The Richest Man in Babylon In good times and bad, consistently saving a percentage of your income is a sound financial practice. Share | Have A Question About This Topic? Name Email Address Message Thank you! Oops! Related Content When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. Insurance Needs Assessment: For Empty Nesters and Retirees Do your insurance needs stay the same when the nest empties? What Is a 1035 Exchange? 1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability.