Which Type of Insurance Is Tax Deductible?

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There are only certain types of insurance that are tax deductible. Find out which types of insurance are tax deductible with help from a professional financial planner in this free video clip.

Part of the Video Series: Life Insurance & More
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Video Transcript

Hi, my name's Michael Hardy with Mallett and Hardy out of New York, and today we're gonna talk about what type of insurance is tax deductible. The type of life insurance that's tax deductible is life insurance that's included in a pension, or retirement plan. Insurance in a pension plan can be very complicated. Typically it's done by a sole proprietor or an entrepreneur, somebody that doesn't have many employees at all. Maybe it's a family of two that own a business. Insurance, life insurance can be included in their retirement plan, and the premium can be tax-deductible. It's a very great benefit to have, and can be very financially savvy thing to do, but is only used in that type of a situation. And that's a type of life insurance that can be tax deductible for a business owner. My name is Michael Hardy with Mallett and Hardy of New York. Thank you.

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