Is Life Insurance Premium Tax Deductible at Life

Is Life Insurance Premium Tax Deductible. Unlike iras and similar retirement savings accounts, life insurance policies are considered personal expenses — so they’re not eligible for tax deductions. Due to tax code changes, no alimony payments, including life insurance payments, will be considered tax deductible if your agreement was made after december 31, 2018.

Life insurance is a personal expense and money paid for personal expenses is. Here's a look at what the canada revenue agency requires. However, there is some restriction on the amount of premium allowed as a deduction.

Long & Short Term Insurance Medicare Senior Benefits

Deductible payments that are made to protect someone else, such as companies using an advantage. Even if you know that life insurance premiums usually aren’t deductible, you may think that writing them off as a business expense isn’t a big deal. So you can assume the answer is no until you find out whether your specific situation is an exception. The premium paid on life insurance product or ulip is allowed as a deduction.