Working With A Financial Professional A financial professional is an invaluable resource to help you untangle the complexities of whatever life throws at you. Share | Related Content The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. Infographic: Whole Life Insurance Can Be an Essential Piece You buy whole life insurance as protection for your loved ones and your legacy. But it can be so much more.