Shortly after construction of the town center began, the Atlanta, Birmingham, and Atlantic Railroad came through. The railroad was economically important to the town and the county because it provided quicker access to distant markets, and Wadley became a shipping center. By 1910, the population had reached 426.
Life insurance is a contract. Term life insurance is a contract based on the exchange of premiums for coverage. If you stop paying premiums and youâre past the reinstatement period, youâve lost coverage and may be required to re-qualify for coverage.
Your whole life or variable life insurance policy could be a source of cash while youâre still alive. Each policy has a cash-surrender value that grows as you continue to pay premiums. If you decide to cash out your life insurance, you will owe taxes on the cash you receive. Knowing the tax penalty before you cash out will help you decide whether to take the cash now or later, and avoid expensive tax penalties.