Tax Treatment of Life Insurance

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4 Terms

1
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Which of the following creates a taxable event?

Dividends

Interest on Death Benefit

Death Benefit

Policy Loan

Interest on Death Benefit

2
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Cash surrender…

Always Non-taxable

Excess Over Premium is Taxable

50% Taxable

Excess Over Premium is Surrendered

Excess Over Premium is Taxable

3
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Settlement options…

Taxable After 60 Days

Tax Free if Beneficiary is Disabled

Any Interest on Death Benefit is Taxable

Tax Free

Any Interest on Death Benefit is Taxable

4
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Accelerated death benefit…

Tax Deferred

Tax Deductible

Taxable

Tax Free

Tax Free