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.

Learn more

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.


Additional benefits of AIG

Two doctors walking up stairs
Smart Health

The insurance also includes access to Smart Health, an additional service provided at no additional cost to you. From on-demand consultations with UK based GPs to second medical opinions, 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.

Smart Health is provided to AIG Life Limited customers by Teladoc Health. We want to let you know that these services are non-contractual, which means they don’t form part of the insurance contract with us. If our partnership with Teladoc Health ends, these services could be changed or withdrawn in the future.

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Our Claims Support Fund

It’s there to pay for up to £500 worth of extra services that will make life a little easier. Things like travel costs, parking at hospital, wigs following cancer treatment – there’s no limit to what it can be used for. It won’t be taken off your client’s pay out they get and we don’t necessarily have to have agreed their claim.

Waiver of Premium

If your clients are under 55 years old when they take their policy out, they can add Waiver of Premium. This handy add-on extra means we’ll cover their premiums if they can’t work for more than 26 weeks due to illness or injury. All helping them stay insured.

Smart Health is a non-contractual benefit that could be changed or withdrawn in the future.

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.

Download Updated 13 Dec 20
Whole of Life - Cover Details

This explains how the cover works and the terms and conditions for Whole of Life Insurance.

Download Updated 13 Dec 20