Can I claim a tax deduction for my life insurance or income protection policy?

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Last updated 30 March 2016

In some circumstances, it’s possible to claim a tax deduction for Total Care Plan premiums. This could apply if for example, an employer or business owns the policy and is paying the premiums.

For Income Protection policies, you can generally claim the premiums as a tax-deduction against your taxable income.  

Each year we automatically send tax statements to customers advising the amount of premium paid throughout the year. Provide this to your Tax Adviser or Accountant who can tell you what you may be able to claim. To obtain a statement for your cancelled life insurance policy, call 13 1056 between 8am and 8pm (Sydney time) Monday to Friday and we will arrange for a copy to be sent to you.

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