the time of death...the loan balance reduced from the death benefit dollar for dollar. Sent from my iPad using Tapatalk [/QUOTE]
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SVTPerformance's Chain of Restaurants
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