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Ken Said:

Life insurance?

We Answered:

You would receive the surrender value assuming that this is a guaranteed whole life policy and assuming that you haven't made any previous withdrawals or loans.

As someone else stated, you will only be taxed on the surrender value less the amount of total premiums you have paid. So the amount taxes you would pay would be:

$7320

less

$855 multiplied by (# of payments)

Multiplied by

(Your tax rate)

Most whole life policies don't have high enough returns to create huge interest gains.

Julian Said:

I lost my life insurance due to non payment but payment was deducted from wages by employer. can I sue?

We Answered:

Your employer has a fiduciary duty to submit the premiums they have deducted. You certainly have a case.

With that said most insurance carriers will allow you or the employer to pay the back premiums and reinstate your policies.

You should contact the CA Dept of Insurance and the Dept of Labor. http://www.insurance.ca.gov/ http://www.dir.ca.gov/

I would also talk to a lawyer
http://lawyers.findlaw.com/lawyer/practi…