Is a universal life insurance policy considered a "qualified retirement account"?

[sabrina-shingler]

I pay $50 per month to a universal life insurance policy is this considered a qualified retirement account?

[MinhT1]

No. A Universal insurance policy is not a qualified retirement account. Premiums you pay for the policy are not tax deductible.

[sabrina-shingler]

Thank you for the response and for the information. I'm really not questioning in regards to the premiums or to claim as a deductible (although if I could that would have been great!)… But I am more concerned with where  to claim the interest this account has inquired, or if I required to seeming that I have not withdrew these funds. 

[ColeenD3]

Probably not for you at this point,  but it depends on the situation.

Generally, life insurance proceeds after the insured's death are not reported as income to the beneficiaries.

However, any interest on the proceeds (such as when the proceeds are delayed) are reportable. The beneficiaries should receive a Form 1099-INT with the amount of the interest paid.

When proceeds from a life insurance policy are transferred as part of a financial arrangement before the insured’s death, they're taxable.

Life insurance policies that are cashed out (surrendered) aren't taxable up to the amount of the premiums and other contributions. Earnings on the policy above and beyond the amount invested are taxable.