Life insurance benefits are GENERALLY not taxable. There are exceptions however, such as withdrawals from insurance used in deferred compensation plans, or when the insured’s estate is the beneficiary and that estate is subject to estate taxation. Normally death benefits are paid to a named beneficiary completely tax-free.
Life insurance benefits are GENERALLY not taxable. There are exceptions however, such as withdrawals from insurance used in deferred compensation plans, or when the insured’s estate is the beneficiary and that estate is subject to estate taxation. Normally death benefits are paid to a named beneficiary completely tax-free.
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Financial planner, 11 years