Is Personal Life Insurance Tax Deductible?
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63333 POINTSview profilePeggy MaceMost of the U.S.No, the premiums you pay for a personal life insurance policy are not tax deductible on your tax return. If the death benefit is received by a a personal beneficiary named in your policy, your beneficiary will also be able to receive the life insurance proceeds income tax free.Answered on July 1, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaPersonally held life insurance is not tax deductible. However there are alternatives for tax deductions in some qualified plans which allow a certain percentage of the participant’s annual contribution to be life insurance. The generally rule of thumb is 49.5% maximum for participating whole life and 25% for universal life.Answered on July 1, 2013+01+1 this answer
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