Provider, Royal London, has launched a joint life second death cover option, with the aim of mitigating inheritance tax (IHT) liabilities and aiding clients’ estate planning.
The policy provides a payout on the second person covered if they die or are diagnosed with a terminal illness. The payout is available during the term up to the age of 90, it is currently available on Royal London's whole of life plan and has now been added to its term cover. A gifting option is also included in the policy, allowing individuals to make lifetime gifts. The provider said that this is paired with a separate gift inter vivos policy, to insure against the cost of an individual dying within seven years of the gift, at which point the asset passes tax-free. COVER spoke with...
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