FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Disability and critical illness insurance, are they tax deductible?

Posted 29 October 2012

I have these policies with Momentum and i just want to confirm if they are tax deductable? Although the policy is not an income protection policy it still plays the same roll should i not be able to work. I did request a tax certificate from Momentum but i'm still waiting and christmas is also coming :)

TaxTim TaxTim says:
21 October 2012 at 1:08

The Income Tax Act says:
any deduction which is allowable under section 11 (a) in respect of any premium paid by that person in terms of an insurance policy, to the extent that?%u20AC%u201D
(aa)
it covers that person against the loss of income as a result of illness, injury, disability or unemployment;

Basically if you have a policy that will pay you out if you cannot work because of any of the above then the premiums are deductible. However only if that payout is taxed if you do ever get paid will you be able to deduct the premiums, so be sure to ask Momentum if this is the case.

This entry was posted in Tax Q&A and tagged , . Bookmark the permalink.




Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.