Whole Life or Universal Life Insurance

Report a whole or universal life insurance policy and income produced by the policy in Schedule A. 

Whole Life or Universal Life Insurance: Examples

For You, Your Spouse, and Your Dependent Children

Schedule A

Report a whole life or universal life insurance policy if the value of the policy was more than $1,000 at the end of the reporting period, or if the policy produced more than $200 in income during the reporting period.

Block A: Provide the name of the insurance company issuing the policy and write “whole life” or “universal life.”

Block B: Report the value of the policy by marking the appropriate column.

Block C: Report the total amount of income produced during the reporting period by marking the appropriate “Amount” column. If the amount of income is more than $200, you also need to report the type of income by marking the applicable “Type” column. Whole life and universal life policies normally produce interest or dividend income. Report income even if the income is eligible for tax-deferred treatment.

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This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.