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All of the following statements about the tax treatment of life insurance purchased by an individual are true EXCEPT Premium payments are usually not tax

All of the following statements about the tax treatment of life insurance purchased by an individual are true EXCEPT

Premium payments are usually not tax deductible.

Death benefits received in a lump sum are not taxable income.

Policyowner dividends are not considered taxable income.

The annual increase in the cash value is currently taxable.

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