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Life Insurance News

most of tax breaks - although it works for both standards and higher rate tax payers, there are a few issues to consider, which we discuss in this article.

So what's it all about? Well any pension and life insurance policy that is taken out as a combined policy after 6 th April 2006 will be able to use the pension contribution tax allowance to save money on the life insurance part of the policy. So people in the standard tax bracket can make a saving of 22%, whereas the higher rate taxpayers can save 40% on their life insurance payments.

The pension company will sort out all the figures on your behalf if you are a ( cheap secured loans ) standard rate taxpayer, however, those that pay the 40% tax rate will have to claim back the extra themselves by way of the year-end self-assessment tax return.

You must meet the following criteria to get a combined pension and life insurance policy:

• Both pension and life insurance must be bought as a single ( bad credit loans ) combined policy through the same company.

• The value of both pension fund and the sum insured on your life cover can only equal £1.5 million.

• The maximum payments you are allowed to make into the combined policy are £215,000 a year.

There are a few drawbacks. Firstly, because you are buying life insurance from a pension company, the premiums won't be the most competitive on ( personal loans ) the market. It is probable that you will pay more on life insurance too to offset the savings. Compared to the cheapest deals on the market which are always found online, you will invariably be paying more than is necessary.

The higher rate taxpayers will benefit the most from this new combined policy as savings of 40% are quite considerable. We feel that standard rate taxpayers may not make a saving at all, so we recommend getting a life insurance quote from an online broker, and seeing how that, added to your usual pension payments, weighs up against a combined policy.

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