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I read something which indicated that premiums paid for life insurance can be deducted from your taxable income. Is that true?
Hi there,
Yes, life insurance premiums can be deducted from your taxable income (along with accident insurance premiums and health insurance premiums).
However, all tax-deductible premiums (including those for other insurance coverages) are added together and collectively applied towards a single tax deduction (for insurance premiums and interest earned on savings). This deduction is limited.
Best regards from Moneyguru
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