The current threshold for inheritance tax is £325,000 (for deaths occurring between 6th April 2019 and 5th April 2020) and anything over this is 40% taxable. This amount is set by the government and can change. There is an additional allowance of £150,000 if you leave your main residence to your children (so this increases the current threshold to £475,000.
There are ways you can reduce how much tax you'd need to pay.
Our standard Life Insurance policy isn't likely to fit the needs to repay inheritance tax, so if you're unsure you should speak to a financial adviser.