Q: If I have five times my pay life insurance or any amount and I die, will there be taxes taken from the total paid out to my survivor? Or do they receive the full benefit?
A: FEGLI benefits are paid tax-free.
Life insurance
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Mike Miles
Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.