Is There a way Around Nondeductability of Premiums with Key Employee Life Insurance?

For a way around nondeductability of premiums, as a practical matter, the answer is no. This limitation extends to both term and permanent coverage. As a general rule, a client will not be allowed an income tax deduction for the payment of key employee life insurance premiums.

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Reproduced with permission.  Copyright The National Underwriter Co. Division of ALM

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