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I was sold a life insurance policy several years ago that was to build up a cash reserve so I would be able to have a monthly income at the end of the 10 year period. I finally got wise and saw how much was going to the insurance company in the form of charges and fees and finally cashed it out a few months ago. However, there was of course the usual large cash surrender charge with it. I thought I remember reading that this surrender charge is much like an early surrender charge on a CD and that surrender charges are tax deductable.
Is this true or not?
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