Trusts & Tax
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What is a Trust?A Trust is a legal arrangement to manage and move your assets, such as your life insurance policy, to your chosen beneficiaries.
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Will my loved ones have to pay inheritance tax on my life insurance?If you put your life insurance policy in Trust this effectively sidesteps inheritance tax, because your life insurance cover does not form part of your Estate.
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Will my family have to pay tax on the life insurance payout?Life insurance is tax-free - a payout is not subject to income tax. A payout can form part of your Estate and therefore could be liable for inheritance tax.
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How do I set up a Trust?If you purchase a life insurance policy through Protect Line, we will help you set up a Trust for no additional cost.
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Can I put my life insurance policy in Trust?You can put your life insurance policy in Trust for no extra charge when taking out life insurance cover through Protect Line.
Category: Trusts & Tax
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