Can an insurance company make me pay taxes on a loan i took out against my life insurance policy?

Can an insurance company make me pay taxes on a loan i took out against my life insurance policy?

I took out a loan on a life insurance policy. the premiums i paid had twice exceeded the amount my beneficiaries would recieve if i died. I was told that if i didn’t repay the loan the only penalty would be that amount would be deducted from the pay out if i should die.I did not repay the loan and decided i did not want to keep paying on the policy because i had much better insurance. the insurance company added the cost of the loan plus a lot of interest and unbeknowst to me reported (to IRS)an amount almost 3 times larger than the loan as my additional income. Can they do this?

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


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Cheapest car insurance for a 18 year old female?

I have recently passed my driving test and all my quotes are coming up as £9,000 all the way to £30,000 which i dont think is normal. I know that insurance for teenagers is high but what is a average price I should be looking for and what websites will I find a decent quote? I have a 2002 vauxhall corsa 3 doors. I have tried all comparing websites which have given me the prices above and all ‘black box’ companies will not give me a quote as they are ‘not available’ to. Any help will be appreciated 🙂

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes

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Can an insurance company make me pay taxes on a loan i took out against my life insurance policy?

I took out a loan on a life insurance policy. the premiums i paid had twice exceeded the amount my beneficiaries would recieve if i died. I was told that if i didn’t repay the loan the only penalty would be that amount would be deducted from the pay out if i should die.I did not repay the loan and decided i did not want to keep paying on the policy because i had much better insurance. the insurance company added the cost of the loan plus a lot of interest and unbeknowst to me reported (to IRS)an amount almost 3 times larger than the loan as my additional income. Can they do this?

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


Auto Insurance pay-out timeline?

Concerning auto accidents. If the other driver is deemed to be at-fault by the police officer on scene and the report is filed with my auto insurance company how long does the other driver’s auto insurance company have to pay for damages to my vehicle? Is there a state-by-state guideline that I can find? I am sure the other driver’s insurance would prefer to never pay, but they seem to be dragging their feet.


LEGAL!? Can I be added into my friend’s car insurance?

Hi, gentlemen. I got my driver license(in CA) and a used car the other day, and I have to get my car insurance. Here is the question. Is it legal for me to be added into my friend’s insurance(AAA)? He told me that I would save money if did so. Is it legal to do so even though I’m not his siblings or relatives? I’m an international student, so I wanna save money as much as possible. Thanks for reading. Every answer helps!!!


Can I insure more than one limited company on one business insurance policy?

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Can an insurance company make me pay taxes on a loan i took out against my life insurance policy?

I took out a loan on a life insurance policy. the premiums i paid had twice exceeded the amount my beneficiaries would recieve if i died. I was told that if i didn’t repay the loan the only penalty would be that amount would be deducted from the pay out if i should die.I did not repay the loan and decided i did not want to keep paying on the policy because i had much better insurance. the insurance company added the cost of the loan plus a lot of interest and unbeknowst to me reported (to IRS)an amount almost 3 times larger than the loan as my additional income. Can they do this?

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


Auto insurance troubles. ..?

My car insurance expired on 6/19 at 12am so that same day we went to our insurance broker and purchased a new full coverage policy at 2:30 pm. They took pictures of our minivan which was in great condition. By the time the transaction was completed the time on the receipt said 2:46 PM. At exactly 4pm we were in the center lane of a 3 lane one way street and the lady on our right decided to make an illegal left turn in front of us and didn’t give us enough time to stop, so we crashed. She was of course at fault but is taking her sweet time to make a statement so it has been over a week and her insurance won’t take liability until she gives her statement, and now our insurance is trying to say that we weren’t covered until 4:40 pm. Can our insurance do that? And the funny thing is we don’t even have the details in our policy because they were supposed to mail it to us.


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BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


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In the state of Georgia do you need a title for an automobile that is 24 years old, to purchase a tag.?

I am buying a 1982 Chevrolet S-10 pickup truck, I personally know the individual I am purchasing the truck from. The title has been misplaced or lost. We are both under the impression that if a vehicle is X amount of years old you don’t have to have a title to be able to purchase a tag,get insurance etc. The truck is 25 years old, if anyone has or knows the answer to my question I would be greatly appreciative.



BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes

If i damage a car by like 5,000 worth in damages how much will my insurance go up by?

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Can an insurance company make me pay taxes on a loan i took out against my life insurance policy?

I took out a loan on a life insurance policy. the premiums i paid had twice exceeded the amount my beneficiaries would recieve if i died. I was told that if i didn’t repay the loan the only penalty would be that amount would be deducted from the pay out if i should die.I did not repay the loan and decided i did not want to keep paying on the policy because i had much better insurance. the insurance company added the cost of the loan plus a lot of interest and unbeknowst to me reported (to IRS)an amount almost 3 times larger than the loan as my additional income. Can they do this?


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For Massachusettes drivers-did anyone else’s insurance skyrocket when the new rates came out last month?

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


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How much a month will insurance be on a 2006 350z with a 18 year old driver?

How much a month will insurance be on a 2006 350z with a 18 year old driver?


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Can I say that I live in another state if I have the address of the place ….for example :I live in NYC but I want auto insurance in canton,NY and I have the adress of the house …is that illegal? Can I do it ?


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BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


My mustang was totaled, and now has been auctioned ,how do I get the miledge for the Insurance company?

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Can an insurance company make me pay taxes on a loan i took out against my life insurance policy?

I took out a loan on a life insurance policy. the premiums i paid had twice exceeded the amount my beneficiaries would recieve if i died. I was told that if i didn’t repay the loan the only penalty would be that amount would be deducted from the pay out if i should die.I did not repay the loan and decided i did not want to keep paying on the policy because i had much better insurance. the insurance company added the cost of the loan plus a lot of interest and unbeknowst to me reported (to IRS)an amount almost 3 times larger than the loan as my additional income. Can they do this?


Does universal life insurance make sense for us over term?

From the guaranteed projections for this 50% fixed 50% variable (based on S&P500) policy we would come out ahead vs. investing the $30/month difference on our own. Otherwise, I would never even consider this. I had always heard it was better to get term insurance. Thing is, our rates are so high as my husband is a pilot (otherwise it would be under $80/month and term would be a better deal). The goal is to protect the surviving spouse against our debts for the next 30 years while we expect to have debts (or our parents if both of us die). Are there any other types of permanent insurance that we should look at instead that may still make more financial sense than universal? I am also getting more quotes to see if this term quote was high. Also, this rate is subject to decrease after they evaluate the questionnaire my husband answered about his flying (the agent assumed he would get the same rating as his other clients who are pilots). We have separate retirement savings.


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Mbrcatz, I live too far from any type of civilization to bike anywhere. & I don’t have the money for a scooter; I can’t sell my car because my dad is a lien holder (meaning I can’t sell the car without his permission) and he won’t let me. Raking leaves and all of those other chores won’t make me nearly enough money quick enough, I’ll get $10 max for raking some leaves for my parents, and I don’t really have any neighbors who I would feel comfortable harassing for money by raking leaves”. “


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