Penn Mutual Perspectives
March 22, 2023
Do You Know How to Avoid These Common Life Insurance Tax Traps?
One of the most favorable aspects of life insurance is its tax treatment: policy death benefits are exempt from federal income tax, policy cash value grows tax-deferred and it can generally be accessed on a tax-favored basis.1 Considering its tax efficiency, life insurance complements many popular tax planning strategies. However, tax traps can still occur…
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