DH has death in service benefit through work. I used to when full time employee but now freelance. His job is at risk now and he’s 52. We paid off our mortgage so never needed the type of reducing cover which just pays this off. However, neither of us had clocked that life insurance is exempt from inheritance tax. DC will probably inherit over the tax free threshold thanks to living in a London terrace without mortgage etc. We will pay for proper tax advice but always good to go in armed with some knowledge. What level of life cover do we need if we want DC to have school and university fees covered in the event of one of our deaths? They are 9 and 12… And will anyone cover us at his age (52). I am mid 40s. What should we expect to pay a month. He’s prob just outside his BMI … I am substantially outside which is another reason I have been waiting to get cover once weight has dropped. At what age does the insurer stop your policy eg I can’t imagine it keeps going into your 90s etc?! Can you write off the premiums against the IHT bill if for example your policy runs out at 75 and you are no longer eligible for a new life insurance one but you’ve paid say 20k into it? Sorry for the inane questions. We have been in denial about insurance and inheritance tax.
Secondly if anyone knows the very rough percentage cost of buying a house in trust, do let me know. We think if we ever move next house would have to be in trust to stop it being swallowed up by IHT.