Whether you’re a business or an individual, it’s always financially prudent to get the lowest tax liability legally possible. This requires an awareness of all the tax deductions and credits you may be eligible for. It’s probably why you’re wondering if term life insurance benefits are taxable.
Are Life Insurance Payouts Taxable?
Normally, the proceeds of your term life insurance policy aren’t subject to state or federal tax. The death benefit will go to your named beneficiary tax-free provided that it’s a lump sum, one-off payout […]
