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Taxability of VA Insurance Payout
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Ekhaterina
Level 3
06-28-2020
06:05 PM
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Does anyone know if a veteran who has a VA matured endowment life insurance policy beginning with a policy number that begins with a "V" (Veteran's Group Life Insurance "VGLI"), and has reached the age of 96, has to pay tax on a lump sum one-time proceeds payout? The amount being paid is approximately $60,000 on a $10,000 insurance policy. The veteran has continued to pay premiums throughout the life of the policy, and has reinvested the dividends paid on the policy.
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