Is Life Insurance Ever Deductible? 
Yes , in addition , certain charitable giving situations allow for a tax deduction of the premium paid on the policy as a charitable deduction . For example , you may wish to endow your church for $ 50,000 upon your death . You would make the Church 's 501 -LRB- c -RRB- 3 Charity , the Irrevocable Beneficiary and Owner of your policy and you would be the insured and Payor of the plan . Since you have no interest in the cash value or benefit your premium payments would be considered deductible under the Charitable Giving Deduction on your returns . As always , Insurance agents do not give tax or legal advice , always verify suggestions or comments with your Tax Adviser , CPA or Attorney . 