Whole of life products are suitable for:

Family protection
The benefit paid out can be used to help protect your dependants financially by providing a lump sum. They could use this for example to help provide an income or pay off outstanding debts.

Inheritance Tax planning
The Whole of Life Protection Plan can help fund any Inheritance Tax (IHT) liability that may be payable on your death.You can calculate your expected IHT bill and then take out a Whole of Life Protection Plan for this amount and place it in trust for your beneficiaries. On your death, we will pay the trustees the lump sum and the trustees will then pay your beneficiaries, free of any IHT. The beneficiaries can use the lump sum to pay any IHT liability. There are other steps you can take to mitigate your IHT liability. Please ask your financial adviser for more details.

Business protection
The Whole of Life Protection Plan can be used in various ways for business protection.
Share Protection
Business partners, directors or members of a Limited Liability Partnership can each arrange a Whole of Life Protection Plan which pays out on their deaths to the surviving business associates. Each policy should be written under trust and subject to a cross option agreement or suitable arrangement. The proceeds are then paid to the trustees who then pass the money to the beneficiaries who can use the money to buy the deceased’s share of the business from his/her estate.
Key Person Protection
The Whole of Life Protection Plan can help to protect the business against the financial loss of a ‘key’ person as a result of death.
Business loan
The Whole of Life Protection Plan can help to repay an outstanding business overdraft, loan or commercial mortgage if the person or persons covered by the plan dies.

How long can the plan last?
You can apply for a Whole of Life Protection Plan from the age of 18 up to the age of 84. The plan continues until you, or your partner (for joint life second death plans) dies.

Whole of Life application

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