Taxation on Life Insurance
Life Insurance Quotes
The taxation of life insurance could affect you depending on what type of insurance cover you purchase. The four main insurance types are:
- Term Insurance
- Whole of Life Insurance
- Endowment Insurance
- Joint/Partnership Insurance
Non-investment life insurance policies are not usually taxed; however policies such as endowment and whole of life are subject to tax, depending on the qualifying status of that policy. The qualifying rules regarding whether a life insurance policy is qualifying or not are complex - as a general rule qualifying policies include term assurance policies, whole of life policies and endowment policies which have a term of 10 years or more.
You may not be able to avoid the taxation of life insurance, but there are certain questions that you should consider when choosing:
- What are the charges and do they seem reasonable?
- How suitable is the life insurance for your own personal needs?
- How flexible is the insurance policy? Can I cancel or switch it easily?
When taking out any insurance always read the small print and the terms and conditions.
For quotes on life insurance use our service:
|Quote Services||Life Insurance Quotes||Critical Illness Insurance Quotes||Income Protection Quotes||Family Income Benefit Quotes||Get Quotes|
Get Life Quotes »
|Yes||Yes||Yes||Yes||Get Quotes >|