Independent Wealth Management

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Life assurance

Most of us have heard of Life Assurance and appreciate that it is a policy that pays out either a lump sum or a series of payments when you die. These payments are normally paid without the deduction of any personal income tax.

It is however worth considering that any proceeds from a life assurance will be added to the deceased’s estate. If this takes the overall estate above the nil band threshold for inheritance tax, this tax would be payable for any amounts in excess of the threshold. This can be avoided by placing the Life Assurance in Trust and therefore separating out these proceeds from the ‘estate’ and keeping them tax free.

The proceeds of a Life Assurance policy are commonly used to pay off a debt such as a mortgage or to provide an income for your dependents.

You pay regular premiums to a Life Assurance company for either a given time span, or in the case of Whole of Life Assurance, normally through to death.

Life Assurance policies can be combined with other forms of insurance, such as Critical Illness insurance so that you receive the lump sum if you are diagnosed with a specified critical illness or on death.

Do you qualify for Simply Life?

Simply Life is a new and innovative type of Life Cover from Aegon promising a low cost and easy to understand protection product.

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How Much Life Cover Do You Need?

There are various ways of calculating how much life cover you should have. You will need to consider all of your debts, including mortgage, credit cards, car loans etc and also the ongoing monthly costs that will continue after death.

Read this article ›

Put Life Cover On Expenses

Are you a Company owner? If so, Relevant Life cover can work out much cheaper than a typical life assurance policy for you or your employees. In most cases the premiums are treated as an allowable business expense by HMRC which means that companies qualify for Corporation Tax relief. Furthermore, there is no additional Income Tax or National Insurance to pay either.

Read this article ›

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Barry has been providing me with excellent financial advice since 2003. He has simplified and consolidated a number of pensions that I had started with various organisations through different employers over the years to one pension – making it much easier for me to have a clear view of my investments and know where I stand. I receive regular, easy to understand updates, with Barry providing the added value of explaining what it all means and offering advice on actions to take. Barry ensures that he keeps current with my financial and personal circumstances and is able to adapt and make excellent, informed recommendations quickly and clearly. I would highly recommend Barry and Professional Wealthcare for your financial management solutions. He is now responsible not only for the planning of my financial security, but also for that of my children.

Jill Wells