As a New York Life agent, I help people tackle the big issues in life: the ones you usually see coming from a mile away. How we do it depends on your personal needs and preferences, but one way or another, I'll make sure that you're prepared to face many of life's most significant events:
*The total outstanding loan balance (which includes accrued loan interest) reduces your policy’s available cash surrender value and life insurance benefit. The amount you borrow will accrue interest daily. Any loan interest that you do not pay when due will be added to the policy's outstanding loan principal and will also accrue interest daily.
If your policy lapses, or if you surrender it while you have an outstanding policy loan, you may be liable for federal or state income taxes if the value of the outstanding loan plus your cash surrender value is more than the total amount of premiums you have paid into your policy (less certain non-taxable distributions). Your insurance company will report any taxable gain to you, the Internal Revenue Service (IRS), and any applicable state taxing authorities. Please be sure to discuss this with your tax advisor.
Retiring this year? One of the biggest changes you may face in retirement comes on your annual tax return—here’s how you can make sure you take advantage of these 4 tips for cutting your tax bill in retirement.
Divorce is a reality that half of married couples will face in their lifetime—it’s an emotionally challenging time for most, but bringing a thoughtful approach to your finances throughout the process can ensure that you come out on the other side prepared for your new life.