Can I Write Off Life Insurance Premiums?

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   David RacichPRO

   Fountain Hills, Arizona

   In general terms you can’t expense life insurance as a tax deduction. However, if you make qualified plan contributions, but not maximum annual contributions under the code, you may have room to include permanent life insurance as part of the overall contribution. You might be able to contribute up to 49.5% whole life insurance or 25% universal life insurance as part of your total annual contribution. There are economic benefit taxation issues in this strategy, so consult your tax adviser before moving forward.
    

   Answered on July 7, 2013

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