Are my life insurance premuims tax deductible?Children and Adult?

Question

I have never deducted them before so I am guessing no, but I don't want to lose out if they are.

Answer 1

Best Answer - Chosen by Asker

Generally speaking, life insurance premiums are not tax deductible. However, when you borrow money from a financial institution, and it demands that you assign the policy as collateral on your loan and the interest on the loan is tax deductible, the law allows you to deduct whichever is less, the insurance premium or the net cost of pure insurance.

If a part of your premium goes toward savings, this portion will not be tax deductible since the law is set up to allow only the insurance part of the premium to be deducted. In order for your life insurance premiums to be tax deductible, the purpose of your loan must be to earn business or property income.

For more info, check out:
http://www.dsf-dfs.com/en-CA/Prtclrs/Cns…

Asker's Rating:

Asker's Comment:

Thanks

Answer 2

no- usually on medical insurance premiums

Answer 3

No they are not, out-of-pocket expenses over $7500 in one year are.

Answer 4

Life insurances premiums are almost never tax deductible.

Why? Because life insurance proceeds are also not taxable.

These are basic general exceptions to the income and expense inclusion rules.

Answer 5

No, they are not deductible for anyone.

Answer 6

they are not tax deductible. but you may able to save yourself some money by looking around for less inexpensive life insurance. Buy term insurance if you don't own this already.

Source(s):

http://finance1o1.blogspot.com

Answer 7

No there are not , and in fact you if you deduct them the life insurance proceeds may be taxed now because you have deducted them . Life insurance is tax free because its being paid after tax dollars . You should consult a tax expert .