If you are aged 70 or older getting life insurance may be challenging. Life insurance is costed on life expectancy and the older you are the more expensive cover becomes.A common reason for taking out life cover when you are in your retirement years is to mitigate inheritance tax. By taking out life insurance and placing it in trust this can be an effective way of ensuring monies are available to meet any IHT duty levied on your estate in the event of death. Life insurance which is taken out to cover your life until death is known as whole of life insurance and is more expensive than term assurance which is cover specified for a set term.
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