Life insurance premiums are not tax deductible, nor are after-death proceeds subject to being taxed, unless they are included in the deceased’s estate. The cash value of policies have very detailed complicated tax rules which can change based on situations and of course, and the whim of the tax law decisions of lawmakers.
In Australia, life insurance premiums paid through a superannuation fund are tax deductible. Life insurance outside of superannuation is not deductible, however, and the superannuation deductions are subject to age limits. For more information about Australian life insurance, check out the GIO personal life insurance page.
Life insurance premiums are not deductible, and when the coverage is paid, it is not counted for income taxes. Like the US, moving to hostile countries can affect coverage, and changing citizenship can also affect your plan.
If you’re moving abroad, either permanently or temporarily, it is important to know how your life insurance will be affected. Communicate openly with your provider in order to secure the best coverage possible and protect the ones you love in case of emergency.
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