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Introduction to ISA

9. What can a Life Insurance ISA be invested in?

9. What can a Life Insurance ISA be invested in?

The idea behind life assurance ISAs is that they are a simple way for the investor to provide savings which will pay out to the investor’s estate after death.

The rules for paying for life insurance via an ISA are therefore restrictive but not onerous:

The life assurance policy must be on the life of the ISA investor only
The policy is non-assignable. If the investor decides to transfer his or her ISA to a new manager, then the legal title may be transferred to that manager. If the ISA investor dies, then the rights to the policy may vest in the personal representatives of the deceased investor.
The policy must be capable of being held only as an ISA investment and must not constitute long-term business.
If the policies cease to be owned or held in the ISA, then they must terminate automatically

Life assurance policies held in an ISA must not:

Be a contract to pay annuities or personal bonds
Constitute pension business
Have a contractual obligation to pay more than one premium. Each year&
8217;s investment is separate and the investment in premiums each year is at the investor&
8217;s choice
Be connected with any other insurance policy issued to the investor outside the ISA

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