Does Life Insurance Premium Include GST? 
Life insurance is exempt from GST -LRB- Goods and Services Tax -RRB- in Australia because it is classified as a financial supply there , and Australia exempts financial supplies from GST . Likewise , there is no GST related effect when payment of claims are made by the life insurance policy . GST is also not included in life insurance premiums in New Zealand as life insurance is also exempt from GST in New Zealand . 