I purchased group term life insurance through my employer. I was told it will save me a lot of money since it will be pre-tax deducted from my paycheck.
In: 3
In the US
Be aware that some things are “tax deductible” all the time, but other things are only tax deductible if you “itemize” deductions, or rather, if you don’t itemize deductions then you don’t get that particular tax benefit. People EITHER take a “standard deduction” of a flat amount to deduct from their income for general living expenses of sorts, or they itemize their deductions and make a list of things that are deductible (charitable donations, medical expenses, mortgage interest, etc). If the itemized list is less than the standard deduction, then people just take the standard deduction.
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