Are Life Insurance Premiums Tax Deductible in Australia?
If you are wondering about the tax benefits of income protection, then we have good news for you: all premiums are deductible. However, with life cover, TPD and trauma insurance, things get a little more complicated.
Life insurance premiums can be deductible, but only under certain circumstances. If life insurance and TPD insurance are organised through a superannuation fund, premiums might be tax deductible. For life insurance it is only possible for premiums to be tax deductible if your insurance is provided through your superannuation and you are self employed.
However, for income protection insurance it’s a different story: these premiums are always tax deductible, whether it’s through a super fund or not.
We've also compiled a guide of our top tips for making your insurance policies tax efficient for your benefit.
For more information on any of this information, call Lifebroker on 1300 20 40 50.