Is A Critical Illness Insurance Payout Taxable?

  1. 4470 POINTS
    Brandon Roberts
    Owner, The Insurance Pro Blog,
    No, premiums paid for critical illness insurance are paid with after tax dollars and the benefits are paid income tax free.
    Answered on August 28, 2013
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  2. 2775 POINTS
    Joe 'Gravy' Graves
    Owner, I Hate Buying Insurance, Nashville TN
    Brandon is right. If the premiums are paid for with after tax dollars then the benefit is income tax free. It's a wonderful thing!! Like life insurance benefits are tax free... yet Critical Illness is something you can benefit from & still be alive. The creation of Critical Illness Insurance is a fantastic story. Reach out if you'd like to hear it...
    -gravy
    Answered on February 14, 2016
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