Miller, an independent specialist re/insurance broker, has announced the launch of Succession Insurance, a new life insurance product designed to help farmers manage the impact of recent inheritance tax reforms on agricultural assets introduced in the Autumn Budget.
This has increased financial pressure across the agricultural sector and raised concerns about the stability of UK food production and the future of family-owned farms.
Estimates indicate that the government’s cap on inheritance tax relief could affect up to 70,000 farms across the UK, potentially resulting in the loss of more than 200,000 jobs and reducing Treasury revenues by around £1.9 billion.
In response to these challenges, Miller has developed Succession Insurance to provide farmers with affordable and accessible life cover. The policy is expected to be approximately one-third cheaper than standard life insurance products.
The product will be introduced in partnership with the Country Land and Business Association (CLA) and distributed through the CLA’s network of 26,000 landowners, rural businesses and professionals.
Steven Rance, Head of Strategy and Innovation at Miller, commented: “We are proud of the role insurance can play in supporting British farmers and addressing some of the financial concerns faced by the farming community, helping protect both rural jobs and support farm succession.
“The CLA has been a leading voice in the debate on Inheritance Tax and championing the rural economy. By partnering with them in the launch of Succession Insurance, we hope to be able to reach as many landowners and businesses across England and Wales as possible, who can benefit from a dedicated life insurance product that will alleviate some of the pressures faced by rising IHT.”
Victoria Vyvyan, CLA President, added: “The CLA continues its fight against these proposals, but considers it prudent for landowners to prepare for the future whatever it may bring. Members can already access a wide variety of advice from the CLA wherever they are in their succession-planning journey.
“Now, we are delighted to partner with Miller to offer this first class insurance product that will provide landowners with a further opportunity to protect their families from this damaging government policy.”
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