Key details about life insurance
There are exceptions: any interest received on the proceeds is taxable, and if the policy was transferred for cash or other value, the exclusion can be limited. Estate tax is a separate question that mainly affects larger estates.
Want an answer specific to your situation? A licensed agent can walk through your options by phone.
Call (844) 658-4509For anything beyond general guidance, it's a good idea to also consult a tax professional about your specific situation.