Nationwide
Book An Appointment

Section 72 Insurance Policies in Ireland Explained: Protecting Your Family’s Financial Future

Understanding how to protect your loved ones in the event of your passing, especially concerning inheritance tax, is crucial. Section 72 of the tax regulations in Ireland offers a solution through a “qualifying insurance policy,” ensuring your family is financially secure. This guide dives into how Section 72 can safeguard your family’s inheritance from potential tax bills.

What is Section 72?

Section 72 refers to a special provision in Irish tax law allowing individuals to take out a life insurance policy specifically to cover inheritance tax. The payout from this policy is tax-free, intended solely for settling any inheritance tax that your successors may face.

Conditions for Exemption:

For your policy to qualify for this exemption, it must meet specific criteria:

  1. Approval by Revenue: The policy must be in a form that Revenue approves, adhering to all regulatory standards.
  2. Lifetime Premium Payments: Premiums must be paid annually throughout your lifetime, demonstrating your commitment to your family’s financial security.
  3. Aimed at “Relevant Tax”: The policy’s purpose must be to cover “relevant tax,” including any inheritance tax resulting from your estate.

Types of Policies:

There are two main types of Section 72 policies:

  • Single-life Policies: These are taken out individually, with the proceeds designated to your executors or a specific individual to address inheritance taxes.
  • Joint-lives Policies: For married couples or civil partnerships, allowing the surviving partner to use the policy’s proceeds for inheritance tax upon the second partner’s passing.

Timeframe for Claiming Proceeds:

Beneficiaries must claim the policy’s proceeds within one year of the policyholder’s death, ensuring a smooth transition during a challenging time.

Conclusion

Section 72 insurance policies provide a vital safety net, ensuring your family’s financial wellbeing is preserved after you’re gone. It represents a proactive approach to family financial planning, showing your dedication to their future security.

For more information or personalized advice on Section 72 policies, feel free to contact us at 0818 910 800 or via email at info@ezfeesfinancial.ie. Our team is dedicated to helping you find the right solution for your unique needs.

Ezfees Financial Ltd T/A ezfees financial is regulated by the Central Bank of Ireland. Reg no 489026

Links

Members of Waterford Chamber of Commerce.

Pages

Members of Brokers Ireland.

Facebook Linkedin Instagram
©2024 – Developed by GOAT Sites
Book Appointment

Business Owner Consultation

Your business is your baby, so it deserves protection. Our team of experts will guide you through informed decisions to provide tailored policies. Shield your business against unexpected setbacks and ensure stability, whether you’re a startup or an established corporation. We’ll create a financial plan that will guide the balance of your personal finances and your long-term business goals.

What’s in this for you? Discuss your business finances in confidence with trustworthy advisors to:
1) Create a money management plan to suit your business
2) Align your business and personal objectives
3) Get clarity and validation on your strategies from dedicated Financial Advisors committed to safeguarding your business finances
4) Be advised when you need to speak to Tax Advisors where relevant
5) Obtain guidance onto Owner/Director on Pension planning and legislation
6) Referral to a Life/Business Coach where relevant

Plan for your business’s long-term financial goals:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your business and your future

Book your business consultation today

Investment Consultation

With low deposit rates and high inflation rates, savings and investment plans are appealing right now. We understand what it’s like to make sacrifices to accelerate your savings goals so you can achieve your dreams. That’s why we provide expert guidance so you can take charge of your future without sacrificing your valuable time.

What’s in this for you? Why you should consider savings and investment plans?
1) The potential for higher returns
2) Flexibility in the amount you save
3) Short, medium and long term options to suit your goals, amounts and terms to save
4) Investment options appropriate to suit your needs and goals

How you can save to secure your dreams:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Book your Savings and Investments Consultation Today

Mortgage Consultation

Whether you are a first-time buyer, mover, switcher or looking to invest in a rental property, we have a mortgage solution to fit your unique situation. Over 60 and looking to release equity in your home to support your children, go on that dream holiday or pay off bills? We find the mortgage most suitable for you and your family’s needs and support you through the entire process. You’re guaranteed to find the best mortgage option for your financial needs and goals, with advice and competitive rates.

Clear, simple, actionable advice for all your mortgage needs:
1) First time buyers
2) First Home Scheme/ Local Affordable Authority Scheme
3) Switchers
4) Home Movers
5) Investment Property
6) Self Employed
7) Contract Workers
8) PAYE
9) Lifetime Loan (over 60’s equity release)

How you can get started:
1. Share your journey with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Book your Mortgage Consultation Today

Financial Planning Consultation

Secure your future and that of your loved ones beyond homeownership with life assurance, income protection and pension advice. Whatever your stage of life or money situation, our team of experts will help you make informed decisions to safeguard your financial future.

What’s in this for you? Planning your future, helps make your dreams a reality:
1) Start by creating a money management plan
2) Work with our dedicated Financial Advisors committed to safeguarding your future
3) Helping you get the guidance you need to achieve your long-term financial goals

Safeguard your financial future today:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your Financial Future

Book your financial planning consultation today