L&G records 34% increase in life business
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Legal & General has reported a 34 per cent increase in the number of whole of life policies sold for inheritance tax planning.
In Q4 last year new polices increased 34 per cent when compared to Q4 2008.
L&G director of product and technical Bonnie Burns says: “There has been a huge interest in whole of life policies as people seek to protect their estates. In uncertain times when money and personal wealth is at risk, people focus more on what they have got to lose, particularly those with higher value estates.”
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Readers' comments (3)
Dale Tranter | 16 Feb 2010 2:38 pm
Good news for L&G but having seen disappointigly low sales of non-profit whole of life sales over the last few years I'd be interested to see how many additional policies 34% actually represents. I'd be pleasanrtly surprised if it was more than 50.
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Julian Stevens | 16 Feb 2010 4:41 pm
As something of an IHT specialist, I find myself wondering how thoroughly all the alternative IHT mitigation strategies may have been examined and discussed before proceeding swiftly to the sale of a life policy. We tend to regard a WoL policy as the last option if all others are either unsuitable or not wanted.
Should you seek advice from someone in a bank on the subject of IHT planning, you can bet your bottom dollar that the first item on the agenda will be a WoL policy and plenty of those never get put in Trust to keep the proceeds outside the estate.
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Rob Carey | 17 Feb 2010 0:02 am
Typical L&G bad news spoiler, trying to put a spin on a total collapse in main line new business
Look for any, no matter how irrelevant, positive news to get a cheap headline so they have something to cheer at what must be a last hurrah before the inevitable takeover and business carve up..............inept or what! Such a shame for a business that could have been a contender.
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