Life insurance is an essential investment, especially for individuals who have a family dependent on them. One can think of it as a safety net, which can protect your family from encountering financial crisis should any unfortunate incident occur. The key lies in selecting an appropriate coverage plan; failure to do so could result in over or underpayment or unsuitable coverage.
Often, people are wary about inheritance tax applied to life insurance policies. The concerns are not unfounded; a life insurance policy worth £300,000 could drop to £180,000 due to this tax. However, a solution does exist—incorporating the life insurance into your trust policy. By doing this, the insurance is not considered part of your estate and thus is exempt from inheritance tax. There are several financial insurance companies like Endsleigh that offer this service.
Undeniably, life insurance is an essential expense to planning your financial future. Although there is a plethora of policies available, finding the right plan that meets your family’s needs can be challenging.
Starting your search online can be helpful, as several providers can scan thousands of swaths, saving you valuable time. While the internet provides a wealth of knowledge and suggestions on policies, consulting a financial advisor can offer a more personalised and detailed insight. They specialize in such matters, lending you expert advice for the best possible solutions.
