Life insurance is a must-have investment for those that have a family they provide for. If anything were to happen to them at work for example, then how would this family cope?
People invest in such insurance as a precaution and also to ensure that their families won’t face financial hardship if anything were to happen. Choosing the right cover is essential as otherwise you could end up paying too little or too much or alternatively receiving the wrong type of cover.
Some people may have heard that you will have to pay an inheritance tax on life insurance policies. This isn’t a myth and the taxman could turn a £300,000 life insurance policy into one that is in fact valued at £180,000. There is, however, something that can be done about this and that is to write your life insurance into your trust policy in order to ensure that it won’t be counted as part of your estate. This in turn means it won’t be subject to inheritance tax. This is a service offered by a few financial insurance companies, Endsleigh being one of them.
Life insurance is an expense that should most definitely be considered and is a great thing for a family to fall back on. However,with so many policies available, just how do you find the best policy to suit both you and your family?
The Internet is a great place to begin your search, as many providers will search thousands of sites so you don’t have to. It is all well and good to use the Internet as a base of knowledge and a place to get both information and advice on polices, but a financial advisor is a better option for more detailed information. Such a person specialises solely in these matters in order to give you the best possible advice.