Tax relief on policy

[darrone]

Hi I have a mortgage payment protection policy to cover redundancy. When I checked the policy I realised it also coveres if I lose earnings from sickness or disability. I check the revenue site and you can claim tax relief on some policys gor salary protection.foes anybody know if this does.there is a good few of us in the job who took out the same policy.thanks .

 

[odyssey06]

I'd be surprised if your policy is eligible given that it protects against redundancy, and covers your mortgage for its term only rather than providing income replacement until you are 65.
http://www.revenue.ie/en/tax/it/reliefs/permanent-health-insurance.html

I switched from a mortgage protection policy to an income replacement policy and saved money due to the tax relief.
It can be very hard to claim under mortage protection policy e.g. if you take a payout under voluntary redundancy you may not be able to claim; also they may only cover for 2 years whereas income replacement will cover until 65 if you can no longer work again\in your chosen occupation depending on the policy.

This is one it might be worth discussing with a financial advisor.

 

[Monbretia]

If what you have is mortgage repayment protector policy and it seems likely it is from your description this is not eligible for tax relief in the same way income protection policies are.

 

[darrone]

Thanks for reply