Which of these is considered a major tax advantage of life insurance?
Which of these is considered a major tax advantage of life insurance?
- Tax credits are available for life insurance premiums paid
- Annual earnings are tax free
- Premiums are tax deductible by an employee if paid for by an employer
- Income tax is typically not owed on proceeds paid directly to a beneficiary
Answer: Income tax is typically not owed on proceeds paid directly to a beneficiary
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