Here are the
answers to some
commonly asked
questions
-
How much does life insurance cost?
Your premium will vary depending on the type of policy, the size of the sum assured and the risk of the claim – if you have a dangerous job, for example.
Also, age is factor, so life insurance will be more expensive for an older person. Similarly, if a customer is in poor health they can expect to pay a higher premium.
The insurer will consider occupation, hobbies, lifestyle – such as weight and fitness – to help determine their premiums.
-
How do I cut a potential inheritance tax bill?
Each UK resident has a Nil Rate Tax Band of currently £325,000 if the estate exceeds this on death the amount over the nil rate band taxed at 40%. There are several different ways to reduce your Inheritance Tax Bill:
- Make outright gifts.
- Set up a trust.
- Keep your assets while reducing your estate.
- Managing Inheritance Tax without making gifts.
- Raising debts against the estate for example an equity release mortgage.
- Or simply accept the tax and hold a life assurance policy in trust to allocate funds to this.
