Nov 28
Are life insurance proceeds taxable?
In general, no. Life insurance proceeds are not taxable, but can be in some cases. For instance, if you receive proceeds in installments and interest is paid, the interest portion of the payment generated after the insured’s death is treated as taxable income.
If you were named the beneficiary of a life insurance policy and aren’t sure if you should pay taxes ask your financial planner. He or she should be able to tell you if they are exempt.
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