Have you ever wondered if you can deduct your life insurance premiums from your taxes, as you can do with health insurance premiums?
Tax deductions are dollar amounts you can subtract from your taxable income when you file your tax return each year. With health insurance, you can deduct your health insurance premiums as medical expenses but the picture is more complicated for life insurance.
Life insurance is usually never a tax-deduction. That’s because it’s considered a personal expense. There is no state mandate that you have to buy life insurance, like as federal law requires for health insurance.
But the upside is that when you die and your beneficiaries receive the death benefit, the payout will be tax-free.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
GET A LIFE INSURANCE QUOTE NOW
LEARN MORE ABOUT LIFE INSURANCE