Updated: December 01, 2022 Get Started Ask A Quick Question No impact on your credit score Why get whole of life insurance? Whole of life insurance is usually more expensive than term life insurance, so what might make it worth having? The main reasons are outlined below: A whole of life insurance policy offers you peace of mind because it guarantees your relatives will be protected financially after your death, no matter when it occurs. The payout can be exempt from the usual 40% inheritance tax (IHT) if you write it into a trust. They may receive more than they would with term life cover because of the investment element of whole life cover. Speak to an advisor for more information. Its...
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Whole of Life insurance is also known as life assurance, because it differs from the typical life insurance policies. The type of policy guarantees a pay-out, no matter when you pass away. Here we take a closer look at what Whole of Life insurance is and how it can protect you and your loved ones. This section will look at: · What are the different types of Whole of Life insurance? · Which is best; Term insurance or Whole of Life? · Whole of Life and inheritance tax · Do you need a medical with Whole of Life insurance? What are the different types of Whole of Life insurance? There are a number of reasons why you might take out Whole of Life insurance. There are two main types, known as...
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Whole of Life For intermediaries only Our Whole of Life insurance policy is designed to pay a lump sum to your client’s family when they die or are diagnosed with a terminal illness. The funds from a claim can be used to leave behind an inheritance, protect their family against the financial impact of their death, or pay any inheritance tax that may be due on their estate. Flexibility Our Whole of Life policy is designed to be as flexible as possible, by offering: free cover for up to 90 days while we assess your client’s application – which can be held in trust if they choose this at the same time as the cover. a selection of guaranteed insurability options, so that your clients can...
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How to keep the costs of life insurance down: Live a healthy lifestyle – we all know what’s bad for us, so avoid drinking, smoking and try to keep fit and well. Take out cover when you’re young - typically the younger you are when you take out the policy, the less expensive your premiums will be. Be sure to speak to a discount broker who will likely be able to give you the best whole of life policies at the lowest cost. Are there different types of whole-of-life insurance? Yes. Whole-of-life policies are offered generally in two main types - ‘balanced cover’ (often known as ‘standard cover’) and ‘maximum cover’. With balanced cover, your premiums will stay the same throughout the policy....
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Aviva DigiCare+ Aviva DigiCare+ can help your clients prevent, detect and manage health and wellbeing concerns. We've carefully selected third parties to offer a wide range of added-value benefits, available through a smartphone app that can help your clients go beyond financial protection. Aviva DigiCare+ gives your clients extra peace of mind and the control to help make health and wellbeing a priority. Product details Why Whole of Life Insurance+? Because it gives you an easy way to help your clients plan for their legacy. Whether that means helping to cover their potential inheritance tax liabilities, or simply leaving a gift for their family. Our Whole of Life Insurance+ is a...
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Whole life insurance is a form of insurance that will pay out in the event of your death (and sometimes against diagnosis with a life-threatening disease) and that remains in force throughout your entire life (as long as you continue to pay the premiums). What is life assurance? Life assurance is used to describe whole-of-life insurance. Because mortality is certain, the policy will certainly have to pay out at some point. That makes it an ‘assurance’, as opposed to ‘insurance’ which may or may not be required to pay out (technically, which has a less than 100% probability of claim). How does whole of life insurance work? When you take out a whole life policy you...
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Introduction In the late 1990s many reviewable 'whole of life' insurance policies were sold to people in their 50s and 60s to assist with inheritance tax planning. It is understood there may be as many as 4.5 million policies in existence. The idea was that the insurance policy would be taken out and written in trust so that the eventual pay out would be outside the policyholder's estate and could be used to pay the inheritance tax liability. Risky Investment Element However the problem with the reviewable 'whole of life' insurance policy was that a significant amount of the premiums being paid by the policyholder would be allocated to an investment fund. It was assumed that the investment...
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What is whole of life cover? Many life insurance policies come with a time limit, called the ‘ term ’, which states when the cover will end. Often, it is set to a certain point in your life – this could be retirement age, the time when your youngest child leaves home, or the day your mortgage is finally paid off. Whole of life insurance breaks this trend by having no end date – it provides you with financial cover for the whole of your life. How does a whole of life policy work? Insurance is about providing you with a financial settlement in the event that something unwanted happens. You insure your possessions against damage or theft, your car against an accident...
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Maybe you’re waiting for your first child, getting married or just working to build a trench around your financial system – these are all good reasons to consider life insurance. When you’re ready to invest in life insurance, you’re bound to various questions. How does life insurance work? How much coverage do I actually need? Do I want a term or a whole life insurance? When making such decisions for your family and finances, it always helps to sort out the advantages and disadvantages of life insurance and the many different insurance types you can buy before signing on the dotted line. But life insurance buyers often grapple with a significant choice at the start of their decision -making...
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Financial News Cover to protect you for your entire life You may not think you need as much life insurance once you’ve retired or paid off your mortgage. But the need for cover doesn’t end. Whole-of-life insurance is cover that will pay out when you die, no matter what your age is. A whole-of-life insurance policy is designed to give you a specified amount of cover for the whole of your life and pays out when you die, whenever that is. Because it’s guaranteed that you’ll die at some point (and therefore that the policy will have to pay out), these policies are more expensive than term insurance policies, which only pay out if you die within a certain timeframe. Whole-of-life...
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