- Life insurance premiums are not deductible for the business or business owners.
- The life insurance contracts are owned by the business owners and are subject to the individual owners’ creditors.
- There is usually a corresponding increase in basis for the surviving business owner(s).
- When there are more than two owners, multiple life insurance contracts must be purchased for each owner. For example, if there are three owners, each owner would need to purchase two life insurance contracts – one for each of the other owners.
- This information is general in nature and should not be considered tax or legal advice. You should seek advice from your tax and legal advisors regarding your own specific situation.
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Term life insurance
Term life insurance provides low-cost protection and peace of mind for a certain period of time. While permanent protection is an important part of an overall life insurance plan, term insurance can protect you by helping to cover temporary needs, such as helping to pay off your mortgage or other debt. This can be an affordable way to help make sure your dreams and goals are protected.Learn more
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