Whole of Life Assurance
When it comes to comprehensive and enduring protection, Whole of Life Assurance emerges as a steadfast solution. This insurance is designed to provide a payout upon death, ensuring financial security for your loved ones throughout your entire life.
Key Features:
- Lifetime Coverage: As the name suggests, Whole of Life Assurance guarantees coverage for the entirety of your life, offering enduring protection.
- Flexibility in Premiums: Depending on the chosen type, premiums may cover only the cost of insurance or include an investment element, potentially accumulating cash value over time.
- Tailored Options: Whether opting for Whole of Life With Profits or Unit Linked policies, tailor your plan to align with your financial goals and legacy intentions.
How Benefits Are Paid:
The premium for Whole of Life Assurance can include an investment element, participating in the insurer’s fund. This approach can potentially combat the effects of inflation, providing additional financial security.
Types of Whole of Life Policies:
- Whole of Life With Profits:
- Combines insurance with an investment element participating in the insurer’s with profits fund.
- Provides a lump sum on death or a tax-free inheritance planning solution.
- Unit Linked Whole of Life Policies:
- Splits the premium between insurance cover and investments to subsidize future costs.
- Offers flexibility in choosing the level of death cover—Maximum, Minimum, or Balanced.
Premium Reviews and Flexibility:
Premiums for Unit Linked policies are generally reviewed every 10 years, ensuring the fund is sufficient to maintain the desired level of cover. This flexibility allows adjustments based on changing financial needs.
Inheritance Tax Planning and Trusts:
Whole of Life Assurance can play a strategic role in inheritance tax planning. Placing the policy in trust ensures a smooth transfer of proceeds to beneficiaries, minimizing tax implications.
Conclusion:
Whole of Life Assurance goes beyond temporary needs, providing enduring protection and potential financial growth. By securing this insurance, you are not only creating a financial legacy but also ensuring that your loved ones are supported no matter what life may bring.
Embrace the certainty of Whole of Life Assurance—your lifelong companion in financial security.