Can I use my life insurance policy to help finance my retirement?
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death insurance
Question by blackjack (54)
Answer by tamarawilhite (17883)
There is no income tax on life insurance, either at a state or federal level. This is true if you are the direct beneficiary of the policy.
Answer by Rubberchicken (819)
There is no income tax on life insurance proceeeds. However, once one invests any proceeds from life insurance, there will be taxes on capital gains.
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