Is life insurance qualified as an employee benefit?
Is life insurance qualified as an employee benefit?
Is life insurance qualified as a business expense for an employer who provides it to its employees? My insurance agent and my accountant said it cannot be written off as a company expense. I used to get it with my old job and many insurance providers' websites (for example, Mutual of Omaha) have pages for employers. I'm confused.
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2 Responses
1.31.2010
Best Answer – Chosen by Voters In most cases, yes – HOWEVER. If you are the only employee, and it's your business, then it's not going to qualify. GROUP life insurance, is an employee benefit. INDIVIDUAL life insurance, is not.You need to listen to your accountant and your life insurance agent. Especially the accountant.
1.31.2010
I guess it depends on your carrier – but I know Key Man insurance is certainly deductible as a business expense. Maybe you should give the IRS a call to check what they have to say.