Do you pay taxes on life insurance cash out?

Do you pay taxes on life insurance cash out?
If you withdraw cash from a cash value life insurance policy, the amount of withdrawals up to your basis in the policy will be tax free. Generally, your basis is the amount of premiums you have paid into the policy less any dividends or withdrawals you have previously taken.

Reference:
Is life insurance taxable? | Ameriprise Financial
Aug 3, 2019

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