Are the premiums for CMFG Life Insurance policies tax-deductible?
Asked a year ago
No, the premiums for CMFG Life Insurance policies are typically not tax-deductible. Life insurance premiums are considered personal expenses and do not qualify as deductible expenses under the tax code. However, the death benefit received by the beneficiary upon the policyholder's death is generally not subject to income tax. It's important to consult with a qualified tax advisor or accountant for personalized advice related to your specific tax situation.
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