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.


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 Our team is dedicated to helping you find the right solution for your unique needs.

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Safeguard your financial future today:
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