Don’t just plan – protect your money
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Don’t just plan – protect your money
Are you confident you have all the relevant cover in place to protect your finances? Having a financial plan should go hand-in-hand with a conversation about insurance.
The statistics
We may not like to think about death, but the reality is it is inevitable; however, data has revealed that only 29% of UK adults have some form of life insurance1. Meanwhile, just 13% have critical illness cover2. Even fewer (6%) have income protection, despite one in 13 working people having a long-term sickness3. These figures highlight that a concerning number of Brits risk leaving themselves and their loved ones vulnerable during life’s toughest moments.
Writing life insurance policies into trust
Writing your life insurance policy into trust is a tax-efficient way of protecting and preserving your wealth for future generations. This arrangement makes your trustees the legal owners of your policy, so the proceeds will not be considered as part of your estate when you die. Not only does this mean that under current rules the payout will not be subject to Inheritance Tax, but your beneficiaries should receive the money swiftly as it will not have to go through probate.
We can advise on the best cover for you and your circumstances.
1FCA, 2023
2Health Foundation, 2024
3ONS, 2023
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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