If you were covered under your wife's employer health plan, you will not be able to deduct your wife's premiums as a self-employment health insurance deduction. Life insurance preimums are not deductible if they cover you, but you can deduct life insurance premiums that cover your employees.
See the following from IRS Publication 334:
You can generally deduct premiums you pay for the following kinds of insurance related to your business.
Fire, theft, flood, or similar insurance.
Credit insurance that covers losses from business bad debts.
Group hospitalization and medical insurance for employees, including long-term care insurance.
Liability insurance.
Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients.
Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault.
Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law.
Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness.
Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums.
Life insurance covering your employees if you are not directly or indirectly the beneficiary under the contract.
Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause.
Yes
No
