Can I Deduct Life Insurance On Schedule C?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   You cannot deduct life insurance premiums at all. That being said, there are opportunities to use whole life insurance (49.5%) or universal life insurance (25%) as a portion of your annual contribution into some qualified plans. You need to determine if that portion of your contribution can commit to ongoing premiums before electing to use this tactic.

   Answered on August 3, 2013

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