A small business owner can buy two types of life insurance policies, associated with the business.
- A small business owner can buy a life insurance policy for the business. Typically, the policy is in the name of an owner or partner. The business pays the premiums, and the business is the beneficiary. Premiums aren’t tax-deductible.
- A small business owner can purchase group life insurance for employees. The premiums are tax-deductible as a business expense.
