amplify_logo_dark_20426938c2.svg
amplify_logo_light_a97ed79f8c.svg
  • Products
  • product_overview_menu_icon.svg

    Compare Our Products

    Explore and compare our life insurance policies

  • VUL_menu_icon.svg

    Variable Universal Life

    Highest level of tax advantaged growth with low fees

  • IUL_menu_icon.svg

    Index Universal Life

    Tax advantaged, moderate growth with downside protection

  • Term_menu_icon.svg

    Term Life

    Fast and affordable term policies

  • Combination_menu_icon.svg

    Combination Life

    Custom insurance plans to meet protection needs and access tax-advantaged growth

  • Learn
  • FAQs_menu_icon.svg

    FAQs

    Expert answers to your top questions

  • Education_menu_icon.svg

    Education

    Knowledge articles and resources from our blog

  • Sign In
GET A QUOTE

Does purchasing life insurance affect my income tax bracket?

No, purchasing life insurance will not effect your income tax bracket. However, in some instances, you may be able to get a tax deduction for purchasing life insurance or long term care. You will be able to receive a federal tax deduction (and some states also offer a tax deduction) for purchasing a stand-alone long term care policy up to certain limits that vary by age (read more here). In addition, if you own a corporation, you may be able to purchase life insurance contracts on any employee that you wish, which will be tax deductible to your corporation. These plans are known as Executive Bonus Plans. If either of these apply to you or interest you, please speak with your Amplify licensed expert to help you structure the right plan for your situation.


Related Questions

Ready to get your estimate?

A personalized plan for you.

Continue