Whole of Life is a form of life insurance that is guaranteed to pay out a sum of money when you die or are diagnosed with a terminal illness.
Unlike other forms of life insurance, a Whole of Life policy does not come to an end when you reach a certain age – it lasts for the ‘whole’ of your life.
• Protect your assets;
• Contribute to funeral costs;
• Fund a potential Inheritance Tax (IHT) bill; and
• Provide your family and loved ones with a lasting legacy.
• Available to people up to 84 years of age;
• Access to Best Doctors;
• High levels of cover available; and
• A range of flexible options enabling you to tailor the product to your specific circumstances.
In addition to providing high levels of potential cover, you can also increase your cover up to £5million should the government announce legislative changes to the rate of Inheritance Tax (IHT) which would cause an increase in your prospective liability.* You can do this up to your 90th birthday.
If the sum paid out under Whole of Life insurance forms part of your estate, it may be subject to IHT. You can choose to place your cover in trust – cover held by a trust should not normally form part of your estate but there may be a potential IHT charge when the trust has a ten year anniversary or when benefits are paid out of a trust (known as ten year anniversary or ‘periodic’ and ‘exit charges’).
We cannot advise whether a trust is suitable in any particular set of circumstances or give tax advice in relation to the use of trusts. We recommend that you take professional advice before setting up a trust.
*Terms and conditions apply
Whole of Life insurance cannot be purchased directly from AIG. We recommend you speak to a financial adviser to find out what and how much financial support you need, as well as deciding which of our products and features suit you best. If you don’t already have an Independent Financial Adviser, you can find one at www.unbiased.co.uk