Are life insurance premiums tax-deductible?

For traditional life insurance policies, premiums are generally tax-deductible as long as the policy is held for a minimum of 12 years and is designated as a “Savings” or “Endowment” policy. These policies are intended to provide savings or investment opportunities and are often used as a form of long-term savings or as a form of personal pension. Premiums paid for so-called “pure” life insurance policies that only provide death benefits, on the other hand, are not tax-deductible.

It’s worth noting that there are limitations on the amount of the premiums that can be written off for tax purposes for saving and endowment insurance, the amount is limited by law and its based on the age of the policyholder. It is always recommended to consult with a tax professional or financial advisor to make sure that any tax-related questions or concerns are properly addressed and to ensure that you understand your tax obligations and how to take advantage of any tax deductions that may be available to you.