According to the IRS, Life Insurance premiums are generally not deductible on Schedule C. Schedule C is used by self-employed individuals to report their business income and expenses. While there are several deductions that can be claimed on Schedule C, Life Insurance premiums are not one of them.
However, there are certain situations where Life Insurance premiums may be deductible. For example, if you are self-employed and use a portion of your home exclusively for your business, you may be able to deduct a portion of your Life Insurance premiums as a home office expense. Additionally, if you are a partner in a partnership and the Life Insurance policy is taken out by the partnership for the purpose of insuring your life, the premiums may be deductible as a partnership expense.
It's important to consult with a tax professional or refer to the IRS guidelines for specific information regarding your situation. They will be able to provide you with accurate and up-to-date information on what deductions you can claim on Schedule C.