July 22, 2010
The government has been advised that it should ensure taking out a life insurance policy is as simple and attractive as possible.Nigel Cooke, a senior actuarial consultant at chartered accountants Grant Thornton, said he was concerned about the potential results of a HM Revenue and Customs consultation on whether protection premiums should be removed from the basic life insurance tax regime.He warned that such a move would be likely to lead to life insurance companies having to raise their premiums for customers, reports Money Marketing."The government would be making it more difficult and unattractive for people to protect themselves, which I do not think is what they want," he concluded.Earlier this month, P Stephen Baker, a columnist on the citizen journalism website Helium, advised that people will be able to get cheaper life insurance if they do not smoke.He suggested that saving money is one of the best reasons to give up cigarettes.
General life insurance