Qualifying rules vary slightly for each type of policy, but in general terms must: be certified by the Revenue. have a 10 year term or longer. have regular premiums. have a sum assured of at least 75% of premiums paid.
a qualifying life insurance policy is one where benefits paid out are not subject to income tax.
A life assurance policy approved by the Inland Revenue as eligible for favourable tax treatment.
The proceeds from an insurance policy can be paid free of income tax and capital gains tax providing the policy adheres to the rules set out by the Inland Revenue.
A UK life policy that allows the proceeds to be paid tax-free provided certain HM Revenue & Customs rules are followed.