Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have report them. It is possible that there was an accrual of interest depending on the nature of the Policy. If this is the case you must report the Interest Income not the actual value of the Policy.
If you have not received any documents from the Insurance provider such as; 1099-R or 1099-INT, it is advisable that you not prepare your return until you have received those reporting documents and contact the Provider to inquire. If there was a federal withholding then you must receive some sort of reporting document.
