Does A Life Insurance Payment Get Taxed?
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63333 POINTSview profilePeggy MaceMost of the U.S.Generally, when a life insurance policy pays the death benefit upon the death of the insured person, the beneficiary does not have to pay income tax on that amount. There are some exceptions, but when dealing with the vast majority of policies, the death benefit is not taxable, making life insurance very attractive in a lot of situations.Answered on May 14, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaLife insurance proceeds from the death of the insured are paid to the beneficiaries of a policy and for most domestic scenarios the proceeds are tax free. In certain circumstances where the proceeds are paid to a business or paid into the estate, those proceeds could be subject to taxation.Answered on May 14, 2013+01+1 this answer
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