Federal estate taxes are often paid by life insurance proceeds; folks have always bought life coverage lo pay the tab.
Life insurance companies have been among the proponents of the tax in Washington.
Other than for paying off estate taxes, some life salesmen are pushing big amounts of whole life coverage where the insured borrows against cash value that accrues tax free. Sounds good, provided you can borrow at a rate below what you earn at the insurance company.
Very iffy with regard to observing tax regulations: This is a matter for you and your CPA. ( See the Earl J Weinreb NewsHole® comments.)
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