Insurance policies designed to cover inheritance tax (IHT) bills are experiencing a surge in demand, fueled by growing concerns among families about the potential for changes to the rules surrounding wealth transfer.
Brokers report a doubling of interest in these policies since the Chancellor announced that pensions will be included as part of an estate for IHT purposes starting in April 2027. This has prompted many to seek ways to safeguard their assets.
“It is all I have worked on since October. The budget definitely spurred people into making gifts and sorting out their estates sooner rather than later, and with that insurance to cover any liability,” said Wes McCranor from Sphere Assured, a London-based brokerage.
