Whole of Life Insurance is a Life insurance policy which is guaranteed to remain inforce for the insured’s entire lifetime (Max age 100) provided premiums are maintained.
The policy will mature upon death or at age 100 of the life assured. It is designed to pay a specified sum upon the death of either a single applicant or second death for joint applicants.
The sum assured is tax free and is often used to mitigate Inheritance Tax as well as being used for funeral expenses, estate planning and the income of the surviving spouse.
Whole of Life contracts are widely regarded as the best policies to counter the effects of inheritance tax and is a valuable asset when implementing estate planning.