New question in Life Insurance FAQ

Posted on December 5, 2011 and updated December 5, 2011 in Life Insurance Canada News, Life Insurance FAQ 1 min read

New question in Life Insurance FAQ:

While working in the US I took out $1,000,000 5 year term policy. I subsequently have permanently relocated relocated to Canada. My question is this: Are the proceeds from the policy taxable by the US upon my death?

I would check with the insurance company you took out the policy with or a tax advisor. We are licensed in Canada and would not have the expertise to answer you US tax question.

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