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Odds are it is some sort of scam, or just a way to get some money out of you at some point.
Call Aviva and ask them.
Otherwise contact an accountant.
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Some joint policies only pay out on the first death.
Also I’m insured for more than my wife as I would be a bigger financial loss to the family operation.
I get a call from the "Life Insurance Review Team" about once every six months, offering me the chance to review my policy. I smell a scam as soon as they start talking. They usually have some credible information that makes it seem like they are the real deal - the seem to know with whom I hold policies.
However, when I ask who they are and where they are calling from all they will tell me is "The Life Insurance Review Team". I usually then ask for an address of their organisation, they either get very vague at this point or just hang up. I've never got more out of them than they are in Swansea. If I ask for a street address or postcode they become very defensive.
Needless to say I never take any advice from them or listen to anything they have to say. I find it quite entertaining and it usually kills five minutes of my day so I haven't blocked them yet. I think last time they called I told them I needed to take them through security and could they confirm their postcode and the first line of their address - my kids thought that was scary for some reason.
I reckon it's highly likely the OPs cold calls are from a similar organisation, if not the same one. Just ignore.
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https://twitter.com/spark240
Facebook - m.me/studiowear.co.uk
Reddit r/newmusicreview
A joint policy may not be the best way to arrange your life insurance.
Speak to a reputable financial adviser or a specialist life insurance broker to get independent advice.
The cold-callers are probably lead generators who will pass your details onto a regulated firm for a referral fee - there is absolutely no way that a regulated firm would withhold their identity.
Why ?...a Google search suggests theres no reason to do this?
A joint policy may not be the best way to arrange your life insurance.
Why not ?
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If it's in trust, it doesn't form part of your estate for IHT purposes and (depending on the type of trust) it can pay out to the beneficiaries without having to wait for probate.
My dad set up some investment bonds, in trust, insured on his life and they paid out immediately when he died, even though we haven't got probate yet.
your estate is subject to inheritance tax (IHT)
If the estate is below the threshold, this makes no difference for tax, but the people to whom you leave your cash to will have a long delay before they get it. This can cause problems with paying bills, mortgages, etc
If it's a very big insurance policy, or your estate (i.e. house) is worth more than the IHT, then the estate will pay IHT on the total before it is split to those in your will
If you set the insurance up "in trust", then the cash goes immediately, tax free to the beneficiaries
Having said all that, AFAIK if you leave a house to anyone (including your spouse) that has a mortgage on it, you have to pay the stamp duty on the mortgage amount - if I understand this correctly, you should make sure that (if below the IHT limit) you leave enough of the insurance to your estate to pay off your mortgages
To keep the lump sum outside of your estate for IHT purposes, and so that the money can be accessed by the beneficiaries immediately, rather than them having to wait for probate to be completed.
For a similar premium you may be able to buy two policies. If you and your partner perished in the same car accident, for example, two policies would result in two payouts, wheres a joint policy would only pay out on one death.
We have critical illness as well - same deal on a joint policy only one payout.
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