Life Insurance
A legally binding contract to provide a certain sum of money upon the death of a specifically named individual. The life insurance proceeds may be payable to a person or to the estate of the insured decedent.
A will cannot be used to change the beneficiary of a life insurance policy.
Pennsylvania does not impose death taxes on life insurance proceeds, even when payable to the insured's estate. However, the Federal estate tax may apply to life insurance.
A legally binding contract to provide a certain sum of money upon the death of a specifically named individual. The life insurance proceeds may be payable to a person or to the estate of the insured decedent.
A will cannot be used to change the beneficiary of a life insurance policy.
Pennsylvania does not impose death taxes on life insurance proceeds, even when payable to the insured's estate. However, the Federal estate tax may apply to life insurance.