Each spouse who has a policy can take the deduction up to the dollar limit for his/her age. Thus, if both spouses are age 71 and they each pay premiums in 2015 of at least $4,750, they can deduct $9,500 on their 2015 joint return ($4,750 each, the maximum deduction for 2015).
A business loss that exceeds current income may be carried back against income of prior years and carried forward as a deduction from future income until eliminated.