Warning On Tax- Free Life Cover
Saturday, September 9th, 2006The BBC has published an article which warns about breaking the rules when it comes top pension term assurance.
The article quotes Tom Baigrie, founder and boss of LifeSearch who said that people could find themselves in a “tricky situation” if they break certain rules.
“The basic premium is higher than normal life insurance so if you break the Treasury rules you will end up paying a higher premium than you could have been.”For example, people who move abroad or lose their job and pay a lower rate of tax could find their premiums went up.
“Some life companies will offer you the chance to correct that at the old rate so you’ve got be careful which company you choose,”