Many UK families are missing out on potential tax-efficient inheritance planning due to a lack of understanding around the difference between life insurance and life assurance, according to national IFA firm Continuum.
Whilst the basics of life insurance are easy to understand, a lack of understanding of the differences between life, or term, insurance and whole of life cover, or life assurance, is leaving many families missing out on tax-efficient inheritance planning cover.
Life insurance or ‘term insurance’ is designed to ensure that your dependents receive a lump sum if you were to die prematurely.
