Life Insurance – One More Step On The Insurance Ladder
The recently over 60s are the post-war baby boomers. Their insurance needs are very different from that of a young family or someone just starting out in their first job.
A typical 60 something couple will have raised their family, finished paying off their mortgage and are into or nearing retirement. More and more of this age group of people spend part of their year abroad or maybe are planning to move to the sunshine on a permanent basis.
Maybe it would be a good idea to assess their insurance needs at this stage in their lives. Something that is almost certain to crop up is the worrying matter of inheritance tax. House prices have risen considerably over the past years and the family home that suited their lifestyle some years ago will probably be worth an amount approaching or over the inheritance tax limit. Even if they downsize their property, they may invest in something like a holiday home and the actual capital is still there.
Inheritance tax is charged on taxable estates with a value of more than 300,000 in the 2007/8 tax year. This amount rises annually 2006/7 was 285,000 for...
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