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Can You Write Off Life Insurance? In this informative video, we will clarify the tax implications surrounding life insurance premiums. Understanding whether these premiums can be deducted is essential for anyone considering life insurance as part of their financial planning. We will discuss the general rule that life insurance premiums are not tax-deductible for individuals, as the IRS categorizes them as personal expenses.

However, there are exceptions, especially for business owners who include life insurance in employee benefits. We will cover the specific criteria that must be met for these deductions, including coverage limits and beneficiary restrictions. Additionally, we will touch on how divorce agreements can impact the deductibility of life insurance premiums and the potential tax benefits when donating a policy to charity.

It's important to know that while premiums may not be deductible, the death benefit received by beneficiaries is typically tax-free. This video aims to provide clarity on these topics and help you navigate the complexities of life insurance and taxes. For tailored advice, we recommend consulting a tax professional to understand how these rules apply to your situation. Subscribe to our channel for more helpful discussions about insurance and financial planning.

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