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Learn about the tax implications of life insurance premiums, including when they might be taxable and whether they are tax deductible.
Tax Information Center · Filing · Adjustments and deductions
There are tax benefits for life insurance (including tax-free death benefit and dividends and tax-deferred cash value) but life insurance premiums are not deductible.
Life insurance offers a safety net for your loved ones in the unfortunate event of your passing. But when tax season rolls around, you might ask: is life insurance tax deductible?
Are your life insurance premiums tax deductible? Learn the rules and see how life insurance impacts your taxes. Explore more today!
Life insurance can provide financial peace of mind to you and your loved ones. Learn whether life insurance premiums are tax deductible for policy owners.
There are certain tax benefits that come with life insurance coverage. Use this checklist to see which benefits might apply to your tax return.
Are long-term care benefits taxable? Are life insurance premiums tax deductible? Is disability insurance income taxable? Learn the answers to tax and insurance questions.
Taxable income, Annual premium, Marginal tax rate 2024/25, Tax deduction ; $0-$18,200, $1,000, Nil, $0 ; $18,201-$45,000, $1,000, 16c for each $1 over $18,200, $160 ; $45,001-$135,000, $1,000, 30c for each $1 over $45,000, $300 ; $135,001-$190,000, $1,000, 37c for each $1 over $135,000, $370 ; Over $190,000, $1,000, 45c for each $1 over $190,000, $450