Buying Life Insurance One tip to save you thousands

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Buying Life Insurance? Here's How to Save Thousands!


Summary:

Discover a top tip to save up to 40% on taxes and ensure a seamless payout on your life insurance policy. This is specifically for UK residents.

Key Tip:

Always have your life insurance policy "Written in Trust." Though it may sound complex, it's simple and easy to set up.

Why It Matters:

When your policy is "Written in Trust," any claims are paid directly to your chosen beneficiaries. Without this, the payout goes to your legal estate, causing delays and additional legal fees.

Avoid Inheritance Tax:

If your estate's value exceeds £275,000, including your home, it becomes liable for a 40% Inheritance Tax on any amount over this threshold. If your life insurance is part of your estate, a large portion could be lost to taxes.

Simple Solution:

Have your policy "Written in Trust," and the insurance company will pay out directly and tax-free to your named beneficiaries. Just inform your online brokerage of your preference, and they'll handle the rest.

Even for Mortgages:

This approach is effective even if the policy is for paying off your mortgage. Rather than letting your estate handle the mortgage, the payout can go directly to your partner, allowing for a tax-free mortgage payment if the estate exceeds the IHT threshold.

Free Service:

Most brokers offer to set up your policy "Written in Trust" at no extra cost. It's a win-win scenario, ensuring your loved ones benefit fully from your life insurance.

Seize this opportunity to protect your assets and save on taxes, ensuring your loved ones receive the full benefit of your life insurance policy.

You can find the original non-AI version of this article here: Buying Life Insurance One tip to save you thousands .

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