If you're considering selling your life insurance policy, it's important to understand the tax implications. In Fort Lauderdale—and across Florida—there’s no state income tax, but federal taxes still apply. So, how are life settlements taxed? The amount you receive up to the total premiums you've paid (your cost basis) is tax-free. Any amount above that, up to the cash surrender value... https://medium.com/@summitlifesettlements/understanding-retained-death-benefit-in-fort-lauderdale-how-summit-life-insurance-can-help-you-7a205a1e0a68