Whole of Life Insurance

Whole of Life Insurance is almost similar to life insurance, except for the fact that it lasts all your life. In short, even if you end up being a centurion and pay your premiums on time, the company pays your nominee after you. So, it is a Life Insurance that has no time limit, so no matter how long you live if you make your monthly payments, you are covered.

Need for a Whole of Life Assurance

Leave a lump sum for your family

The very thought that your children might struggle financially, without you is horrible enough to give you sleepless nights. However, our Advisers can provide you with proper solutions, which help you plan ahead. One of our most recommended solutions is a Whole of Life policy, which guarantees that you would leave behind an inheritance for your heirs.

Help with a funeral

Although this doesn’t guarantee to fully cover the cost of your funeral, but it would help minimise the burden on your loved ones. This is because funeral prices may then vary.

Pay Inheritance Tax (IHT)

Currently your estate is charged with an inheritance tax at 40 percent on anything over £325,000. For those who are married, this limit increases to £650,000.

For example, if you leave behind an estate worth £725,000, for your heirs, £325,000 is exempt if you are not married. Likewise, £650,000 is exempted if you are married.

So, on an estate of £725,000, if you are not married your heir would pay tax of 40 percent on £400,000, which is the amount beyond the exempted limit. On the other hand if you’re married your heir would pay tax of 40 percent on £75,000.

That sums up to £160,000 if you’re not married, and £30,000 if you are married. Therefore, it is important to have a policy in place.

Should everybody have Whole of Life?

Not necessarily, Whole of Life cover does not serve everyone’s purpose. For instance, if one reaches retirement age and has no dependents, there is no need for this plan. You can instead make better use of your money, and our Advisers can help you do that.

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