The changes were announced by former chancellor Rachel Reeves in her 2024 Budget - Leon Neal/Getty ImagesA rush to beat Labour's death tax has triggered a boom in life insurance sales. Unused pension savings and death benefits will be subject to inheritance tax from April next year. Barry O'Dwyer, the chief executive of Royal London, Britain's biggest life and pensions mutual, said more customers were looking to take out life insurance specifically to offset the liability. The rush helped Royal London report net inflows of £1.8bn in the first half of the year, reaching record assets under management of £43.6bn. Mr O'Dwyer called on the Government to deliver some measure of certainty around any changes in policy.