Do I pay executor’s fees on my life cover payment?


If your life cover pays to an individual, it does not attract executor’s fees. However, if your life cover pays to your estate or a trust and is administered by the Executor it will attract executor’s fees which is charged at 3.5% excluding VAT. However, if you have MyCover™ the executor’s fees are indemnified which means you cover the cost of the executor’s fees through your premiums so that the total value of your life cover is paid towards your chosen Beneficiary (not considering the taxes).