Pension Term Assurance News

Bright Grey has today become the latest life insurance provider to enter the pension term assurance market.

Recent figures within the life insurance industry suggest that as many as 50% of all new life insurance policies being sold are being written as pension term assurance policies, and are therefore receiving tax relief.

Standard Life has launched its Pension Term Assurance policy, deciding on the name Life Insurance with Tax Relief.

They are promising savings of between 8% and 30% because of the tax relief given to pension term premiums. It is available as both level and decreasing term cover, and also comes with a conversion option, which means that if you reach a point where you’re worried that the benefit from the policy could push you over the £1.5 million Lifetime Allowance for your pension fund, the policy can be converted to a standard life insurance policy.

Standard Life joins Friends Provident, Liverpool Victoria, Scottish Equitable and Legal & General in the growing pension term market.