Do we have to pay tax for life insurance? when cashed?

Question

I have been buying life insurance for my father, He die recently and I am a benefitsary so that when I receive that money, Do I have to pay tax on that money?

Answer 1

The proceeds from the life insurance are not counted as income for income tax purposes as long as the death benefit is paid straight to you as the beneficiary.

Answer 2

No taxes on insurance money

Answer 3

life insurance proceeds are tax exempt. that means you won't pay income tax on it.