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Can voluntary life insurance premiums be deducted from pre-tax income?
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Yes, voluntary life insurance premiums can be deducted from pre-tax income in some cases. This typically applies to group voluntary life insurance plans offered through an employer's benefits program. The premiums for this type of coverage are often deducted from an employee's paycheck before taxes are calculated, which can result in tax savings. However, it's important to note that individual voluntary life insurance plans, which are not offered through an employer's benefits program, may not have the same pre-tax benefits. It's advisable to consult with a tax professional or the insurance provider to understand the specific tax implications of voluntary life insurance in your situation.
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