Hi Yall, I was pointed to your group by Hunzi( thanks btw ). I'm 32 married and father of a 2 yr. old. I've had a VAL life policy for about 10 yrs. I have no credit debit and the only loan I've got is on a recent car purchase. The surrender charge on the VAL should be gone by Sept. I was thinking of cashing in the VAL and putting the money against the car loan. I'll need to pick up some term insurance, but its got to be cheaper than all the fees Prudential is charging on the VAL. I've been putting a grand in the VAL every year, and the cost of insurance is about $12 a month, the cost of insurance isn't bad but the investment fees have been nuts. My question is what are the tax consequenses of cashing in the VAL?
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