Indexed universal life insurance is similar to the more familiar whole life insurance policy in that it is composed of two basic pieces: first, a permanent insurance policy that will pay a death benefit whether you die young or old; and, second, a cash value account from which you can borrow money tax-free (but not interest-free) in order to pay for expensive items, educational expenses, or your retirement. The difference lies in how the cash value account grows.
Tax-free Retirement Patrick Kelly Pdf 37
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