Outline of the chargeable events regime: policies and contracts not chargeable
Insurance policies can run for a very long time. No insurance policy or contractotherwise within the scheme will be chargeable if
- the insurance was made before 19 March 1968, and
- the terms of the insurance have not subsequently been varied after that date so as to increase the benefits secured or extend the terms of the policy.
Contracts fulfilling certain specific functions are also excluded:
- mortgage repayment protection policies (ITTOIA05/S478)
- policies issued in connection with registered pension schemes (ITTOIA05/S479)
- group life policies designed to pay off credit union loans (ITTOIA05/S483)
- excepted group life policies (ITTOIA05/S480). More details at IPTM7020.
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