Question:

IRA vs. Life Insurance Policy - early withdrawl I'm thinking about buying a term life and getting

by Guest11346507 | 2 years, 8 month(s) ago

I'm thinking about buying a term life and getting rid of my whole life. I want to cash it in for my IRA or to buy farm ground which has a wind turbine which should give me a good return. My question is how will I be taxed on the paid up additional insurance which was applied from my dividends? Also, any other way to get around paying the taxes other than an annuity . . . really thinking about that farmground. Thanks.

Tags: insurance, IRA, life, policy, vs, withdrawl

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Harshal Rai

IRAs are typically set up for your personal financial security during retirement, while a life insurance policy is intended to take care of the financial needs of your loved ones when you die. Although insurance and retirement funds are fundamentally different, they may both be accessible to some degree in times of financial need.

http://www.aegonreligare.com/life-insurance/life-insurance.php

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