Taxes on Life Insurance: Here’s When Proceeds are Taxable

1 Jul

Life insurance: It isn’t a fun topic to think about, but it’s an important investment that can protect and financially take care of your loved ones after you pass. The magic of life insurance — whether it’s a term or whole life policy — is that most of the time, proceeds for beneficiaries aren’t taxable. But there are certain situations where payouts will end up getting split between individuals and Uncle Sam. More >>

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