Life Insurance – What Can I Claim?
You can salary package the cost of your life insurance premiums using pre-tax income if this benefit is offered by your employer, where the policy provides life insurance cover for you, your spouse and/or dependants, provided you have paid for it directly.
What you can claim
- Life insurance premiums paid by you
- Policies in your name, your spouse’s name and/or your dependant’s name
- Premiums where you can provide the current policy document and proof of payment
What you can't claim
- Life insurance that was not paid directly by you
- A policy in someone else’s name, unless it is in your spouse’s name and/or your dependant’s name
- Claim without a current life insurance policy document and proof of payment
Documentation Requirements
What documents do I need?
You’ll need a copy of the current life insurance policy, either for a new policy or renewal. The policy should show your name, your spouse’s name and/or your dependant’s name, the insurer’s name, the policy type, the period of insurance, the premium amount, the payment type, and any stamp duty or GST if available.
What proof of payment can I provide?
You can provide a receipt, BPAY payment confirmation, direct debit details shown on the policy document, or a financial institution statement showing the direct debit payment(s).
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Examples
Can I salary package my life insurance premium?
Ava paid her life insurance premium, and the policy is in her name. Life insurance is an eligible expense, so Ava can submit a claim as long as she provides a copy of the insurance policy, along with proof of payment.*
Can I claim my spouse’s life insurance policy?
Ethan paid the premium for a life insurance policy that is in his spouse’s name. Life insurance is an eligible expense, so Ethan can submit a claim as long as he has paid the premium and provides a copy of the insurance policy, along with proof of payment.*
Can I claim life insurance paid by someone else?
Mia has a life insurance policy in her name, but the premium was paid by another person. Life insurance premiums can only be claimed when paid directly by the claimant, so Mia cannot submit a claim for this expense.*