Are Life Insurance Proceeds Taxable In Delaware?

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    Peggy Mace
    Most of the U.S.
    No, Life Insurance proceeds are not taxable in Delaware for income tax, unless the proceeds exceed the face amount of the policy (the just the excess is taxed), or if the proceeds are taken on a long term payment plan (then just the interest paid is taxed). If the estate is higher than the exempted amount, life insurance can be charged estate tax. And if the proceeds go to the estate rather than a beneficiary who is a person, trust, or entity, they can be taxed.
    Answered on August 14, 2013
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