Insurance

Insurance

BREXIT IMPACT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Impact of Brexit: Insurance distribution—quick guide [Archived].

Life assurance and estate planning

Life assurance can be an important tool in estate planning and there are various types of life assurance policies available:

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a whole life policy—this type of policy will pay out a sum on the death of the life insured, whenever that death occurs, in return for a premium
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a term assurance policy—this type of policy insures a person’s life for a specific sum and for a specific length of time, typically for a period up to 20 years. If the insured person dies within the term of the cover, the life assurance company will pay out the sum. This type of life assurance provides protection only, and there is no investment element
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an endowment assurance policy—with this type

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