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.