The Tax Implications of Life Insurance | Infinite Banking and What You Need to Know
Control and Compound with Darren Mitchell · Control and Compound Financial | BNV Media
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Show Notes
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On today's episode, Darren and Christina are breaking down the tax implications of life insurance. Starting with a recap of term insurance and permanent insurance and then breaking down the tax implications of paying premiums, the death benefit, cashing out, and transferring ownership of a policy. If you're serious about infinite banking, you need to check this episode out!
Show notes:
00:00 - Introduction
1:55 - Recap of term insurance vs. permanent insurance
3:35 - Types of ownership
5:05 - Typical tax transactions you need to be aware of
5:40 - Tax implications of paying the premiums on a policy
10:25 - Tax implications on receiving the death benefit
17:55 - Tax implications of cashing out or surrendering a permanent policy
20:55 - Tax implications of transferring ownership of a policy
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