Do I have to pay taxes when I take out money in the future?

As long as you have followed the guidelines of premium payments for your policy, you will not need to pay taxes when accessing your cash value in the future (i.e. no large lump sums of premium payments). Your life insurance death benefit grows over time since your premium payment is split between (1) paying for the cost of insurance and other fees and (2) being invested in an investment account that grows tax-free. The way that you are able to access the cash value within your investment amount tax-free is by withdrawing your premiums tax-free and loaning from the investment account of your death benefit at 0% loan interest rate, of which your death benefit pays back after you pass away. Since both your death benefit and loans are tax-free, you will not have to pay taxes when accessing your cash value inside of your investment account. Furthermore, your death benefit is also tax-free under most circumstances.