Standard Life Life Insurance with Tax Relief product launched

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Standard Life Life Insurance with Tax Relief product launched

Mon 24th Apr 2006

A Standard Life Life Assurance with Tax Relief product has been introduced today, which according to the company, "takes full advantage" of the tax relief available on payments.

Savings of between eight and 30 per cent could be enabled through this facility compared to conventional term assurance, Standard Life claims.

The product is available as either level or decreasing term cover and can be used for either personal or mortgage protection, with a built in option to convert to a life assurance plan.

Customers do not need to link the Standard Life Life Assurance with Tax Relief product to a pension in order to qualify for tax relief on payments, the company claims.

"The launch of Life Insurance with Tax Relief provides a very affordable opportunity for people to review their protection requirements and ensure they are adequately insured," said Trevor Matthews, Standard Life chief executive of life and pensions for UK and Europe.

Various other features are incorporated into the deal, including accidental death benefit, serious ill health cover and free life cover for mortgage related applications.