Income protection insurance is now tax deductibility

Income insurance protection New Zealand is an important requirement for everyone. The monthly payments into a superannuation fund ensure that if you are forced to stop working you will still have a source of income. This enables you to plan for events that may occur accidentally and hamper your ability to work.

However, most people are afraid of seeking options for income protection insurance because they are afraid of reducing their net salaries. The truth is that the monthly premiums you pay for income protection insurance New Zealand are now tax deductible. This means that you will be able to extract the cost of the insurance premiums from your gross salary before calculating your tax liability to the government.

Tax deductibility for income protection insurance premiums is given at 100%. This means that not only will you be able to claim the insurance premium as a deduction; you will be allowed to do so for the entire entire amount. So why risk losing an income if something happens when you can get insurance cover now. There are insurance cover agents waiting to speak to you on the value of income protection.