Insurance proceeds as part of the gross estate
If the decedent or testator is a resident of the Philippines at the time of his death, his gross estate shall include all his property, real or personal, tangible or intangible, wherever situated at the time of his death. (Section 85 of the National Internal Revenue Code)
In the matter of proceeds from a life insurance policy issued by a foreign corporation, they are included as part of the gross estate of decedent or testator, if the designation of the beneficiary is revocable. If the designated beneficiary is either the estate of the deceased, his executor or administrator, it shall be included irrespective of the nature of the designation (revocable or irrevocable). If the designated beneficiary is other than the estate, executor or administrator and the designation is irrevocable, the proceeds shall not form part of his gross estate.
In the matter of proceeds from a life insurance policy issued by a foreign corporation, they are included as part of the gross estate of decedent or testator, if the designation of the beneficiary is revocable. If the designated beneficiary is either the estate of the deceased, his executor or administrator, it shall be included irrespective of the nature of the designation (revocable or irrevocable). If the designated beneficiary is other than the estate, executor or administrator and the designation is irrevocable, the proceeds shall not form part of his gross estate.
