We also mentioned that no taxable income (or capital gain) is realized for amounts that do not exceed the total amount of premiums paid into the policy. (insuranceandestates.com)
Any amount of money received that exceeds the total amount of money paid into the policy is considered a gain in the policy and subject to ordinary income tax. (pocketsense.com)
If you live beyond the length of the term, the policy expires and you get nothing for your years of paying into it. (ratesupermarket.ca)