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Matthew McCarter, LUTCF
McCarter Agency
ChesterCountyInsurance
2320 East Lincoln Highway, Coatesville, PA 19320
phone: 610.383.1119
fax: 610.383.1686
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Life Insurance
Loss takes an emotional toll. It doesn't have to take a finacial one.
Life insurance is not something most of us like to think about. But that doesn't diminish its importance. If somthing were to happen to you, life insurance would provide financial assistance for your loved ones to help your and their dreams come true.
Living Benefits
Income tax issues
How does life insurance achieve such significant income tax advantages?
Life insurance offers the following income tax characteristics:
- Income tax-deferred growth on all contributions
- IRC Section 7703 (a) There is no current taxation of the inside buildup of cash surrender values
within the policy.
- Income tax-free retirement income
- Retirement benefits can be provided through a combination of policy withdrawals and loans. IRC Section 72 (e) provides
that withdrawals up to the policyowner's basis are income tax free. The balance of the retirement benefit is paid through policy loans, which are income tax-free
under IRC Section 72 (e) (5).
- Income tax-free survivor benefit
- This is provided by the life insurance death benefit which is payable to your named beneficiary. Such benefits are received income tax-free by
the beneficiary in accordance with IRC Section 101 (a) (1).
What happens if the income tax law changes after the plan is established?
All representations are based on current income tax law, and it is obviously impossible to predict what changes may be made in the future.
However, when previous changes have been made in life insurance taxation, Congress has consistently "grandfathered" existing life insurance policies.
What if income tax rates increase after the plan is established?
Any increase in personal income tax rates will actually increases the advantages of life insurance. That is because a higher portion of the benefits payable under the alternative
programs will be lost to income taxaation, while those from the life insurance will continue to be income tax-free.
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"We appreciate the fast response time. We didn't have to wait days for a quote."
T. Benner
Downingtown, PA
"You helped us save on auto insurance for the whole family."
H. Macnamara
Exton Pa.
"We tried our local insurance agencys here in Malvern, but you gave me the best price for my term life insurance policy and home owners insurance.
Thanks guys!"
Jeff Spalina
Malvern, Pa.
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