When Your Life Insurance Proceeds Are Not Taxable

Life insurance can be somewhat complicated, most especially when the issue of tax is involved.  So, you are not alone if you are wondering when your life insurance proceeds are taxable. Most times, your life insurance proceeds are free from tax under the following conditions: When you are giving death benefits to beneficiaries If your life insurance proceeds are not part of your estate, no...Read More

When Your Life Insurance Proceeds Are Taxable

No one wants their life insurance proceeds to be taxed, let alone taxed unfairly. That’s why you need to arm yourself with information regarding when governments have the rights to tax your life insurance proceeds. This knowledge can also help you decide whether or not life insurance is right for you. That said, the following are some of the circumstances when life insurance proceeds are...Read More

Avoiding Taxation on Life Insurance Proceeds

If you’re reading this article, you are probably looking for ways to pass on all of your life insurance proceeds to your loved ones. However, with the various state and federal taxes on life insurance benefits, this might seem like a tall dream. Fortunately, we have outlined some decisions you can take to avoid taxation on your life insurance proceeds. Transfer of ownership One way...Read More