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Whole Of Life Insurance
What is Whole of Life Cover?
Whole of Life Cover — also known as Whole of Life Insurance — is a life insurance policy that guarantees a payout whenever you die, rather than only within a fixed term.
As long as you continue paying the premiums, the policy remains in force for your entire lifetime, ensuring a guaranteed lump-sum payment to your beneficiaries or a trust when you pass away.
It’s often used for estate planning, inheritance tax mitigation, or to leave a financial legacy for loved ones.
How does it work?
With a Whole of Life policy:
- You pay regular premiums (or sometimes a single lump-sum premium).
- The policy remains active for life, with no expiry date.
- When you die, the insurer pays a tax-free lump sum to your nominated beneficiaries or trust.
Some policies offer guaranteed premiums, which stay the same for life, while others are reviewable, meaning the insurer can adjust the cost over time based on factors such as age
Benefits of Whole of Life Cover
Guaranteed payout whenever death occurs.
- Can help cover inheritance tax liabilities.
- Provides a financial legacy for loved ones or charities.
- Peace of mind knowing protection lasts for life.
- Can be written in trust to speed up payment and avoid inheritance tax.
Who is it for?
Whole of Life Cover is ideal for:
- Individuals planning for inheritance tax or estate protection.
- People wanting to leave a guaranteed legacy for family or charity.
- Older clients looking to ensure funds are available for funeral expenses or final costs.
- High-net-worth individuals needing long-term certainty and flexibility in financial planning.
Tax treatment
Premiums are paid from after-tax income (for personal policies).
- The payout is usually tax-free to beneficiaries if the policy is written in trust.
- If not written in trust, the payout may form part of your estate and could be subject to inheritance tax.
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