TAILIEUCHUNG - Lecture Risk management and insurance - Lecture No 26: Buying life insurance

This chapter’s objectives are to: Income tax treatment of life insurance, life insurance contract provisions, incontestability clause, suicide clause, misstatement of age or sex, entire contract clause, cash or payment of premium,. | Buying Life Insurance Lecture No. 26 1 2 Income Tax Treatment of Life Insurance Premiums In most cases, individuals cannot deduct the premiums they pay for individual life insurance The primary exception is for someone who is paying premiums on a life insurance policy owned by a charitable organization Death benefits As a general rule, when an insured dies and a death benefit is paid The beneficiary does not have to report the death benefit as taxable income if the proceeds are paid in a lump sum When settlement is made through a series of periodic payments from the insurer The beneficiary generally can exclude only part of each payment from taxable income The amount of each payment that represents a distribution of the original death benefit is not taxed While the portion that is due to interest earnings is subject to taxation 3 Income Tax Treatment of Life Insurance Cash values If a life insurance policy with a cash value is terminated before death and the contract is surrendered .

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