Life insurance offers a combination of benefits when you pass away and while you're still alive. These benefits can have long-lasting impacts for your family, too.
Final expense insurance is a life insurance policy designed to cover end-of-life costs. You can get approved easily, but the death benefit is typically smaller.
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Are life insurance proceeds taxable to beneficiaries?
When beneficiaries receive a payout from a life insurance policy, they typically don't have to pay taxes. However, there are a few situations where a portion of the life insurance benefit is taxable ...
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