Can A Corporation Deduct Life Insurance Premiums?

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   David RacichPRO

   Fountain Hills, Arizona

   Life insurance as a standalone product is not deductible. However, life insurance in a qualified plan is deductible. The life insurance portion of the annual contributions can use whole life (49.5%) or universal life (25%). In 419 DBO plans life insurance is strictly a death benefit product and can also be deductible. Executive bonus plans can compensate an employee in a bonus arrangement, but the purchase of the life insurance is outside the corporation, but may as a balance sheet transaction may in end with the same result.
      

   Answered on June 9, 2013

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