ST Alpha - "Does anyone have any experience 'cashing in' a life insurance policy? (not, you know, the hard way)" (Reading a Post)

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Does anyone have any experience 'cashing in' a life insurance policy? (not, you know, the hard way)

Posted by Dr.Vermin (aka dr.vermin) Mar 18 '13, 11:29

pros/cons? Will I pay taxes on it?

Responses:

usually no - but best to ask the agent/company to be sure -- nm - JenBro Mar 18, 11:36 1
- We suggest not cashing it in -- nm - Acme Insurance Co. Mar 18, 11:37
My wife had a small one that we cashed in. You will be taxed on what you get back over what you paid in. -- nm - spamlet (iPhone) Mar 18, 11:35
You need to be reeeeeal careful about asking that on a board that is patroled by you-know-who - prayformojo Mar 18, 11:32
Are you talking about whole life? My understanding is that the cash value in that is basically like an IRA - oblique Mar 18, 11:31

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