When it comes to life insurance, there isn’t a one-size-fits-all option.
Today, Russell Jacobs brings you an enlightening and informative episode about the ins and outs of life insurance. During this episode, Russell explains everything you should know about the set-up process; differences between term, whole, and universal life insurance; common misconceptions about whole life insurance; and whether self-insured individuals actually need life insurance.
Tune in and gain a better understanding of how you and your family can benefit from life insurance.
http://www.jacobsandcoolidge.com/ | Video: Protecting Your Dependents with Life Insurance
Note: Guarantees are based on the claims-paying ability of the issuing company.
Distributions under your policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (your cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10% tax penalty. Access to cash values through borrowing or partial surrenders can reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.