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Whole of Life
Unlike a fixed term policy, whole life insurance pays out a lump sum when you die, regardless of your age. Although we don't like to think about it, knowing we are covered in the event of our death, allows us to focus on life. Enjoying life without worry is something that we at Policy Library strongly encourage. The payout from this type of insurance is not subject to inheritance tax and can be used to cover a number of unwanted costs and taxes once you’re gone.
What is Whole of Life?
With the right type of cover in place, there are ways to increase what you leave behind and make sure you’re family are not left paying excessive tax bills. Providing your policy is held in trust, you are not liable to pay inheritance tax on the proceeds of your Whole of Life cover. To avoid potential pitfalls, it is imperative that you receive the right advice before setting anything up. If you would like to find out more about putting your policy into Trust, please head to the Trust section of our site. Alternatively, if you’d like to talk to someone, we’d be pleased to take your call and answer any questions you may have.
Do I need it?
There is usually a specific reason for taking out a whole life policy. For example one may wish to secure the financial security of a loved one, ensure that assets can be retained, or simply cover outstanding costs and inheritance taxes. Inheritance tax is calculated at a whopping 40% on assets above £325,000, which in most cities and affluent areas would be a family home plus any further estate.
Still unsure? We're here to help
If you're still unsure about what Whole of Life insurance is and whether you need it, please give us a call, or we'll call you. Just fill in our request a call back form, or head to our contact page - we're here to help.
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