Question: Question ID: 1 4 9 0 5 4 7 Your client has a variable universal life policy with a cash value of $ 1 5

Question ID: 1490547
Your client has a variable universal life policy with a cash value of $150,000. Their basis in the account is $100,000 and they have utilized a loan equal to 90% of the cash value. The loan has yet to be repaid, they are in the 22% marginal tax bracket, and the policy also contains a 10% surrender charge equal to the gross cash value of the policy. The policy unfortunately lapses. What is the net effect for your client?
Question ID: 1 4 9 0 5 4 7 Your client has a

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