Inheritance Tax from life insurance premium

Dear HMRC officer, Would like to clairfy the IHT liability if I'm holding a life insurance with premium £ 1,000,000, the value of other estate (e.g. cash and investment) is another £1,500,000. Does the payout of £1 million from life insurance will not be classified as my own estate? Therefore, only my estate of £1.5 million will be subjected to IHT, right? Regards,

Hi,

Please contact the Inheritance Tax team for advice:

Inheritance Tax: general enquiries

​​​​​​​Thank you.