Please forgive my ignorance on the subject. My expertise is group health insurance, not life insurance, so I appreciate your input!
A client wants to purchase $1,000,000 term life policy insuring himself, with the beneficiary as his wife. This is not a group term policy. His employer (a church) wants to pay the premium.
1. If the employer pays the premium, is the payout taxable when the insured dies?
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A client wants to purchase $1,000,000 term life policy insuring himself, with the beneficiary as his wife. This is not a group term policy. His employer (a church) wants to pay the premium.
1. If the employer pays the premium, is the payout taxable when the insured dies?
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