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Rob owns an individual disability insurance policy with an annual premium of $3,500. The plan...

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Finance

Rob owns an individual disability insurance policy with an annual premium of $3,500. The plan provides for a monthly benefit up to a maximum of $5,000. With regard to the taxation of Rob's disability policy, which of the following statements are true?

1.The $3,500 premium is eligible as a medical expense for the non-refundable tax credits

2. If Rob receives any benefits under the policy, the full amount will be treated as taxable income

3. The $3,500 is not tax deductible

4. If Rob receives any benefits under the policy, the benefit payment will be treated as non-taxable income

Question 19 options:

1 and 2

1 and 4

2 and 3

3 and 4

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