Frequently Asked Questions
Ask us a question
You asked: Are pay-outs on a Guaranteed Lifelong Protection plan taxed?
Pay-outs for life claims are usually free of Income Tax and Capital Gains Tax. In some circumstances Inheritance Tax may be payable. You can normally help avoid this by putting your plan in trust.
The tax treatment will depend on your personal circumstances and you should bear in mind that tax rules may change in the future.
Did this answer your question?
Answers others found useful
- How would my family make a claim on my Guaranteed Lifelong Protection plan?
- What does my life insurance policy cover me for?
- If I already have a pension scheme, can I use that to auto-enrol my employees?
- Do other companies apply market value reductions (MVRs)?
- Will my No MVR Guarantee mean I'll never have a Market Value Reduction applied when I withdraw money in the future?
Browse our FAQs by topic