Are Life Insurance Death Benefits Taxed?
Typically, beneficiaries do not have to pay income tax on life insurance death benefits when they are received as a lump sum. However, some insurance companies usually offer beneficiaries a choice of payout options other than a single lump sum. In this case, a portion of these ...
Definition of Waiver-of-Premium Benefit
The waiver-of-premium benefit usually applies to life insurance policies. This benefit can help keep your life insurance in force if you are laid up due to injury or illness. If you are disabled, the ...Read More