Whole of Life is a form of life insurance that is guaranteed to pay out a sum of money when your clients 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 your client reaches a certain age – it lasts for the ‘whole’ of their life.
We have created a range of literature and tools to help you assess the suitability of this product for your clients – see here
AIG Whole of Life insurance can be a valuable addition to your estate planning toolbox, helping your clients to offset their potential Inheritance Tax (IHT) liability.
In addition to providing high levels of potential cover, your clients can also increase their cover up to £5million should the government announce legislative changes to the rate of Inheritance Tax (IHT) which would cause an increase in their prospective liability.* You can do this up to their 90th birthday.
If the sum paid out under Whole of Life insurance forms part of your client’s estate, it may be subject to IHT. Your client can choose to place their cover in trust – cover held by a trust should not normally form part of their 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’).
*Terms and conditions apply