Protection and investments

Life insurance

Life insurance, also known as life assurance, is a policy where a specified sum is payable upon the death of that person. Other forms of life insurance include death in service benefits, registered group life policies and excepted group life policies.

For information on life insurance, including whether it may constitute a pension scheme, see Practice Note: Death in service benefits.

For further information on life insurance in the context of trusts and estate planning, see Practice Notes: Creation of trusts—life insurance trusts and Life insurance and estate planning.

The main areas of complexity encountered by practitioners when advising on non-registered life policies, namely relevant life and excepted group life policies, include the conditions to be met in respect of the benefits that are payable and to whom they are to be paid; discretionary