Estate Planning – Life Assurance Provision
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At OneQuote.ie, we are committed to making estate planning, Inheritance Tax provision more simple.
We offer professional advice regarding estate planning and specifically the use of a Section 72 Life Assurance policy to pay inheritance tax.
We compare the market for the best cover product and then match it with the best competitor price, so you have a guarantee of the best value cover on the Irish market.
Section 72 – Whole of Life Assurance
Section 72 provides for the exemption of the proceeds of certain qualifying life assurance policies, in so far as the proceeds are used for the payment of inheritance tax arising on the insured person’s death, or within a year of his/her death.
You can use your Whole of Life Assurance policy to help offset this inheritance tax liability. You do this by setting it up by what is known as, a Section 72 Life Assurance policy.
This is a special insurance policy approved by the Revenue Commissioners under Section 72 of the Capital Acquisitions Tax Consolidation Act 2003.
It is taken out specifically to help pay inheritance tax. The money paid out, when it is used to pay inheritance tax, is then not liable to tax.
With enough cover in place you can protect your loved ones from an inheritance tax bill.
Otherwise, they may have to sell the family home or take out a loan to pay the tax. So setting up a Whole of Life policy this way, can ensure that your assets can be passed on and enjoyed by your loved ones rather than being used to pay a tax bill.