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Get your taxes done using TurboTax
For a policy on which you paid the premiums, taking the cash value of the policy is not taxable income.
The cash value of the policy is essentially the amount of premiums paid in excess of the cost of purchasing the policy, which is why it builds over time. As long as you (as opposed to an employer) paid the premiums, you are getting your own money back.
‎June 5, 2019
10:36 PM