Guaranteed to pay out
Unlike term insurance, whole of life cover has no end date. As long as premiums are maintained, the policy pays out whenever you die, whether that is next year or in forty years.
That certainty is why it is often used to leave a guaranteed legacy, cover funeral costs, or provide for a dependant with lifelong needs.
- ✓A guaranteed payout, whenever you die
- ✓Premiums and sum assured fixed on guaranteed plans
- ✓Often written in trust for speed and tax efficiency
A cornerstone of inheritance planning
Whole of life cover is frequently used to provide funds for an expected inheritance tax bill, so your family is not forced to sell assets to pay HMRC.
Written in trust, the payout sits outside your estate and is available quickly, exactly when it is needed. We work alongside your solicitor or estate planner to get the structure right.
- ✓Commonly used to fund inheritance tax liabilities
- ✓Joint life second death policies for couples
- ✓Set up in trust so funds bypass probate
Documents you’ll need
Having these ready speeds everything up. Don’t worry if something is missing, your adviser will help you gather what’s needed.
- ✓Photo ID (passport or driving licence)
- ✓Proof of address (last 3 months)
- ✓Last 3 months’ payslips or 2 years’ accounts
- ✓Last 3 months’ bank statements
- ✓Proof of deposit or equity
- ✓Details of loans, cards and commitments
Common questions
Term insurance covers a fixed period and only pays if you die within it. Whole of life has no end date and always pays out, which is why premiums are higher for the same sum assured.
A policy on a couple that pays out on the second death, which is typically when inheritance tax falls due. It is the standard structure for IHT planning and cheaper than two single policies.
On guaranteed plans, no, premiums and cover are fixed for life. Reviewable plans start cheaper but can rise sharply at reviews. We are honest about that difference before you choose.
You may pay more in premiums than the payout on a long life, though trust arrangements and IHT savings often outweigh that. We show you the break-even maths openly.
So the payout goes straight to your beneficiaries without waiting for probate, and normally sits outside your estate for inheritance tax. We arrange the trust paperwork with the application.
Usually yes, whole of life plans are medically underwritten like standard life insurance. Guaranteed-acceptance alternatives exist for those who prefer no medical questions, and we compare both.
Plan a legacy that is guaranteed
Speak to an adviser about whole of life cover and inheritance planning, with your family welcome on the call.