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jwflynn
Level 1

Life insurance

Me and all extended family live in Texas. My mother-in-law is diagnosed with terminal cancer. She has a Single Payment Interest Sensitive Whole Life policy. Does the benefit count as ordinary income to the beneficiary?

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‎April 24, 2024 10:57 AM
last updated ‎April 24, 2024 10:57 AM
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PatriciaV
Employee Tax Expert
Employee Tax Expert

Life insurance

No. Life insurance benefits are not taxable income to the beneficiaries.

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‎April 24, 2024 11:53 AM
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