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| PWhy Do I Need It? | ||||
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There are two basic and necessary reasons to buy life insurance. You owe someone or You love someone.
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| Tax Notes: Proceeds from an insurance policy paid because of the death of the insured are generally excludable from the beneficiary's gross income for tax purposes. (IRC Sec. 101(a)(1).) Income and growth on accumulated cash values have been held by the Tax Court to be generally taxable only upon withdrawal. (IRC Sec. 72.) Consult your tax adivsor or attorney on your specific situation. | ||||
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