AIG Life adapts term assurance for IHT planning

Joint life second death option added to relieve tax burden on couples gifting assets

clock • 1 min read

AIG Life has enhanced term assurance to help policyholders cover inheritance tax (IHT) liabilities.

The addition of a new joint life second death (JLSD) option provides an alternative to whole of life insurance for couples who want to gift assets and erode their IHT liability by a certain age. A ‘gift inter vivos' plan to cover reducing IHT liability on any gifts made over the term of the insurance can also be taken from the existing sum assured by policyholders, without the need for further underwriting. "Using life cover for inheritance tax planning is not always as simple as taking out a whole of life policy and then forgetting about it," said Andy Roberts, technical sales manage...

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