Question: In 2008, Britney bought a single-premium variable life policy with a face value of $100,000. Her premium payment was $32,000. Britney is now 42 years

In 2008, Britney bought a single-premium variable life policy with a face value of $100,000. Her premium payment was $32,000. Britney is now 42 years of age, and the cash value of the policy is $65,000. What are the consequences of Britney taking a loan for $25,000 this year?The loan is not taxable.The loan is ordinary income.The loan is ordinary income, plus a 10% penalty will be owed.The loan is taxable income, but there is no penalty if it is a hardship withdrawal.

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