Is Critical Illness tax deductible?

Question

Since Life insurance premiums are not tax deductible I was wondering if Critical Illness premiums are tax deductible. I think that these premiums should be considered as a medical expense.

Answer 1

No, critical illness insurance is a bridge between life insurance and disability insurance, neither of which are tax deductible. And since the money from the insurance goes to you to help sustain your life-style, then if the premiums were tax-deductible, the proceeds would be taxable. If this was health insurance then it would be deductible, but this is more like disability insurance, which the premiums are not deductible.

Answer 2

Health insurance premiums are valid medical expenses. You can only deduct medical expenses that exceed 7.5% of your income, and can only deduct them if you itemize.

Answer 3

no, well taxess are money