Problem
Insurance policies often are a combination of a savings program and life insurance. The individual pays the company, say, $1000 a year; $100 of that goes to cover the risk of his dying during the year, and the remainder goes into a savings program. The return on the amount in the savings program accumulates free of tax-just like an IRA. Explain how insurance can be used as a tax avoidance device.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.