Sentences with phrase «taxation of life insurance contracts»

Not exact matches

So, if your company is the beneficiary, which is kind of the point of key person insurance, then the premiums are not deductible (similar to a personal life insurance contract) because the death benefit is not subject to taxation.

Being considered a MEC changes the order of taxation within the contract for money withdrawn, and may penalize the life insurance owner for withdrawals before age 59.5.

So, if your company is the beneficiary, which is kind of the point of key person insurance, then the premiums are not deductible (similar to a personal life insurance contract) because the death benefit is not subject to taxation.