Is Universal Life Insurance A Tax Shelter?

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   David RacichPRO

   Fountain Hills, Arizona

   Universal Life Insurance can be a tax advantaged saving or investment product that can accumulate tax deferred and generate tax free distributions via withdrawals to basis after 15 years and/or policy loans of gain. However, the policy must be kept in force for the life of the insured or all policy loans of gain and internal policy loans will re-characterize as phantom income and taxed as ordinary income in the year of lapse or termination.
    

   Answered on June 20, 2013

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