Life insurance is an insurance policy which pays out either a lump sum or a series of regular payments when someone dies during the term of the policy.
There are many reasons why someone might have life cover, however, it is most commonly used to:
The benefit is paid out tax free but could be subject to inheritance tax depending on the value of the estate and other circumstances at the time of death. There are ways of setting up these policies to ensure no inheritance tax will be liable on the benefits received from the policy.
If you are interested in understanding more about this product and whether it is suitable for you please click Contact Us to arrange an appointment.
As with all insurance policies, conditions and exclusions will apply.