Are Life Insurance Proceeds Taxable?

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People who purchase life insurance pay premiums in exchange for receiving a death benefit to assist their beneficiaries with financial resources.

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The death benefit from a life insurance policy represents the amount paid to the beneficiary of the insured’s life insurance contract. At the insured’s death, the death benefit transfers to the policy beneficiary/(ies).

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In general, when asking, “is life insurance taxable,” with few exceptions, the answer is almost always no. However, exceptions exist for when life insurance proceeds are subject to tax.

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You will encounter one exception when dealing with the transfer of a life insurance contract (through a sale or disposition) for cash or other valuable consideration from one party to another. In other words, when you buy or sell the policy and it transfers ownership from one party to another.

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1. The life insurance death benefit pays out to the estate of the insured. When this occurs, the entire insurance payout must be included in the estate and becomes subject to estate taxes.

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Are Life Insurance Proceeds Taxable?

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People who purchase life insurance pay premiums in exchange for receiving a death benefit to assist their beneficiaries with financial resources.

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What is Life Insurance?

The death benefit from a life insurance policy represents the amount paid to the beneficiary of the insured’s life insurance contract. At the insured’s death, the death benefit transfers to the policy beneficiary/(ies).

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What is a Death Benefit?

In general, when asking, “is life insurance taxable,” with few exceptions, the answer is almost always no. However, exceptions exist for when life insurance proceeds are subject to tax.

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