Life Insurance Tax Free Income. Even for people without spouses and kids, life insurance. If the payment is made to a financial dependent, like a spouse or child, it will almost definitely be tax free.
In life insurance on august 13, 2021. On $1 million dollars, that is only $40,000. If someone has made you the beneficiary of a $1 million policy, for example, you do not have to share any part of your $1.