My wife is self employed. Can we claim each of our life insurance policies as her business deductions?

[fastmehelp]

We are using TT Home & Business.

[VolvoGirl]

No

[MayaD]

No. The IRS considers life insurance a personal expense and ineligible for tax deductions.

Employers paying employees’ life insurance premiums can deduct those payments, with some restrictions.

[leeloo]

The IRS says this premium could be deductible if:

1. Life insurance covering your officers and employees if you aren’t directly or indirectly a beneficiary under the contract.

Since you have a sole proprietorship the above does not apply to you and it would never apply for a spouse. You may be confusing this with the rule for health insurance.