The short answer is: It depends. Here are the situations when you may need to consider taxes on your life insurance policy. If your beneficiaries opt to receive the death benefit as a lump-sum payout, ...

One of the most valuable features of life insurance is that the beneficiary receives the death benefit income-tax free.

Taking out a loan against your life insurance policy does not count as taxable income. Learn how a taxable event occurs if ...

Our team collected more than 60,000 sample quotes from life insurance companies using unique user profiles to give readers an accurate view of pricing across competitors. We gather quotes for ages 18 ...

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. The primary purpose of life insurance ...

Life insurance annuity, a hybrid financial product, seamlessly marries the risk protection of life insurance with the income ...

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 ...

Any life insurance product, from term to universal life to whole life, shares a primary advantage; their death benefit is received by the beneficiary tax free, unless the policy owner breaks one of ...

This component of a withdrawal is not taxable. In the life insurance industry this part is called the “policy basis.” Money that came from interest or investment gains. This portion is subject to ...