I purchased a single premium whole life insurance policy in 1984. I am confused about the tax on policy loans

I purchased a single premium whole life insurance policy in 1984. I am confused about the tax on policy loans

Original premium- $50,000. Total loans- $66.000. Cash surrender value-$64,000. I would like to access that $64,000 so I can earn a better return than the 3.25% the insurance company is paying. I realize that i will have to pay tax on the loans I have but the company is claiming I will also have to pay tax on all the interest on these loans that has been accumulating for years at 8%!! I understood that this interest charge is a wash” meaning I am charged 8% but also credited 8% since I am borrowing my own money from policy earnings. This total interest is well over $100

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


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I purchased a single premium whole life insurance policy in 1984. I am confused about the tax on policy loans

Original premium- $50,000. Total loans- $66.000. Cash surrender value-$64,000. I would like to access that $64,000 so I can earn a better return than the 3.25% the insurance company is paying. I realize that i will have to pay tax on the loans I have but the company is claiming I will also have to pay tax on all the interest on these loans that has been accumulating for years at 8%!! I understood that this interest charge is a wash” meaning I am charged 8% but also credited 8% since I am borrowing my own money from policy earnings. This total interest is well over $100

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


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I purchased a single premium whole life insurance policy in 1984. I am confused about the tax on policy loans

Original premium- $50,000. Total loans- $66.000. Cash surrender value-$64,000. I would like to access that $64,000 so I can earn a better return than the 3.25% the insurance company is paying. I realize that i will have to pay tax on the loans I have but the company is claiming I will also have to pay tax on all the interest on these loans that has been accumulating for years at 8%!! I understood that this interest charge is a wash” meaning I am charged 8% but also credited 8% since I am borrowing my own money from policy earnings. This total interest is well over $100


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BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


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BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


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I purchased a single premium whole life insurance policy in 1984. I am confused about the tax on policy loans

Original premium- $50,000. Total loans- $66.000. Cash surrender value-$64,000. I would like to access that $64,000 so I can earn a better return than the 3.25% the insurance company is paying. I realize that i will have to pay tax on the loans I have but the company is claiming I will also have to pay tax on all the interest on these loans that has been accumulating for years at 8%!! I understood that this interest charge is a wash” meaning I am charged 8% but also credited 8% since I am borrowing my own money from policy earnings. This total interest is well over $100


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