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Life assurance premium relief |
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Life assurance premium reliefA tax relief of 15% on the premiums paid into long-term insurance policies. Applies only to policies lasting for more than 10 years and issued before March 13, 1984.Similar MatchesLife assuranceLife assuranceAn insurance policy that pays a lump sum on death. Often taken out with a mortgage to provide money for the loan to be repaid if the borrower dies during the term. Unit linked endowment assuranceUnit linked endowment assuranceSee: 'endowment assurance'. AssuranceAssuranceIn the UK the term 'assurance' tends to be used where insurance is taken out against something which will inevitably occur, an example being death and thus life assurance. The term 'insurance' is used when insuring against an event which may occur such as damage to a motor vehicle. Endowment assuranceEndowment assuranceA fixed term life assurance policy in which provision is made for premiums to pay for life cover plus a savings/investment element. The policy pays out a sum of money (the sum assured) on the death of the life assured or at a specified date (the maturity date) if the life assured survives the term. If an endowment policy is encashed in its early years any proceeds returnable to the policyholder will normally be below the value of the premiums paid up to cancellation. Family income benefit (family income assurance)Family income benefit (family income assurance)A type of term assurance in which, following the death of the life assured, instalments, rather than a lump sum, are paid to the beneficiary for the remainder of the policy term. If the life assured lives to the end of the term, no benefit is payable. Further Suggestionsterm assurancedecreasing term assurance unit linked life assurance index linked term assurance Level term assurance renewable term assurance unit linked whole of life assurance joint life assurance index linked family income assurance life assurance bancassurance industrial life assurance contingent assurance Decreasing term assurance |
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