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  2. IRS Section 7702: Life Insurance Tax Definition - AOL

    www.aol.com/irs-section-7702-life-insurance...

    When purchasing life insurance, you may be wondering whether cash value or death benefits are taxable. Section 7702 of the Internal Revenue Code (IRC) determines when life insurance proceeds can ...

  3. How to sell your life insurance policy

    www.aol.com/finance/sell-life-insurance-policy...

    Life settlements, however, come with different tax rules. When you sell a life insurance policy, the money you receive can be taxed in three different ways: as ordinary income, as long-term ...

  4. Modified endowment contract - Wikipedia

    en.wikipedia.org/wiki/Modified_endowment_contract

    A modified endowment contract (MEC) is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policy. In a modified endowment contract, distributions of cash value are taken from taxable gains first as compared to ...

  5. Internal Revenue Code section 79 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Insurance cash values may provide tax-free income as long as the policy is kept in force and withdrawals do not exceed the cost basis; A section 79 plan may be used for the following applications Group life insurance benefits; Deductible insurance to fund estate planning needs of the business owner

  6. When and How to Cash Out Life Insurance - AOL

    www.aol.com/finance/cash-life-insurance...

    Life insurance is designed to provide a death benefit to your loved ones after you pass away. Certain policies can also accumulate cash value that you can tap into during your lifetime. There are ...

  7. Cash value - Wikipedia

    en.wikipedia.org/wiki/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]

  8. Myth: Life Insurance is NOT Taxable - AOL

    www.aol.com/news/myth-life-insurance-not-taxable...

    The reality is that life insurance is treated as an asset in your estate. And if the payout pushes your estate past federal or state estate tax exclusion limits, it could trigger a hefty estate ...

  9. Life insurance tax shelter - Wikipedia

    en.wikipedia.org/wiki/Life_insurance_tax_shelter

    Life insurance proceeds are not taxable in many jurisdictions. Since most other forms of income are taxable (such as capital gains, dividends and interest income), consumers are often advised to purchase life insurance policies to either offset future tax liabilities, or to shelter the growth of their investments from taxation. This insurance ...