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Simplicity Life is not a broker dealer, registered investment adviser, or tax adviser and the output from the calculators contained on any Simplicity Life websites DOES NOT constitute tax or securities advice. Contact a qualified tax professional BEFORE withdrawal of funds from a qualified defined benefit contribution plan such as a 401(k). All calculations are based on information provided by the user. The output from the calculators contained on any Simplicity Life website are NOT guaranteed, but are believed to be accurate and reliable.
¹ Policy loans and withdrawals will reduce available cash values and death benefits and may cause the policy to lapse, or affect guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Tax laws are subject to change and you should consult a tax professional. Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract or MEC, under IRC section 7702A. However, withdrawals or partial surrenders are subject to income tax to the extent that the cash value in the policy immediately before the distribution exceeds the owner’s tax basis in the policy. If taken prior to age 59½, a 10% federal tax penalty may apply.