Is Life Insurance Tax Deductible?
Life Insurance, TPD Insurance and Trauma Insurance are generally not tax deductible for most taxpayers when insuring themselves. Income Protection Insurance premiums, however, are generally tax deductible, whether you are insured with NobleOak or any other insurer.
If you are purchasing Life Cover and TPD Insurance for business purposes, then your tax situation may differ. In this case, and for all queries about taxation, we recommend you seek advice from your accountant or financial adviser.