I need help. If I give up my whole life policy and switch to term life insurance, what will become of my cash value in relation to my tax bill next April 15?As you can tell, I was one of the WISE who didn't understand the policy I bought and still am having a hard time understanding the legal "mumbo-jumbo" in the contract._______________________You would only be taxable, as ordinary income, on the excess of the cash received on termination over the total premiums to date under the contract. I doubt that you will have a taxable event based on what you wrote, but you should do the math or have the insurer provide you with a statement of total premiums paid. HJ
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