A life insurance policy will give you peace of mind that your loved ones will be taken care of in the event of your death. If are unsure as to which policy is right for you, speak to the friendly and helpful team at Unity Life. One call is all it takes to put you through to our team of independent advisors who will be happy to arrange a review either face-to-face or over the phone.
With 15 years of experience to call on, you can be certain that you’ll receive the best possible advice to help you make the right decision regarding your whole life insurance policy. While such a policy can be a little more expensive, it comes with the peace of mind you seek. What makes it even better is that the amount paid out can be used for any purpose you specify, from paying funeral expenses to covering mortgage payments or settling debts. It can even be left behind as a gift for your loved ones.
Cover starts from just £5 per month (10-year term based on a 28-year old, non-smoker), and your policy can be in place in just 15 minutes.
How Much Can You Expect to Receive?
At the payout stage of your policy, a tax-free lump sum will be paid to your beneficiaries. The amount will vary depending on the policy and whether or not you stopped paying once you reached a certain age or continued paying up until the time of your death. Please note that when your policy pays out, the amount received by your beneficiaries will be liable for inheritance tax.
Inheritance tax is set at 40% and is a charge levied against the total amount of an individual’s estate; it is owed only after the individual has died. To sidestep this entirely, you can write your whole life insurance policy “into trust”. Anything written “into trust” is separate from the estate and not subject to inheritance tax. With a trust in place, your beneficiaries will receive the full amount once it is paid out.