Buying Life Insurance One Tip To Save You Thousands
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Buying Life Insurance? One Simple Tip to Save Thousands!
Summary
Looking to save on life insurance? Ensure your policy is "Written in Trust." It might sound complex, but it's straightforward and easy to arrange.Why Write Your Policy in Trust?
When a life insurance policy is "Written in Trust," it allows the payout to go directly to your named beneficiaries, bypassing your legal estate. Without this step, the money gets tied up in legal processes, delaying access and potentially incurring solicitor fees.Avoiding Delays and Tax
By not writing your policy in trust, your estate may face legal delays and solicitor fees. Moreover, if your estate's value exceeds £275,000, it becomes subject to Inheritance Tax?"meaning 40% of anything above this threshold could go to the taxman. This could include your life insurance payout if it's part of your estate.How to Avoid These Issues
To prevent such complications, request your policy be "Written in Trust." This ensures the life insurance company pays out immediately, directly, and tax-free to your beneficiaries. Simply inform your online brokerage, and they’ll handle it.Even for Mortgage Payments
This strategy also applies if the policy is intended to pay off a mortgage. By writing it in trust, the payout can go directly to your partner, allowing them to settle the mortgage without affecting the taxable estate?"potentially saving thousands in taxes.It’s Free and Easy!
The best part? Most brokers offer to write your policy in trust as a complimentary service. It's a win-win situation?"saving you money and ensuring peace of mind.Take advantage of this simple tip to maximize your life insurance benefits today!
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