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A 1035 exchange is a type of like-kind exchange that allows a tax-free exchange of a life insurance policy, annuity contract, long-term care product or endowment for another of a similar structure ...
Surrender: You can surrender your policy to your insurance company at any time and withdraw the total cash value of your life insurance. However, you may have to pay steep surrender fees of as ...
Cash Value Accumulation Test. The cash value accumulation test says that the cash surrender value of a life insurance contract can’t be more than the sum total of all future premium payments due ...
Cash value. Cash value refers to an investment component in life insurance that grows tax-free over the course of the policy's life. Cash value is a part of permanent life insurance policies and is a living benefit that the policyholder can use during his or her lifetime. [1]
Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.
A life settlement is the legal sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit, to a third party investor. [1] The investor assumes the financial responsibility for ongoing premiums and receives the death benefit when the insured dies.
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