Whole of Life
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A Whole of Life Policy is a life assurance contract that has no specific term but can run as it says for the whole of your life. It will pay out a cash sum when you die, as long as you have paid the premiums. It is often used to reduce the impact of inheritance tax and offers a range of options to suit your needs, level of cover and premium you are prepared to pay.
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Because death is inevitable, premiums for whole of life cover are more expensive than for the alternative option of ‘term life insurance’.
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Whole of Life plans are commonly used to insure against Inheritance tax. If you take out a whole of life policy and write it under trust, your beneficiaries will receive the pay-out which they can use to pay the IHT bill for your family or next of kin. Tax planning is a complex area, and the rules are changing all the time, so you should consider taking specialist advice about putting life insurance in trust.
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TAX TREATMENT IS BASED ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN THE FUTURE.
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TAX PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
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THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.