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Is a Life Insurance Claim Taxable?

A life insurance lump sum payment is paid as tax-free. However, inheritance tax may be applicable depending on who receives the payment. The claim amount, if paid to a spouse of the deceased, is tax-free. 

 

Read more about:

  1. 1. How Long Does it Take to Complete the Application Process and Get Cover?
  2. 2. What is the Difference Between Life Insurance and Mortgage Protection?
  3. 3. What is Specified Illness Cover?

 

 

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Mortgage Protection

Repays mortgage if the insured dies or suffers a terminal illness.

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Life Insurance

Ensures the financial stability of the family if the insured dies.

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Life & Serious Illness cover

The insurance plan gives coverage against specific diseases.

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Income Protection

Ensures a regular income for the insured who is unable to work.

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Whole of Life cover

If you are looking for a life cover plan with a guaranteed payout then a Whole Of Life Cover Plan is just for you.

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