SUMMARY : Pension Life insurance is set to take the life insurance market by storm - but what is it? This article explains.
Why Pension Term Life Assurance could be your way to cheaper life insurance
By Melinda Varley (car insurance quotes)
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Pension Term Assurance (PTA) can be either a Level or a Decreasing term life assurance contract which will allow tax relief to be claimed on premiums at the policy holders highest marginal rate.
The head of retail life and protection for Barclays Insurance says: "If you want to cut the cost of an existing life assurance policy or if you think, like many people, you are under-insured, now is definitely the time to review your cover because there are substantial savings to be made by taking advantage of the new tax laws." (pet insurance)
Essentially, it is a life assurance policy but with tax breaks so that you can protect the ones that you love and receive up to 40 per cent tax relief.
This basically means that if you are eligible for this cover then you may benefit from cheaper premiums in comparison to normal Term Assurance. (life insurance)
Gross premiums for PTA are normally slightly higher than traditional Term Life Assurance. This is due to it being a more expensive product for an insurance company to provide, although net premiums after tax relief for PTA are normally lower than traditional Term Life Assurance Trusts.
Demand in the PTA market is set to soar, as contribution restrictions are ready to be lifted following "A" day (April 2006).
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