I’m hoping you lovely lot will be able to clear up what google has confused me with.
Back in December my Fiance and i bought our first home, and we’ve dragged out feet getting an insurance policy to cover the mortgage should something happen to one of us.
I read somewhere that these policies should really be written “in trust” to ensure the person isnt taxed on it, thus potentially not having a high enough value to actually pay off the mortgage.
I have also read that if its a joint policy, this isnt needed as when the money is transferred to a spouse it bypasses inheritance tax anyway.
I have contacted a broker, but he isnt the best at replying quickly, and i figure if the latter is the case its something i can do on my own via the internet!
Any tips are greatly appreciated