Whole of Life
Whole life insurance promises to pay out at the event of death. Cover is provided for the duration of your whole life for a set price. Insurance can be arranged for Joint lives or single life, where the sum assured can be payable on first death or on the second death
Reasons to take out whole of life insurance
- Peace of mind that your loved ones will get a guaranteed payout when you die
- Help your family from overpaying on inheritance tax
Currently, if your estate is over £325,000, inheritance tax is 40% of its value. If you take out whole of life cover and write your policy into a trust, you won’t need to pay inheritance tax on it.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
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