Life insurance policy

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calvin_g
Posts: 26
Joined: Fri Dec 02, 2005 12:17 am

Life insurance policy

Post by calvin_g »

Hi,

I have life an insurance policy with Manulife Canada. I'm not sure how it works. I think it's a combination of life insurance and investment. The idea is we pay premium every year until the value in the account is big enough to grow by itself, say after 15 years. At the time I retire, I would loan money from the policy so it's tax-free.

I'm not sure what I should do with it in the US. Do I need to report this policy to IRS or pay any tax (I do not receive any money from the policy).

Thanks,
Calvin
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