Is Life Insurance Tax Deductible For Self Employed? 
A sole proprietor or partner can not deduct the premiums for life insurance on the owner or partner . You shouldnt want to deduct the premiums . You want to receive death benefits income tax free . If your business is a corporation , the corporation can deduct the premiums just the same way they can deduct any payment made to you as either salary or benefits , but the corporation can not have any ownership rights . You would then pay personal income tax on the premiums paid by the corporation . 