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The taxation of life settlements is complicated: The general treatment is that gain in excess of your basis in the policy is taxed to you as ordinary income.
Be sure you get expert tax advice before signing over your policy.
These charges vary depending on how long you've had the policy.
In addition, when you surrender your policy for cash, the gain on the policy is subject to income tax, and if you have an outstanding loan balance against the policy, additional taxes could be incurred.
The amount you can borrow is based on the value of the policy's cash-accumulation account and the contract's terms.
The good news is borrowed amounts from non-MEC policies are not taxable, and you don't have to make payments on the loan, even though the outstanding loan balance might be accruing interest.
Nevertheless, if other options are not available, life insurance—especially cash-value life insurance—can be a source of needed income.However, cash-value withdrawals can have unexpected or unrealized consequences: Most cash-value policies allow you to borrow money from the issuer using your cash-accumulation account as collateral.Depending on the terms of the policy, the loan might be subject to interest at varying rates; however, you are not obligated to financially qualify for the loan.Cash-value life insurance, such as whole life and universal life, builds reserves through excess premiums plus earnings.
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These deposits are held in a cash-accumulation account within the policy.
(For more information, see: .) In addition to withdrawals and policy loans, you can surrender (cancel) your policy and use the cash any way you see fit.
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