Life insurance when self-employed
$20-$200/mo
Can You Write Off Life Insurance When Self-employed?
Short answer: No: premiums on your own life insurance are personal even if you're the business owner.
Key person policies where the business is beneficiary aren't deductible either.
Records to keep: Keep receipts, 1099s or W-2s, a mileage log, and a note of the business purpose. W-2 employees should ask about employer reimbursement.
BW-B23-00042
high risk
Life insurance when self-employed
Typical range: $20-$200/mo
Remote Workers / Freelancers / Consultants
Insurance & Licenses
Write-Offs by Job
No: premiums on your own life insurance are personal even if you're the business owner.
BizWriteOffs provides educational information only and is not tax, legal, or accounting advice. Deductibility depends on your specific facts and records. Consult a qualified tax professional.
Business justification
No: premiums on your own life insurance are personal even if you're the business owner. Key person policies where the business is beneficiary aren't deductible either.
Category
- Write-Offs by Job
job question
search demand 2026 b23
freelancers
freelancer health