The current threshold for inheritance tax is £325,000 (2017/2018) and anything over this is 40% taxable. This amount is set by the government and can change.
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.
More on Inheritance tax
https://www.gov.uk/inheritance-tax/overview
https://www.moneyadviceservice.org.uk/en/articles/top-five-ways-to-cut-your-inheritance-tax