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 Decreasing term Assurance (DTA)

This type of insurance is more often used to protect mortgages; the level of cover will decrease as the term goes by therefore making it suitable for the likes of repayment mortgages.

There are actually other times that decreasing term insurance would be used other than a mortgage such as a Gift Inter Vivos policy: -

This is a type of decreasing term plan that actually reduces at the same rate as the chargeable inheritance tax on an estate as a result of a Potentially Exempt Transfer (PET).

For example if you gift part of your estate away before death then that part is classed as a PET, this means that for a period of 7 years there could be tax due on the transfer. This amount of tax reduces by a set amount each year for those 7

The Gift Inter Vivos plan is designed to mimic that reduction to ensure sufficient money is available to meet the bill if the person who gifted the estate dies before the end of the 7-year point.

This type of insurance is very specialised and is used mainly in good Inheritance Tax Planning (IHT planning).

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