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Vera Said:

Is Critical Illness tax deductible?

We Answered:

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.