The answer to this question will depend on your personal circumstances.
For death cover claim payments, some factors that may influence whether tax is payable include :
- Is the insurance owned by your super fund ? If yes, and a beneficiary is an independent adult child then tax would be payable
- Tax is less likely to be payable on a death insurance claim if the policy is not owned by your super fund, and if the deceased insured person was the original owner of the policy
- If a policy is owned by a company, then other considerations come into play, such as the purpose of the insurance.
Contact us to find out more based on your own circumstances.
This is general information. Contact Experien Insurance Services to find out more about what may be suitable for your own circumstances.
Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. This is general information and you should not act on it, or rely on it, without obtaining personal advice. Always read the product disclosure statement (PDS) issued by an insurer before considering to take out insurance. See our website for our Financial Services Guide.
