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Whole Of Life
Do you want to guarantee that a tax free lump sum of money is left to your family as part of their inheritance?
Whole of Life Insurance
A Whole of Life policy is a life insurance policy which offers a guaranteed pay out upon death or diagnosis of a terminal illness. Whole of Life Insurance covers you throughout your entire life and doesn’t expire at a certain age, regardless of when you die.
This kind of life insurance is particularly beneficial if you want be certain that there will be money left behind to loved ones, even if you live to a very old age.
A Whole of Life policy is also often used to offset any inheritance tax that is incurred when passing an estate on. Your loved ones could lose up to 40% of your estate for any amount that exceeds the inheritance tax threshold!
What’s more, probate on an estate can take months, which means if you were to die then your loved ones would have to cover the cost of your funeral and any additional unexpected costs/ongoing bills until the process is completed. Having Whole of Life cover would make sure that your family would receive a lump sum quickly when you die, so that they could have enough money to tide them over until probate was settled.
Putting the policy in trust is a way to make sure that the lump sum is paid out as quickly as possible to a person of your choice, and is free to arrange. Please contact us today for more information about how a trust can offer you even more peace of mind.