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Mar 19, 2024

Kim and Spencer discuss the tax advantages and personal protections of life insurance. They discussed points that include the basis of taxation on life insurance, how it is similar to taxation of vehicle and home insurance, and a detailed comparison of life insurance with Roth IRA and 401(k) from a taxation perspective. They briefly talk about borrowing against life insurance cash value and also touch upon the nuances of premium structure and death benefits of a policy. 

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Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!

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Show Notes

  • Why life insurance has been a crucial financial product for hundreds of years
  • The premium structure of whole life insurance and its tax-free growth
  • Benefit and importance of this rider
  • How life insurance loans are taxed
  • How the accelerated benefits rider operates and its benefits
  • The benefits and functionalities of waiver premium and disability insurance together
  • Circumstances under which life insurance loan interest can be tax deductible
  • Suggestions on borrowing against cash value from the bank to avoid potential tax issues with life insurance lenders

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