Does your Life Policy achieve what it was set up for?
On the death of a Life Policy owner, if the policy is not assigned to a Trust, then the policy proceeds will add to the deceased’s estate. This could potentially either create or increase any Inheritance Tax liability.
If your estate is above £325,000 you may pay 40% over the £325,000 to the tax man. So 60% of your Life Insurance policy can go to your family and the other 40% will go to HMRC.
Be careful, please get advice.