Tax Facts

63 / Are life insurance proceeds payable by reason of the insured’s death taxable income to the beneficiary?

Generally, no. As a general rule, death proceeds are excludable from the beneficiary’s gross income.1 Death proceeds from single premium, periodic premium, or flexible premium policies are received income tax-free by the beneficiary regardless of whether the beneficiary is an individual, a corporation, a partnership, a trustee, or the insured&r...
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