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February 9, 2023
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Are critical insurance benefits taxable?

  • February 9, 2023
  • 1 reply
  • 6 views

My husband's daughter passed away in 2022 from cancer and he is the sole beneficiary. She had two critical illness insurance policies through her work. I do not know if the premiums were paid with tax-free money, do I need to know this?

 

Both checks received in 2022 were to my husband's name.  Thus far I have received a 1099-MISC for the amount of one of the checks, however the 1099-MISC is in his daughter's name.  I'm really confused here with the name difference; any thoughts on this?

  

Are critical illness insurance monetary benefits taxable?

    Best answer by ShirlynW

    Sorry for your loss. It depends. No, if you pay your premiums and yes, if your employer is (part) paying it. 

     

    For more information

    1 reply

    ShirlynWAnswer
    Level 8
    February 9, 2023

    Sorry for your loss. It depends. No, if you pay your premiums and yes, if your employer is (part) paying it. 

     

    For more information

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