How is Group Life Insurance Taxed?
Question asked by Tina Pearson
We have existing shareholder protection arrangements which might need to be extended. What is the maximum age you can take out business protection insurance to?
Each insurer has its own terms and limits when it comes to business protection. This means one insurer may be better than another if you’re seeking to take extend Shareholder Protection Insurance for an older person.
Fortunately, at Drewberry we have access to the entire UK market and know each insurer inside out. We can therefore place you with the best insurer for your circumstances.
One of the main variations of limits depends on whether you are considering Life Insurance only or Life Insurance and Critical Illness Cover. Life Insurance has a higher age limit as a standalone cover than if you are seeking to include Critical Illness Cover.
Most life insurers allow individuals to take out policies up to the age of 70. Meanwhile, there’s a handful of insurers which allow new plans to be taken out up to age 80.
On the other hand, life policies including Critical Illness Cover have substantially lower age limits. Entry ages are normally set at a maximum of 60 years while the maximum policy cease age is often limited to 70 years old.