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Do life insurance payments fall under income protection for tax deduction purposes?

Posted 2 July 2013 under Tax Q&A


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I would just like to find out if life insurance payments qualify for the income protection tax benefit for tax return purposes? If not, please confirm if disability cover qualifies?

Thanks

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TaxTim TaxTim says:
2 July 2013 at 10:23

Only income protection policies for the loss of income in case something happens where you will no longer be able to work can be deducted for tax purposes so no a life insurance policy is not allowed as a deduction.


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