Home Insurance FAQ's Are there any tax implications?
Are there any tax implications?
Income protection premiums are fully tax deductible.
If a Term Life policy is not written through a superannuation fund, the premiums are not tax deductible and any proceeds recovered are not considered to be assessable income. If a Term Life policy is written through a superannuation fund, the premiums are tax deductible to the fund. Taxation of death benefits depends on whether the benefits are paid to a dependent, non-dependent or to the Trustee of the deceased's estate.
As everyone's circumstances are different, we recommend you seek taxation advice from an independent tax adviser.
 

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