Hunter Biden life insurance policies could be another way of hiding money, Treasury fears

Treasury reports flagged Hunter Biden's whole life insurance policies as a way the Biden family could be hiding money from taxes, House Republicans said this week.

“Whenever I was reading some of the reports and the suspicious activity reports, I saw transactions that were being sent to whole life insurance policies, which if you if you know much about that, it could be a way to hide money, and to avoid taxes is to is to overly fund a whole life policy,” House Oversight Committee member Eric Burlison (R-MO) said.

The way whole life insurance works, it is possible to put more than the value of the policy into it and then withdraw tax-free the amount over the premiums that were supposed to be paid. Dividends of 6-8% are also paid from the policy once it is funded.

Financial disclosures said both President Joe Biden and Hunter Biden had whole life insurance policies.

Documents the committee already has shown a $3 million whole life policy for Hunter Biden, and other policies for Hunter and Joe Biden in unspecified amounts.

The impeachment inquiry into Joe Biden will be looking into these policies to see how they were funded and whether they represented yet another attempt to dodge taxes and hide payouts from foreign sources.