Technology Slice

Greek Debt Costs Soar

Greek Debt Costs Soar – Greece started talks to hammer out details of a potential European and International Monetary Fund aid deal on Wednesday but investors dumped Greek assets and the package faced heated resistance at home and abroad. Struggling to convince markets that Greece can slash its budget deficit and avoid default, the socialist [...]

Tags: Assets, Athens, Budget Deficit, Chronic Offender, Clarity, Denials, Doubt, Economists, European Commission, Finance Minister, Flattening Yield Curve, Greece, Imf, International Monetary Fund, Issuance, Lawmakers, Mid Level, Resistance, Socialist Government, Solvency
Posted in Money

Lara Bingle Looking For A New House

Lara Bingle Looking For A New House – Lara Bingle is taking control of her life. She is flying overseas for a month-long holiday, is on the hunt for a new apartment and is considering dumping her controversial manager Max Markson. In the wake of her break-up from cricketer Michael Clarke and a whirlwind media [...]

Tags: 6 Million, Accountant, Anthony Bell, Bondi, Clarity, Control, Family Friend, Friends And Family, image, lara bingle, Long Holiday, Mauritius, Max Markson, Mcgrath Real Estate, Media Storm, Michael Clarke, New Apartment, Real Estate Agents, Sunday Telegraph, Taking Control
Posted in Entertainment

Open Question: Policy loan on whole life insurance?

We got a new term life insurance policy and wanted to cancel our whole life policy. The agent said he would take a loan out on the cash value and that’s how we would get our cash value (amount is less than $500) and then we just wouldn’t make any more payments and let the policy die.

Came home and did more research on policy loans. What I read online was that only the amount more than what you paid in premiums is taxable, and we definitely paid way more in premiums than there is cash value. Also read that there would be interest charged on the loan. He didn’t mention anything about having to pay interest on the “loan”, nor did he say it would be taxable. He also didn’t tell me any other way to get the cash value out and cancel the policy without doing the loan. My personal opinion is this guy doesn’t have a clue what he’s doing.

Since we do not plan to pay any more premiums and don’t want to keep the policy, but also don’t want to have to pay interest on a loan and we would like to keep taxes to a minimum, does anybody have any input or clarity on this issue?

Tags: Cancel, Clarity, Clue, Insurance, Interest On The Loan, Life Insurance Policy, Loan Value, Open Question, Personal Opinion, Policy Loan, Policy Loans, Premiums, Term Insurance, Term Life Insurance, Term Life Insurance Policy, Whole Life Insurance
Posted in Money