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I Was The Beneficiary Of My Wife Life Insurance & I Received A $3260 Check.?

Term Life Insurance & Whole Life Insurance Discussion

I Was The Beneficiary Of My Wife Life Insurance & I Received A $3260 Check.?

Postby Alexander » Tue Oct 03, 2017 3:13 am

Death benefit proceeds from a life insurance policy ARE income-tax free. I'm not sure what type of product (an annuity, perhaps?) you get the distribution from. Feel free to contact me with more details, and I'm sorry for your loss.

Hope my answer was clear and earns your Best Answer vote!

DISCLAIMER FOR PROFESSIONALS: While the information in this response was obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. The opinion voiced in this answer is for general information only and it shall not be construed as tax, legal, or investment advice for any individual. Questioners are urged to consult with their professional advisers before making any decisions regarding their finances.

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Alexander
 
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I Was The Beneficiary Of My Wife Life Insurance & I Received A $3260 Check.?

Postby darcell13 » Thu Oct 05, 2017 2:02 pm

You should call the insurance company to get a better understanding of what the check was for.
They don't withhold money on anything taxable unless you ask them to.

And, life insurance isn't taxable.
So, it's likely not taxable.
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I Was The Beneficiary Of My Wife Life Insurance & I Received A $3260 Check.?

Postby Swayn » Sat Oct 07, 2017 6:42 pm

Interest is taxable, even if it comes from a life insurance company.

Only the actual life insurance benefit itself is not taxable.
The interest is taxable.
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I Was The Beneficiary Of My Wife Life Insurance & I Received A $3260 Check.?

Postby Bradford » Wed Oct 11, 2017 7:15 pm

Are you sure this wasn't a 401 or other retirement plan rather than life insurance???

?
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