Term Assurance Tax Rules Over 10 Years

Published / Last Updated on 15/06/2015

Term Assurance Tax Rules: Protection and Insurance Advice

Qualification rules for term assurance policies of terms of over 10 years meaning that benefits can be paid tax free

The policy must secure a capital sum on death or earlier disability
Premiums must be paid annually or at shorter intervals i.e. monthly
Premiums must be paid for at least 10 years or earlier death
The total premiums payable in any one year must not exceed one eighth of the total premiums payable over the whole term
The amount payable on death must not be less than 75% of the premiums which would be payable if death were to occur on the life assured's 75th birthday

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Endowments

Term Ass Less 10yrs