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Premiums are not deductible regardless of whether the insurance is government life insurance or regular commercial life insurance. Although life insurance premiums, as such, are not deductible, they may be deductible as the payment of alimony or as charitable contributions.
But for folks who aren't self-employed, health insurance premiums can be lumped in with other medical expenses to reach the deductibility threshold (10 percent of adjusted gross income). A short list of common tax-deductible medical expenses includes: 1  Your health insurance deductible, copayments, and coinsurance. 2  Your out-of-pocket costs for prescription drugs (This doesnât include medical marijuana or prescription drugs shipped into the country illegally.) 3  Unreimbursed psychotherapy or psychoanalysis expenses.