Can Life Insurance Be A Tax Deduction?

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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

   In general terms life insurance can not be deductible personally or business. However, that being said, certain qualified plans allow for funding part of your annual plan contributions with life insurance: participating whole life insurance at 49.5% and universal life insurance at 25% of your annual contributions. You'll have to pay an economic benefit tax, but it may economically viable to consider.

   Answered on August 1, 2013

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