Ever wondered how insurance companies crunch the numbers to calculate how much you pay for your life insurance? You see the money you pay for your life insurance, whether it's a monthly or yearly deal, is known as your "premium." Before you even commit to getting insured, they'll hand you a quote of what those premiums will cost you.

Get ready to dust off those abacus skills, because tax time is on its way! But before you go into full panic mode, let me clue you in on a little secret: you might be able to claim a tax deduction on your insurance premiums. Let's find out when you might be eligible for a tax deduction on insurance premiums and when tax deductions don’t apply. So put down that calculator and let's get started!