Whole of Life Plan

Whole of life Insurance Solutions We broker whole of life insurance to protect your wealth and provide for their family when you die by paying out a cash sum.

What is a Whole of Life Plan?

Everyone wants peace of mind knowing their family or business will be taken care of when they’re gone.

This policy pays out in the event of your death. Assets are placed into a suitable trust, falling outside of your estate for inheritance tax purposes. This allows you to leave more of your estate to your next of kin by contributing the lump sum to the inheritance tax bill.

What is included in the cover?

The cover is designed for those who want to provide financial support to their dependents when the client dies. It can be used to cover an expected IHT bill, cover the costs of funeral expenses or provide financial support to your client’s dependents. Cover can also be taken out for business purposes – to provide a lump sum if a key person dies, to purchase shares owned by a director or partner or cover interest payments on a business loan.

What are the details?
  • Minimum cover: Set by minimum premium.
  • Maximum cover: With indexation
    Maximum cover
    Age Maximum cover
    Up to age 70 £2 million
    Age 71 to 84 £1 million

    Without indexation

    Maximum cover
    Age Maximum cover
    Up to age 69 £5 million
    Age 70 to 79 £2 million
    Age 80 to 84 £1 million
  • Type of cover: Remains the same until a claim is made, unless indexation is chosen.
  • Term: Designed to cover your client for the whole of their life.
  • Minimum age: 18. It is possible for a life of another policy to be taken on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute Trust with the 17 year old as the beneficiary.
  • Maximum age: 84.
  • Premiums: Guaranteed.
  • Joint life policies: The policy can be set up at outset on joint life first death or joint life second death basis if required.
  • Trusts: Policies can be placed in Trust.
  • Death in the first year: We won’t pay out if the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life.

What are the benefits and options?

Accidental Death Benefit:

Automatically included.

Guaranteed Insurability Option:

Can increase cover on certain specified events, without need for further medical evidence. Eligibility criteria and restrictions apply.

Waiver of Premium:

Can be included for an additional cost. Eligibility criteria and restrictions apply.

Other changes:

 Your client can request to make other changes to their policy, but this may result in a new policy being set up.

Indexation:

 Optional

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