Whole of Life Insurance
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Whole of Life Insurance
Whole of life insurance is an insurance policy that lasts for your lifetime, and not limited to a term. When you pass away the policy will pay a lump sum payment to your family or dependents. It will also pay out immediately if you are diagnosed with a Terminal Illness.
Your family may also be liable for inheritance tax on your home and assets when you pass away. This can be a huge burden to be left with, forcing them to borrow or sell part of their inheritance to cover their tax bill. A Section 72 Whole of Life Insurance policy removes this burden and protects your loved ones from a large inheritance tax bill.
Our Whole of Life Insurance has a Guaranteed Premium. Meaning your monthly payments will never change.
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Whole of Life Insurance Options
When the person insured passes away, the cover amount selected will be paid to the policy holders estate.
Both people are covered equally under this policy.
It is a popular choice as it pays out the first death and the second death.
Two people are covered uner the policy. This only pays out on the one death.
For example “Joint life, First Death” will only pay out when the first person dies and nothing when the second person dies.
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Serious Illness Protection
Tax free payout on diagnosis of up to 40 critical illnesses.
Income Protection
Pays you a replacement income if you are unable to work due to illness or injury.
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Whole of Life Insurance Information
When you’re taking out a Whole of Life insurance plan, you choose the amount you want to be paid out on death.
You will then pay a set amount per month until you pass away. The policy then pays out a lump sum to your family. This premium never increases.
- It pays a cash lump sum that could go towards covering any inheritance tax your family is liable for when you pass away.
- Your loved ones are financially protected when you pass away.
- You can choose optional benefits on top of your Whole of Life Insurance for added peace of mind.
- It can be used to cover your funeral expenses no matter what happens.
If for any reason your circumstances change over time, such as no longer being able to afford your Whole of Life Insurance, or inheritance tax no longer being a concern.. You might decide to stop paying your premium before you die. Which normally means you get nothing back.
With a savings option – Provided you’ve had your policy for 15 years and consistently paid it, you are guaranteed money back if you cancel or stop paying your policy.
This option costs an extra 10% on your premium and must be included when you take out your policy – It cannot be added at a later date.
Your options are – Receive a reduced lump sum on death, or you can take an immediate cash payment.
Inheritance tax is a tax paid to Revenue when someone inherits either money, property or other assets such as land following a death. The recipient of the asset is the person responsible for paying the tax amount of 33%.
Surviving wives, husbands and legal civil partners do not fall under this category. They do not have to pay inheritance tax.
You can use your Whole of Life policy to help offset any inheritance tax liability.
Remember, we can always answer any questions you have regarding Inheritance tax and Whole of Life Insurance.
Starting at 18 years old, you can take out a Whole of Life insurance policy up to the age of 75.
Historical illness reviews by leading medical consultants are available. Also applies to future illnesses.
Please note that ALL nicotine replacement products, including vaping, are now classed as “Smokers”.
The premium for your whole of life insurance will be affected accordingly.
