UK consumers are ignoring life insurance tax breaks

Wed, 29 Nov 2006

A new survey conducted by a price comparison website indicates that a very small percentage of UK life insurance policyholders are interested in switching to pension term assurance, despite the possible savings available.

The research was based on a YouGov report involving almost 2,500 adults. Apparently, over 30 per cent of people would not consider Pension Term Assurance, and 41 per cent are unsure of what the benefits are. Many consumers admitted that they do not know anything about PTA.

Speaking on behalf of the company who commissioned the research, Money Supermarket, Emma Walker said: "We believe that if providers and advisers explained this new product more clearly to customers, far more would consider switching to PTA to save money on their life insurance . It's important to point out that the product features of PTA won't suit everyone by any means, but for millions of taxpayers it could add up to hundreds of pounds of free money from the government in terms of tax relief over the term of their policy."

The ability to save by choosing pension term assurance is enormous, with basic rate taxpayers eligible for 22 per cent savings, and higher rate taxpayers able to recoup a further 18 per cent.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

LV 50 Plus Plan

The LV 50 Plus Life Insurance Plan from Liverpool Victoria is cover for people over the age of 50.
Click here to apply

Mortgages