Is a small life insurance policy put into a savings account the same thing as earned income savings?
I am wanting to know if I have to report as savings a small life insurance policy that is not earned income. I keep it in a savings account but it is not considered as earned income right? I am wanting to protect it if at all possible for emergencies only.
Any cash in the policy is called cash value. It is not taxable unless you cash in the policy and get more out of the policy than you paid in. It is called a taxable gain. You have to have the policy many, many years to have that happen.
Life insurance is NOT a savings or investment. You would probly be better putting that money into a savings or investment account.
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