*Loan,banking and credit>>>disability insurance

I have a term life insurance and a disability policy. I pay the premiums on both. Any tax benefits from this?

Neither policies are tax deductible. Only health insurance and non-reimbursed medical expenses are tax deductible. Source(s): http://obe231.blogspot.com

The only benefit is if you become disabled. The payments you receive are not taxable income.

You will have a tax advantage with any disability payments that you receive -- you won't have to pay tax on them! In other words, all disability monies that you get from your coverage will be tax free.

With life insurance, there's not the same benefit, as any proceeds from the policy will be tax free to your beneficiary regardless of whether you pay for it or not. If you get life insurance through your employer, it's considered a taxable benefit, so it's as if you paid for it anyway. So, you neither gain nor lose by paying for your own life insurance.
financial writer for www.insuranceguide101.com
No. I am a former insurance salesman.