Be very careful here. This is a big deal. There are certain types of life insurance that can be paid for with pre-tax dollars. If you're company offers you benefits and you can purchase life insurance through your benefit plans, there is a certain amount you can purchase pre-tax with no ramifications. To find out exactly what the types and limits are, you need to consult the HR department or your accountant.
The place you have to be careful is deducting premiums for life insurance that doesn't fall in these categories. The IRS, for the most part, won't let you pay the premiums without tax AND let your beneficiaries collect the benefit without tax. It wants the tax from one of those. So, if you deduct the premiums, there is the possibility that the death benefit to your beneficiaries will be a taxable event.
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The place you have to be careful is deducting premiums for life insurance that doesn't fall in these categories. The IRS, for the most part, won't let you pay the premiums without tax AND let your beneficiaries collect the benefit without tax. It wants the tax from one of those. So, if you deduct the premiums, there is the possibility that the death benefit to your beneficiaries will be a taxable event.