Term Assurance Tax Rules Less Than 10 Years

Published / Last Updated on 15/06/2015

Term Assurance Tax Rules: Protection and Insurance Advice 

Qualification rules for term assurance policies of terms of 10 years and under meaning that benefits can be paid tax free

  • The policy must secure a capital sum on death or earlier disability
  • The policy must provide that any surrender value must not exceed the premiums paid
  • For policies effected on or after 6th April 1979, the term cannot be under one year

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