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

Posted 2 July 2013

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

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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