Life Insurance .

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Life Insurance
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With life insurance, you make sure that your
dependents get on with their lives in a
financially secure way in spite of your premature
death. The life insurance policy pays out an
amount that will give your family a better chance
of continuing their lives in a safe and familiar
environment. Everyone who wants to protect his
or her spouse, cohabitant or children can take
out life insurance. You can take out the
insurance alone or in combination with your
pension scheme.
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Who will get your money? You alone decide who
will benefit under your scheme. If you have
chosen that the beneficiaries should be your
nearest relatives, they will be (in order of
priority) your spouse, your civil partner or -
subject to special requirements - your
cohabitant your children and grandchildren the
beneficiaries you have named in your
will beneficiaries under the intestacy rules
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Benefits and tax Your survivors can choose to
take the life insurance benefits as a lump-sum
payment or as lower regular benefits. If the
money is paid as a lump sum, it will be subject
to 40 tax. Regular payments, on the other
hand, will be taxed as personal income for your
survivors. You can also choose to contribute
taxed funds into your insurance plan, in which
case the benefits will obviously be tax-exempt.
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Childrens pension With a childrens pension
plan, you can protect your children financially
if you die before they come of age. You can set
up a childrens pension plan either personally or
under an occupational scheme with your employer.
Everyone aged 18 and above is entitled to set
up a childrens pension plan. If you die
prematurely, your child will receive monthly
benefits up to an agreed date of expiry or the
date when the child attains the age of 24 years,
whichever is earlier.
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