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3 October, 10:13

One of your customers purchased a variable life insurance contract through your firm. after 14 years, he had deposited $15,000 in premiums, and his death benefit had grown to $80,000. shortly after taking out a loan against cash value of $10,000, he was killed in an automobile accident. what will be the consequences of this situation to the death benefit?

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  1. 3 October, 13:12
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    Given that o ne of your customers purchased a variable life insurance contract through your firm. after 14 years, he had deposited $15,000 in premiums, and his death benefit had grown to $80,000. shortly after taking out a loan against cash value of $10,000, he was killed in an automobile accident.

    The consequences of this situation to the death benefit is that:

    His beneficiary will receive the death benefit minus the value of the loan.

    His beneficiary need not pay taxes on the death benefit.
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