Whole of Life Insurance
Whole of life insurance helps your clients make financial provisions in the event of a terminal illness or death. This flexible cover gives them the knowledge and reassurance that any inheritance tax (IHT) liabilities could be paid, a legacy for their family could be left, and funeral costs could be taken care of.
Whole of Life Insurance and inheritance tax
As whole of life Insurance doesn’t have a term, it can be suitable for dealing with the impact of IHT on the value of your clients’ estates. Plus, your clients can increase their cover in line with their IHT liability before their 90th birthday without having to answer medical questions.
Because the value of an estate can fluctuate over time, we include flexible increase options to ensure that the appropriate amount of cover is in place to pay for IHT.
Your clients can increase their sum assured by up to £250,000 if the value of their estate increases. And if the UK Government changes the legislation leading to an increase in your client’s IHT liability, they can increase their sum assured up to the lower of 100% of that sum assured or £5 million. These changes could include a decrease in the nil rate band or an adjustment to the IHT rate.
Whole of Life Insurance and funding later life care
We understand that your clients may also want to prepare for care in later life. That’s why AIG have a Whole of Life Insurance product specifically designed to meet those needs. Head to our Care Cover with Whole of Life page for more information by clicking on the ‘learn more’ button below.
Writing your client's policy into trust
If your clients want to put their policies into trust, we’re on hand with example trust documents. This legal arrangement could ensure that money paid out for a claim goes straight to the people it needs to. It could also speed up death claim payments and help mitigate Inheritance Tax liabilities.
We can’t advise on whether putting any policy into trust would be the right thing to do for your clients and recommend they take professional legal and tax advice. Here’s our guide to explain how trusts work with AIG policies.
From on-demand consultations with UK based GPs to second medical opinions from Best Doctors®, our Smart Health service is a convenient way to connect your clients to tools that help them manage their health and wellbeing. It’s available 24/7, 365 days a year, anywhere in the world and can also be used by their partners and children up to age 21, all at no additional cost.
Our Claims Support Fund
Waiver of Premium
Waiver of Premium is available for clients who purchased their policy when aged 54 and below. This cover ends when the person reaches their 70th birthday.
Literature and support materials
Whole of Life - Key Facts
This document describes what is covered by Whole of Life Insurance, who can buy it and how it works.