What Taxes Apply to Life Insurance Premiums

What Taxes Apply to Life Insurance Premiums

The life insurance industry has developed in complexity and diversity over the years. When life insurance policies were originally created, they were insurance vehicles but over time, they’ve also become investment vehicles. Ultimately, all of this leads to a complex tax structure.

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Are Life Insurance Death Benefits Taxable or Tax-Free?

Are Life Insurance Death Benefits Taxable or Tax-Free?

Taxes always seem to be on the rise, so it is reassuring to know that life insurance is a rare financial tool where the beneficiaries receive the payout income tax-free.

A major advantage of life insurance is that beneficiary proceeds are exempt from income taxes and estate taxes, so proceeds can be used to offset any tax liability attached to your assets when you try to transfer those assets to loved ones.

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