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NO. Life insurance premiums would NOT be deductible on your 1040 federal income tax return.

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Q: Universal life insurance premiums tax deductible?
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What is it called when a insurance policy is paid up?

"Paid up" is actually the terminology used in the insurance industry when describing a policy that no longer requires any premiums. When a policy is "paid up", there are no further premiums required for the policy to continue on for what should be lifetime. This can only occur with permanent forms of Life insurance such as Whole Life, Universal Life and Variable Universal Life.


Are mortgage insurance premiums deductible on your taxes?

No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.


Are life insurance premiums deductible on year end taxes?

No. That's why the proceeds aren't taxed as income. Answer Correct...premiums are taxable. Death benefits are generally not taxed as income. Also if it is permanent life insurance policy and has some cash value built up and you take that cash out, the amount of cash less the premiums paid into the policy ("your gain") is taxable. Additional comment: Actually, if you take your cash value out as a loan, you do not have to pay taxes on "gains" as long as the life insurance is in place, hopefully until you die.


Are taxes taken out of life insurance?

Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.


How does one go about purchasing a Universal life insurance?

Universal life insurance is a form of life insurance, a policy used to provide a family with money after the death of the one getting the insurance. Universal life insurance can be purchased from many of the leading life insurance companies, including Nationwide and American Family.

Related questions

Are life insurance premiums paid tax deductible by a business?

no,


Do you have to pay taxes on premiums for an indivdual life policy?

Life insurance premiums are not tax deductible, in general. However, group life insurance premiums are deductible for a business if the death benefit is $50,000 or less. Also, using key man insurance and executive bonus mechanisms, sometimes there can be some tax advantages. But, the premium is not deductible.


What are the premiums for variable universal life insurance?

The premiums will vary depending on your age and other factors. I would speak with an insurance professional.


Is buy sell agreement disability income insurance premiums tax deductible?

No. Also, it is probably not a good idea to try and deduct the premiums for diability or life insurance because if you deduct the premiums or if the employer pays the premiums then any benefits are then taxable. You certainly would not want to have to pay income tax on a large life insurance benefit just because you wanted to deduct a few hundred dollars of insurance premiums.


What is it called when a insurance policy is paid up?

"Paid up" is actually the terminology used in the insurance industry when describing a policy that no longer requires any premiums. When a policy is "paid up", there are no further premiums required for the policy to continue on for what should be lifetime. This can only occur with permanent forms of Life insurance such as Whole Life, Universal Life and Variable Universal Life.


How does Universal life insurance compare to other top life insurance companies?

Universal life insurance is reasonable compared to other top life insurance companies. However, I prefer Great West Life. I find the customer service to be first rate, the premiums reasonable, and policy options plentiful.


What are vanishing premiums?

Before it was made illegal, some insurance agents used a sales pitch for universal life insurance that suggested the premiums could vanish. The pitch went like this: You start out by putting a large, lump sum into the universal life policy. The policy has the potential for making money


What are the disadvantages to having a Participating life insurance?

Participating whole life will have significantly higher premiums required than both term life insurance and universal life insurance (permanent coverage) that features a no-lapse guarantee.


What do whole life insurance term life insurance and universal life insurance have in common?

Whole life and universal life insurance are both considered permanent policies. That means they're designed to last your entire life and won't expire after a certain period of time as long as required premiums are paid. for further details can whats app on 9702497211


Is there any life insurance that has single digit premiums?

Life insurance premiums vary by policy. There are few that offer single digit premiums.


What is the address for paying group universal life insurance premiums?

The Prudential Insurance Company of America PO Box 945623 Atlanta,GA 30394-5623


Are losses on the excess of premiums paid over the amount of the total cash value amount of a whole life insurance policy deductible for income tax purposes?

No.