Legal & General Tax Efficient Life Insurance Plan announced

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Legal & General Tax Efficient Life Insurance Plan announced

It has been announced today that the Legal & General Tax Efficient Life Insurance Plan is to be made available from April 10th onwards.

The product, which provides life cover in the event of death or terminal illness, follows a government initiative to simplify the taxation of pensions and remove traditional restrictions on pension term assurance.

It's tax efficient status could significantly reduce cost, the company claims, when compared to an ordinary term assurance plan.

Using the example of a 35-year-old non-smoker with a level sum of £100,000 over a 25-year term, this person would pay a premium of £9.75 per month with an ordinary scheme.

The company claims that on a package such as the Legal & General Tax Efficient Life Insurance Plan, a person in this situation paying the basic rate of tax would pay £9.06 per month – a saving of seven per cent.

"In recent consumer research conducted by Legal & General, we found that the majority of people found pension term assurance appealing, particularly those in the higher rate tax bracket where they could potentially save up to 30 per cent on their premiums," said Bernie Hickman, protection director at Legal & General.

It was pointed out to customers paying a higher rate of tax that they would have to claim a portion of their monetary relief through their annual tax return.

The Legal & General Tax Efficient Life Insurance Plan is available through independent financial advisers and is subject to eligibility criteria.

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