S.60 policy to keep or not?

[elainem]

Hi! My S.60 inheritance tax policy has now gone up to e253 per month. My estate would be worth about 1.1 million if sold - a lot less than previously. I have two kids and no spouse. I have other life assurance worth 700k costing e120 per month. Do people think it is worth keeping the inheritance tax policy - it has five yearly reviews, so won't be going up again for another 5 years.

Thanks.

 

[mercman]

The purpose of a S.60 policy is for the payment of Inheritance Tax. Do the other life policies fall in to the category as S.60 policies do. When you took yours out, it was sensible yo use the facility offered. However the times we have lived through in the past 5 years have been awful. What happens hereonin is anybody's guess. However IMO it really can't get much worse. Moreover, do you believe that your offspring will thank you ??

 

[elainem]

S. 60 policy - is it worth it?

Hi! Hercman, thanks for your comment - I don't know if my offspring will thank me - I guess I want them provided for in case anything happens to me before they reach 18. I wondered if half the life policies remaining after tax could be used to pay inheritance tax - e253 is a lot to pay out each month - though an inheritance tax bill could be a lot worse. Maybe if I can keep it going until the next review, I will know more where I am with things. Thanks again.