Common questions about life insurance
- Do I need life insurance if I’m single?
- What is Group Life Insurance?
- Will I be taxed on the growth of the cash value of my life insurance? What if my policy pays dividends?
- When I die, is my beneficiary required to take a lump-sum payment of my life insurance death benefit?
- Will my beneficiaries have to pay taxes on the proceeds of my life insurance policy?
Important Information: This information is provided for informational purposes only. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Life insurance contains exclusions, limitations and terms for keeping it in force. For costs and complete details contact a Financial Professional.
Policy withdrawals are not subject to taxation up to the amount paid into the policy. Policy loans and/or withdrawals will be taxable to the extent of gain if the policy is a modified endowment contract. Policy loans and/or withdrawals also reduce the cash surrender value and policy death benefit and increase the chance that a policy will lapse. Taking a policy loan could have adverse tax consequences if the policy terminates before the insured's death
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Please be advised that this material is not intended as legal or tax advice. Accordingly, any tax information provided in this material is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent advisor.
Life insurance products are issued by Equitable Financial Life Insurance Company (New York, NY) or Equitable Financial Life Insurance Company of America, an Arizona stock corporation and are co-distributed by Equitable Network, LLC (Equitable Network Insurance Agency of California in CA; Equitable Network Insurance Agency of Utah in UT; Equitable Network of Puerto Rico, Inc. in PR), and Equitable Distributors, LLC.