Death/TPD insurance claimable ?

[TheCamel]

Interesting thought.

My super fund includes Death and TPD insurance as part of the arrangement. For 3 units of each, I pay, by the look of it, a total of 117$ per half-year. (at least bweteen 31/12 and 30/06 for last FY)

I understand that income insurance and life insurance is normally claimable, but what about this, considering I don't get a receipt, and they just take it out of my super balance... ?

 

[MissMuffitt]

unfortunately you can not claim it if it is included in your superannuation.
We have an Income protection insurance with CIP for my husband that we pay monthly, that is claimable.

 

[TheCamel]

that answers my question then..

might arrange proper insurance, and can that from my Super..

 

[Pushka]

In order for Income Protection Insurance to be deductible from your Income it has to be paid out of your pocket and not from the Super Fund. And it is expensive but necessary.

 

[The Y-man]

Man, I thought you were wanting to claim it, as in you had died or something

Cheers,

The Y-man

 

[Jonathon]

But don't forget that you've already had a tax deduction when you put the money into Super in the first place - assuming your income tax rate is higher than 15$.

 

[Rob G.]

Interesting thought.

My super fund includes Death and TPD insurance as part of the arrangement. For 3 units of each, I pay, by the look of it, a total of 117$ per half-year. (at least bweteen 31/12 and 30/06 for last FY)

I understand that income insurance and life insurance is normally claimable, but what about this, considering I don't get a receipt, and they just take it out of my super balance... ?

Death, trauma & TPD are not *personal* deductions, except for any income protection part.

However, death & TPD will be deductible to your super fund provided it is assessed on payout to you.

Note also, that big funds get substantial premium discounts over what you could possibly shop around for !!

The minimum cover required by the fund is usually a bit lame and you may want them to increase this.

You could be well out of pocket by cancelling and placing in your own name. You must run your own numbers.

Cheers,

Rob

 

[MFG]

unfortunately you can not claim it if it is included in your superannuation.
We have an Income protection insurance with CIP for my husband that we pay monthly, that is claimable.

hi,
are you saying that you are able to claim income protection insurance with say Commonwealth Bank against/as part of your IP? how about insurances against IP theft, fire etc?

Scott

 

[Apocalypse]

hi,
are you saying that you are able to claim income protection insurance with say Commonwealth Bank against/as part of your IP? how about insurances against IP theft, fire etc?

Scott

Income Protection Insurance is tax deductible to any tax-payer that is eligible for said insurance. It has nothing to do with IP expenses/deductibility.