Income protection insurance

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Income Protection Insurance (IPI) is an insurance policy, available principally in Australia,

A study by British insurer Legal & General, entitled Deadline to the Breadline Report 2014, found that only 8% of UK households have income protection insurance.^[1]

United Kingdom

Income protection is not tax deductible in the UK, however exceptions are available for the self employed and for company directors.^{[citation needed]}

Australia

Income protection in Australia is tax deductible though the payments received are taxable.^[2]

Ireland

Income protection insurance in Ireland is widely considered the most tax efficient of insurance as the governments of Ireland.^{[citation needed]} Higher earners can claim back up to 40% of their premiums back as tax relief annually.^{[citation needed]} In Ireland, the maximum payout threshold is 75% of prior gross salary.^{[citation needed]}

New Zealand

Income protection insurance in New Zealand is more complicated an depends on whether or not the payments are related to super.^{[citation needed]} In most cases it is tax deductible.^{[citation needed]}

References