Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Sep 15, 2020

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There are two important tax advantages associated with life insurance.

The first tax advantage is that death benefits are generally not taxable as income for income tax purposes for a person named as the beneficiary.

The second tax advantage is that for cash value plans, there is generally no tax on the increase in the cash value as it grows over time.