What is the tax amount for Limited-Pay Life insurance policy?
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hercule
Apprentice
Joined: 31 Mar 2008
Posts: 10
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 Posted: 09/03/11 - 10:53 Post subject: |
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My kids are about to go off to college away from home. As much I as would like to see them financing their own studies, I know that this is not going to happen and that we - the parents - will be playing a significant role in their financial life  . To free up some money, I am now thinking about taking out a Limited-Pay Life insurance policy. What is the tax amount for that? |
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wadsworth
Apprentice
Joined: 12 Jan 2005
Posts: 3
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| Posted: 09/18/11 - 04:46 Post subject: |
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| As I am sure you must already have heard, and it is obvious even without that, the premiums for a Limited-Pay Life insurance policy are much higher than those for a traditional life insurance policy. These premiums are not tax deductible, and you will be responsible for the payments all by yourself. |
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alys
Apprentice
Joined: 08 May 2010
Posts: 2
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| Posted: 10/02/11 - 22:39 Post subject: |
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| Before this question comes up, I would like to say that the proceeds of the Limited-Pay Life insurance policy to your family, in the case you die, are not taxable. So whatever they receive in this way is in fact going to be free from taxation. Do you have any other questions? |
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