“The foundation of life insurance is the recognition of the value of a human life & the possibility of indemnification for the loss of that value.” In translation, it means someone pays a premium to an insurance company for someone else to receive a a sum of money on his/her death. The contract can also include a terminal or critical illness. Some life insurance contracts are only for a specified term.
Many people know that having life insurance is important, however are not so sure about the proceeds that are distributed and the tax consequences of such distribution. This post seeks to clear up some of those common myths.
The question, “Are life insurance proceeds taxable?”, elicits the favorite answer of Read more