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Probate charges to hit policyholders

The Isle of Man Government has introduced a change to probate charges. 

It aims to reduce fees to a maximum of £250 for non-resident applications, where the only asset is a life assurance policy. 
 
In 2013 the Island increased all probate fees from a maximum of £650 to £7,500 for estates over £1 million. 
 
Canada Life's Neil Jones explains what this means for residents who are policyholders:
 

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