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Though the proceeds of critical illness insurance policies written under trust will normally not form part of the life assured's estate for tax purposes, the premiums on such policies do fall within the scope of capital transfer tax. In the normal way they will, however, be exempt under either the £2,000 p.a. or one of the other specific existing exemptions.

Finally, there are a couple of curious points about critical illness insurance companies' procedures that are worth explaining. Women are often puzzled, and in these liberated days sometimes annoyed, at being required to produce their marriage certificate as well as their birth certificate when taking out a critical illness insurance policy.

The reason is not moral but purely practical. The insurance office has to be sure that the present Mrs X really was the Miss A she says she was in order for date of birth and identity to be certain. If these facts are not definitely established, the critical illness insurance policy might later be disputed.

 

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