http://www.lifeinsurancelowdown.com/2006/09/dont_cash_in_yo.html Life insurance news, reviews and tips Fri, 05 Dec 2008 07:53:46 +0000 http://wordpress.org/?v=2.5.1 http://www.lifeinsurancelowdown.com/2006/09/dont_cash_in_yo.html#comment-23 Warren S. Clark Thu, 28 Sep 2006 20:58:47 +0000 http://www.lifeinsurancelowdown.com/2006/09/dont_cash_in_your_life_insurance_policy_settle_it.html#comment-23 A friend works for a corporation that gives as a benift life insurance (equql to one years salary). He recently found out they had borrowed near the total cash value to balance their books for the year. His wife is the benificary. They told him since they bought it they could borrow or cash it in at any time they choose. I contend this is a tax free item in lieu of hourly salary and as soon as they acceept his designation of benificariy they have passed ownership. I realize there may be differences in states . Incidentially he is not a union member What are your thoughts? A friend works for a corporation that gives as a benift life insurance (equql to one years salary). He recently found out they had borrowed near the total cash value to balance their books for the year. His wife is the benificary. They told him since they bought it they could borrow or cash it in at any time they choose.
I contend this is a tax free item in lieu of hourly salary and as soon as they acceept his designation of benificariy
they have passed ownership. I realize there may be differences in states . Incidentially he is not a union member What are your thoughts?

]]>