Sentences with phrase «accessing your cash value»

1 Accessing cash values, through loans and partial surrenders or by accelerating benefits for long term care benefit payments, will reduce the death benefit payable, the cash surrender value and the long term care coverage available.

As the policyowner accumulates cash value inside the policy, the person can access the cash value, through loans or partial surrenders, which can be used for a variety of personal needs, such as quick cash for an emergency or to help supplement retirement income.

Another way to access the cash value is to borrow from the policy.

The policy will also terminate if you surrender it to access the cash value.

You can use loans and partial withdrawals to access cash value to help for any life event, such as college loans, a down payment on a new home, a wedding, a potential business opportunity, or paying off college loans.

It's important to note that accessing the cash value through loans and partial withdrawals will reduce the cash value and death benefit.

Life insurance policy loans are a unique way in which many policy holders access their cash value without incurring any tax hit.

As with other types of permanent insurance, you can access the cash value account in an IUL policy via withdrawals and loans.

Therefore, if you use policy loans to access your cash value you may never have to pay taxes on your gains.

You can access cash value, through loans and withdrawals, potentially free of current income tax as long as the policy stays in force until the Insured's death.

You may also access your cash value by surrendering (canceling) the policy.

... because as the policy vests to your key employee, the premiums can become tax deductible for your business AND prior to vesting, while your business owns the policy, you can access the cash value for your business operations for all of the other reasons discussed above.

Upon your death, loved ones receive income tax - free death benefits, and, while living, you have options for accessing the cash values.

If you decide to access the cash value through a loan or a withdrawal you will be taxed income - out - first like an annuity and if you do so before reaching age 59 1/2, you could face a 10 % income tax penalty.

Once your policy is paid, you can access its cash value in periodic payments, whenever you want (if your insurance needs decrease).

As long as you don't surrender the policy or let it lapse, you can access the cash value via policy loans without incurring a taxable event.

**** Accessing cash value of a life insurance policy will reduce death benefit.

Given that withdrawals are considered taxable income when they exceed the amount you have invested in an insurance policy (i.e. your Basis), loans are typically a better way of accessing your cash value if you intend to pay back the money at some point.

Another factor to consider if you want to access your cash value is that if you take a withdrawal you can't replace the funds you have withdrawn.

In order to access your cash value, all you need to do is call your insurance company and ask for a check to be issued.

This option can provide money if you terminate your policy or access the cash value you've accumulated, as long as you wait out any imposed maturity period.

You can access this cash value in various ways while living, which may be attractive.

You can also access the cash value component while you're alive.

The cash value accumulates tax deferred, you can access the cash value tax free (up to the cost basis ̶ the amount paid in policy premiums), and the death benefit from your policy is generally paid out to your heirs income tax free.

You can access the cash values for important uses like a child's education or a business opportunity.

This is a huge benefit because it allows the policy holder to access the cash value in the account (including the growth) without paying taxes.

Bill worked with his Agent to manage accessing the cash value carefully, because accessing the cash value carries a risk of contributing to the lapse of the policy.

When you access the cash value in a life insurance policy, it will reduce the cash value and death benefit.

Once the need for death benefit protection has decreased, you can access the cash value in a whole life policy via policy loans.»

The surrender value of the policy changes with time, which is something to pay attention to when accessing the cash value.

* Accessing cash value through loans or withdrawals will decrease death benefit.

You may also access the cash value during your lifetime to help pay for retirement, college expenses, health care, emergencies, or other needs.

Keep in mind that this all refers to cash value withdrawals — there is another way of accessing your cash value as well, and it's tax - free.

Whole life insurance policies also offer the ability for you to access your cash value through loans for future needs.

Having said that there are two ways you can access cash value in a permanent policy without having to pay income tax.

This policy allows policyholders to have their premiums returned to them if they outlive their coverage term, and also allows them to access cash value during the life of the policy.

This is accomplished by using loans to access the cash value in the policy and allowing your money to continue to grow inside the policy.

You can also access you cash value through tax free life insurance loans, which allow you to borrow the funds from the carrier, using your cash value as collateral.

Pros: You can access cash value, which grows over time.

Note that accessed cash values will reduce the death benefit of your policy or otherwise negatively impact overall policy values.

Clients can access the cash value through tax free loans and withdrawals, and they can choose how to build their portfolio.

For further flexibility, you can actually access your cash value later in life as a living benefit.

Loans — On the other hand, taking loans can be a huge advantage to accessing your cash value and they don't even need to be repaid.

If your life insurance is a permanent policy, also known as whole life insurance, that builds cash value over time, you may be able to access this cash value to help pay these bills.

You can even access cash values to payoff your mortgage early.

The company says its low surrender charges (the fee policyholders pay in the early years to access cash value) make this possible.

The surrender value of the policy changes with time, which is something to pay attention to when accessing the cash value.

You can also access the cash value component while you're alive.

Always discuss the implications of accessing your cash value with your carrier or agent before acting.

Or are you trying to access the cash value portion of your whole life policy?