Get ready to dust off those abacus skills, because tax time is on its way! But before you go into full panic mode, let me clue you in on a little secret: you might be able to claim a tax deduction on your insurance premiums. Let's find out when you might be eligible for a tax deduction on insurance premiums and when tax deductions don’t apply. So put down that calculator and let's get started!

If your income protection policy is being paid through cashflow then some (or all) of the premiums will be tax deductible and as such your insurance provider will be mailing or emailing you the tax statements.