In a word, no. The tax law prohibits life insurance being purchased in an IRA. However, you may be able to roll your IRA to a qualified plan tax free. Life insurance can then be purchased through the qualified plan within certain limits. This strategy requires the help of legal and insurance specialists to do properly. And it requires a plan controlled by you through your own business or an employer plan that will accommodate your needs.
Please note that while you may be able to then buy life insurance within the qualified plan the purchase of life insurance in the plan will trigger a certain amount of taxable income.
This strategy has its proponents and detractors for a variety of reasons. However, if you have poor health and can still qualify for life insurance this could be a great strategy. And it may make sense in other situations. Consult with a qualified life insurance specialist about your options and then employ legal counsel to implement the plan if you choose to proceed.
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Please note that while you may be able to then buy life insurance within the qualified plan the purchase of life insurance in the plan will trigger a certain amount of taxable income.
This strategy has its proponents and detractors for a variety of reasons. However, if you have poor health and can still qualify for life insurance this could be a great strategy. And it may make sense in other situations. Consult with a qualified life insurance specialist about your options and then employ legal counsel to implement the plan if you choose to proceed.