Review Life Insurance Policies

You may not need to continue to fund your life insurance. In many instances, term insurance can simply be dropped. Whole life, universal life and other such policies can be maintained but with no additional cash contributions. Review your life insurance cash values with your agent. You may be able to reduce or eliminate premiums. As you know, life insurance premiums are generally not deductible. However, a way to make life insurance payments deductible and provide a larger death benefit is to incorporate the policy into a retirement plan.