Whole of Life Protection Plan - Information
The Whole of Life Protection plan is a life assurance contract designed to give the Life Assured a specified amount of life cover for the whole of their life and pays out a lump sum on death.
The plan has no surrender value and no cash in value.
Premiums are fixed at the start of the Life Assured’s policy and will stay the same unless they choose to increase their level of cover, index link their policy or they exercise the Guaranteed Insurability Option.
This plan can be taken out for:
- Family Protection – to help protect Life Assured’s dependants financially by providing a lump sum which they could use to provide an income or pay off outstanding debts
- Inheritance Tax planning - this plan can help to fund the Inheritance tax (IHT) payable on the life assured/s death
- Business protection - to help protect the business against financial loss on the death of a key person or for Partners' or Directors share protection.
Some of the following options and benefits may not be available. However if they are they must be chosen at the start of the plan and there may be an additional cost.
Benefits automatically included
- Accidental Death Benefit
- Guaranteed Insurability Option
Options
- Indexation – helping you keep pace with inflation
- Waiver of premium
- Single or joint life cover
The above benefits and options are subject to terms and conditions which can be found in the policy document or the Whole of Life Protection Plan technical guide, which is available on request.
