- Whole of life insurance is an insurance plan that is not limited to a specific term.
- A whole of life policy is guaranteed to pay on your death (provided you have adhered to the terms & conditions of the policy).
- This policy will provide a lump sum payment to your family when you die.
- It can also provide tax-efficient inheritance planning cover for your family so as not to impact their inheritance.
- This plan will suit people who wish to have cover for the rest of their life and not just a specified term.
- It can be used to cover funeral costs for Individuals/families & and to leave an additional lump sum behind for surviving family members.
- It will appeal to those with significant assets they wish to protect against inheritance tax.
- Whole of life cover can be taken out by anyone aged between 18 and 74 years of age.
Taking out Life insurance is an important personal decision. If you have dependents and a family often the passing of a spouse or partner can significantly impact on the finances of the surviving spouse/partner.
Life insurance is a cost-effective way of maintaining a lifestyle and ensuring family members have financial stability during that difficult time. Often funeral costs or Inheritance Tax Liabilities are left to family members to pay if no Life insurance or Section 72 (Inheritance Tax Life Policy) is in place. This can be a difficult cost to find at short notice.
Key Questions to ask yourself to see if you require whole of life insurance are:
- How would my partner or spouse cope financially in the event of my death?
- Who and how would they pay for my funeral?
- Who would pay off my loans/short term debts?
- Is there any additional assets for my loved ones to inherit- will they have to pay inheritance tax on these?
- Would you like to leave your children an additional lump sum to help start them in life?
- Am I the main income earner in my home, if so how much cover do my family need if I die?
- Choose your level of cover
This can be calculated in a number of different ways depending on the individual’s specific circumstances, paying particular attention to funeral costs, personal debts, ongoing living costs, inheritance tax calculations etc. We recommend you speak to one of our Financial Advisors before taking this type of cover
Sometimes your budget dictates your level of cover so we can get you as much cover as we can for your specific budget.
This can be calculated in a number of different ways depending on the individual’s specific circumstances, paying particular attention to funeral costs, personal debts, ongoing living costs, inheritance tax calculations etc. We recommend you speak to one of our Financial Advisors before taking this type of cover
Sometimes your budget dictates your level of cover so we can get you as much cover as we can for your specific budget.
- Decide on The Plan Basis
Joint Life First Death pays on the death of the first life assured. The policy ceases after this.
Joint Life Second Death pays out only when the second life assured on the policy dies. This is a common policy set-up basis for Inheritance Tax Planning (Section 72 Policies).
Dual Cover covers two people independently and can pay out twice (Double cover). Joint cover covers two people but only for one payout and is sometimes called (joint life first death only).
- Decide on The Plan Basis
Get help from one of our Qualified Financial Advisors to fit you with a policy that best suits your needs.