At the launch of the Lifewise campaign in Sydney shadow minister for financial services, superannuation and corporate law Chris Pearce, has called on the government to make trauma coverage tax deductible.
In his speech Pearce proposed “Australians who take out trauma insurance through superannuation should receive a tax deduction for the premium, similar to that allowed for total and permanent disability (TPD) and death cover”
“Trauma benefits are generally used to pay medical costs and recovery. They can also be used for the payment of life style adjustments which maybe needed to a person’s home or Vehicle”
This would stop people accessing their retirement funds to early, Pearce also explained that although most Australians have access to Life Insurance through their super more needs to be done to ensure peoples coverage is sufficient.
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