Whole of Life Insurance
Whole of Life insurance is cover designed to last for the ‘whole’ of your life. In other words, it won’t suddenly stop when you reach a certain age, or at the end of a limited term. This means you get the cover you want forever. So, however old you are when it’s time to make a claim, we’ll be here for your family. And we’ll pay out everything all in one go.
Why choose AIG
- It helps with Inheritance Tax: Inheritance Tax (IHT) can sometimes be a financial shock for those left behind. But we’re here to help if you are concerned your family could be affected by it. Your financial adviser can help by making sure your cover is written into trust (this means your payout is not included in the value of your estate). That means all the payout from your insurance will be available for your family to settle any IHT owed by your estate. Of course, your loved ones may still have to pay tax on other assets, such as your house. But the money from your whole of life insurance cover will be there to help pay any bills your family need to pay.
- It can ease funeral costs: With funeral prices rising, you might be worried about how much your loved ones will need to pay towards your funeral. We know it’s not a nice thing to think about, but do remember your life insurance can be used to contribute to these costs.
- It can help with your legacy: Whole of Life Insurance can help to ease the financial burden for those you leave behind. But there’s your legacy too. And that’s exactly what our Whole of Life insurance policy can help with. The money you leave can make a real difference, which really means that your life insurance can help you be there for your loved ones.
Care Cover with Whole of Life Insurance
Our Care Cover with Whole of Life Insurance helps you make financial plans for care in later life. As long as you meet our criteria, we’ll pay up to £300,000 to help you to fund the essential care you need to enjoy your later life.
If it turns out you don’t need later life care, this flexible cover will pay out for terminal illness or on your death, giving you the reassurance that any inheritance tax (IHT) could be managed. Alternatively, the lump sum could help you leave a legacy for your family or contribute towards your funeral costs.
Writing your policy into trust
You are able to write your policies into trust, and we provide adaptable specimen trust documents for use. Making this legal arrangement could ensure that money paid out for a claim goes straight to the people you want to benefit from the trust. It also could allow a quicker death claim payment compared to a policy not in trust and could mitigate Inheritance Tax liabilities.
We cannot advise on whether putting any particular policy into trust would be suitable for your particular circumstances and would recommend that you take professional legal and tax advice. For more information, read our guide to explain how trusts work for AIG’s insurance policies.
With AIG, you’ll get access to Best Doctors for invaluable second medical opinions. Their expertise helps you and your family get the right diagnosis, treatment and care.
Meet Smart Health - the health and wellbeing service from AIG, designed with your physical and mental wellbeing in mind. Whether you need to talk to a registered UK GP or want to get some hints and tips from a nutritionist, you’ll be able to chat to a professional 24/7, 365 days a year and from anywhere in the world - all at no additional cost. There’s no cap on how many times you can use it, and your partner and any children up to age 21 can take advantage too.
Smart Health is provided to AIG Life Limited customers by Teladoc Health.
Smart Health and Best Doctors are non-contractual benefits, meaning they don’t form part of an insurance contract with us. The services can be withdrawn at any time without notice.
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.