tatymoco
If policy was paid for with pretax dollars then you must pay taxes on proceeds, but if the policy premuims were paid with post or after tax dollars then no taxes need to be paid on proceeds. Hope this helps> :)
1 Answer
lindilou
No matter who is designated, the beneficiaries of a life insurance policy will generally receive the death benefit proceeds federal income tax free. Unlike property disposed of in a will, insurance proceeds do not automatically go through probate.
https://us.axa.com/life-insurance/plan/naming-beneficiaries.html
| 10 years ago. Rating: 0 | |
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