What is a qualifying policy?
A qualifying policy is basically a life insurance policy whose terms meet a set of certain conditions. These include rules about the policy term, regularity and level of premiums paid and the minimum final amount.
Our Children's TESP is a "qualifying life policy" with a special tax status. This means you cannot pay in more than a total of £3,600 in a 12 month period into any qualifying policies you may have, either with us or any other life company or friendly society (excluding pure protection policies and protected qualifying policies issued before 21 March 2012).