Can You Claim Life Insurance As A Tax Deduction?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    You can not claim life insurance as a deduction nor can you contribute to life insurance with pretax contributions. There are a few qualified defined benefit contribution plans that permit a portion of your annual contribution to fund life insurance, i.e. whole life 49.5% and universal life 25%.
    Answered on September 10, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Individuals cannot claim life insurance premiums on their tax returns, as they are not classified as a medical expense. Businesses that purchase group life insurance for their employees are usually able to deduct the premiums they paid for the plan as a business related expense, at least up to the first $50,000 their employees receive.
    Answered on September 10, 2013
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