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Are the premiums and maturity proceeds for life assurance policy tax-deductible and not subject to income taxes?

April 26, 2017assurance income taxes life maturity policy premiums proceeds Subject tax-deductible

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Are the premiums and maturity proceeds for life assurance policy tax-deductible and not subject to income taxes?

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Yes, but if your employer pays your premiums, your benefits will generally be taxable as ordinary income. Generally though, there are reasonable tax-incentives for long-term insurances, both in premium and maturity proceed terms, as there are incentives for pensions purchases.