Tag Archives: life insurance

Is Keyman Insurance Tax Deductible?

The most common question asked about keyman (also known a key person) life insurance is whether the premiums are a tax-deductible expense. Per U.S. Code § 7702, the answer is, unfortunately, no. A business cannot deduct premiums paid on a company-owned life insurance policy where the company is a direct or indirect beneficiary under the policy. If the policy covers […]

What is Keyman Insurance? How Does it Work?

Keyman insurance (also known as key person insurance) is a specialized use of life insurance. Businesses use it to cover the risk of losing a key employee. Keyman insurance is not a specific life insurance product. A key-person can be considered those whose role in the business is vital to its continued success. A business […]

Life Choices, Life Insurance Lessons

Life is full of choices. We make choices every day. Good choices, bad choices, simple choices, and complex. We make choices that impact our lives day in and day out. If you sit back for a moment and think of all the choices you make during the day, it will astound you. As the saying […]

Term Insurance vs. Permanent Life Insurance

It is 2021, marking my 40th year in the insurance business. Ever since I started this career, there has been the ongoing debate of term insurance versus permanent life insurance as if it is a battle between two heavyweight titans. Honestly, there is no battle—they are in different divisions. Both have their place. There is […]