Quick question. When purchasing life insurance, are the premiums tax deductible? This would help me with the decision between life insurance and market investments. Thank you,

Henry

Houston, TX

Hello Henry,

Under certain circumstances life insurance premiums can be tax deductible in Houston Texas. Every situation would need to be reviewed with a life insurance agent and a tax consultant in Texas. If you own a business, or in other employment situations premiums can be deducted from your tax liability. This only applies to specific types of insurances and your life insurance agent is best suited to develop the most appropriate plan.

You should also keep in mind that for most individuals, life insurance offers other tax based benefits. Whole life insurance offers a unique means to accrue cash and equity on a tax deferred basis. Of course the primary purpose of life insurance is to provide a guaranteed death benefit to your loved ones, but we believe you will find whole life insurance to have many tax advantages.

Of course, every situation is different, like yours. When preparing your estate and planning for your future, you should always consult both your life insurance agent and your tax helper. Your personal portfolio and employment circumstances will determine the tax advantages of your life insurance coverage in Houston.

How does a company know that I’m a smoker to give me a high priced smoker life insurance rate?

Abigail

Thanks for asking, Abigail.

The Houston Texas smoker life insurance company can typically find out through two, very simple, ways:

• You cough it up.

Know that little question on your insurance form that asks you if you smoke? Well, if you check the yes box, then you are officially out of the smoking closet. Your company will rate you based on that. And you should definitely check it, because if you don’t, there are consequences.

• They catch you.

Since most Houston Texas smoker life insurance companies require a medical exam prior to guaranteeing service, it’s likely that if you’re any kind of a smoker at all it’ll come out in that process, whether through an admission to the doctor, or through blood and urine samples which will be tested for other conditions.

take care,

Fashun