Yes it is. If your policy is for $500,000, your beneficiary will receive $500,000 upon your death and there is no income tax due on that amount. There is only one way to mess up that tax free status. Business owners are famous for wanting to deduct every penny paid out, but the IRS says if you deduct the premium paid as a business expense, the policy will lose its’ tax free status. Want to know more?
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