Single-premium whole life insurance generally becomes a modified endowment contract. If a policy is a modified endowment contract, loans are also taxable and loans, withdrawals, and surrenders are treated first as distributions of the policy gain subject to ordinary income taxation and may be subject to a 10% federal tax penalty if made prior to age 59½. Loans, if not repaid, and withdrawals reduce the policy’s cash value. Guarantees are based on the claims-paying ability of the issuing insurance company. The tax treatment of life insurance is subject to change. Protective Life is not affiliated with American Eagle Financial Credit Union, American Eagle Financial Services, or LPL Financial.

Securities offered through LPL Financial, member FINRA/SIPC. Investment Advisory Services offered through LPL Financial, a Registered Investment Advisor. Insurance products offered through LPL Financial or its licensed affiliates. American Eagle Financial Credit Union and American Eagle Financial Services are not registered broker/dealers and are not affiliated with LPL Financial.

Not NCUA Insured No Credit Union Guarantee May Lose Value

The LPL Financial representative associated with this website may discuss and/or transact securities business only with residents of the following states: Connecticut.