Whole of Life

Unlike term assurance, whole-of-life assurance provides financial protection throughout your lifetime. It pays a guaranteed tax-free lump sum on death to either your estate or nominated beneficiaries if written in trust. Typically, whole of life is more expensive than term assurance.

Objective
To help pay your debts whenever death occurs and support your dependants by replacing some or all of your income when you die and in some circumstances when you are terminally ill

Suitability
May be suitable for Inheritance Tax (IHT) planning, particularly if you have a substantial estate or for meeting the cost of funeral expenses

Features

• Covers a potential tax liability on your death (only suitable for IHT planning if placed in trust)
• Potential cash surrender value if you cancel the policy
• Investments allowed within the policy
• Cover can be arranged so that it pays benefits on the death of the surviving spouse/partner