Your Last Will
WE KNOW ESTATE GAP COVER
WHAT IS ESTATE GAP COVER TM
Mind the gap – Life cover is often too expensive to fill the void if two Spouses pass away. Introducing our new Estate Gap Cover TM that provides for unlimited fee indemnification and life cover when both Spouses pass away for a fraction of the cost of a traditional life cover. Inheritance taxes are first paid and then any surplus funds are used to help replace the loss of income from two possible spousal incomes.
WHY ESTATE GAP COVER TM
For many, the relief afforded by our tax authorities in terms of inheritance taxes on benefits payable to Spouses is lost to your beneficiaries on your Spouse’s death following your death. The problem of inheritance tax is compounded for those who are financially dependent and reliant on either or both spousals incomes for financial support.
The Estate Gap Cover TM pays a cash amount on the passing of the surviving Spouse to help fund this dire shortfall, first to meet the inevitable inheritance tax obligations and thereafter to help fund the financial needs of your remaining beneficiaries. Further to this, should the surviving Spouse pass within 12 months of each other, the applicable Indemnity Plan ™ will also be automatically upgraded to an Unlimited plan.
The benefit does not require medical testing and offers a substantial benefit for a nominal premium. It is an essential tool for Spouses when planning their Estates.
The Estate Gap Cover ™ helps you to efficiently plan the Estates of you and your Spouse. The benefits are as follows:
- Upon the death of the first dying, the premiums for this benefit will cease as well as the automatic annual benefit increases. Upon the passing of the surviving Spouse, the benefit amount as at the time of the death of the first-dying Spouse will pay the Estate of the second-dying Spouse, less premiums that would have been payable during this period to be paid by the 2nd Estate.
- The Executor can use these cash proceeds to pay inheritance taxes that are now applicable where the surviving Spouse had inherited from the deceased Spouse. With Capital Legacy as the Executors, we will apply this benefit via our Inheritance Tax Shield ™.
- Any surplus funds thereafter will be applied in the normal administration of the Estate and for the benefit of your beneficiaries.
Legacy Protection Plan™:
Estate Gap CoverTM Benefits
Find out how to fill the gap created by the death of the last surviving spouse, ensuring your loved ones are free from the burden of inheritance taxes and other costs.
ESTATE GAP COVERTM BENEFIT
Ensure that your loved ones fill the financial gap created on the death of the last surviving Spouse and are free from the burden of inheritance taxes and other costs.
- Estate Gap CoverTM – Lite
- Estate Gap CoverTM – Classic
- Estate Gap CoverTM – Premium