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Tax On Life Insurance in 2024

More and more Australians are turning to life insurance to provide their loved ones with financial security should they pass away, or leave them with an inheritance.
Fact Checked

Updated: 04 June 2024

If you have life cover, help your family understand how taxes might impact the death benefit they’ll receive. Also, if your policy is held inside Super, your fund could claim the life insurance premiums and pass on the savings to you.

If a loved one has passed away and you are their beneficiary, it’s important to know whether you’ll pay taxes on the lump sum payout.

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