Did you know, that a withdrawal from any type of Universal life insurance policy, is substantially different than a withdrawal from a Whole life insurance policy? Policy loans may also affect universal life insurance and whole life insurance products differently. On this show you’ll hear what you need to know about policy loans and withdrawals.
It doesn’t matter whether a universal product is called Indexed Universal Life (tied to a market index), Variable Universal Life (tied to various stock accounts), or plain Universal Life (usually tied to an interest rate).
Withdrawals from any type of life insurance policy can easily be taxable. Loans are usually not taxable but can become taxable if you borrow too much and cannot pay the interest. Don’t lose money. Discover what you need to know to keep more of the money you make.
You will also hear guidelines on when it makes sense to take a policy loan and when it makes sense to use other money.