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Good Morning I would like some guidance regarding term assurance for a 66yo male in good health. I would like the policy to cover IHT liability and thought 14 years would be a reasonable length of time to adjust my finances to reduce any liability to IHT to zero, My question is if I take a decreasing policy then in the first 7 years there may be a liabilty to tax which exceeds the payout so is it possible to have a level term payout for say 5 years the a decreasing payout for the reamining 9 years. Or are there better options of which I have not considered? Thank you
Do you mean decreasing term assurance? If so then the simple way to decide that is if there is no-one who is financially worse off in the event of your death then you don't need it.
The executor of the estate would sell it. That would clear the mortgage and your estate will be distributed in accordance of your Will or rules of intestacy.
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