In your 50's, your commitments and responsibilities will be different from those you had in your 30's. By now the kids will probably have left home and be self-supporting. Your mortgage will probably be repaid. so you might be forgiven for being suspicious about why you could still have a need for life insurance.

Tax Planning
There are still a number of roles life insurance can play in the protection portfolios of older people. A key area for this market is the provision of funds to meet an inheritance tax (IHT) liability. If you have not already done so and you are in this age group, then we strongly recommend that you start thinking about IHT.

Protecting wealth
A whole of life contract written in trust can provide an IHT-free lump sum to ensure that, on your death, your beneficiaries will be in a position to pay what could amount to an extremely large IHT bill. You can of course, make gifts to your children or grandchildren during your lifetime. But if death occurs within seven years of the transfer, this will still carry potential liability. Policies are available that cover the potential tax liability on such gifts.

Situations change
The role of life insurance for the over-50s does not end at IHT planning. There are an increasing number of second marriages, and the decision to delay starting a family means that more and more children are being born to older parents. You might also require life insurance to ensure that any outstanding debts, such as personal and business loans or credit cards, are repaid on your death to precent debts being passed to loved ones>

If you would like a review of your current position, please e-mail or contact us for further information.

Levels, and bases of, and reliefs from taxation are subject to change.