whole of life cover?

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Whole of Life (Inheritance Tax planning)

Whole of Life Insurance is available to the over 50s only.

As these policies are for 'whole of life' they are guaranteed to pay out on death. The main reason for these policies is to offer peace of mind for our children (or next of kin) in respect of funeral expenses although in some cases where the value of an estate is exceptionally high this may be used to help cover inheritance tax liability.

The current nil-rate band (2008-2009) is £312,000. An excess value above the nil rate band is liable to inheritance tax at 40%. The nil-rate band is the amount of the estate on which there is no Inheritance Tax to pay. If the estate, including any assets held in trust and gifts made within seven years of death, is less than the nil rate band, no Inheritance Tax will be due on it. There is no inheritance Tax liability due on death of and passing of the estate to spouse, but there is otherwise (in most cases this will be the estate being passed on to your children).

Inheritance Tax planning is no longer the burden of the rich as many of us may find that, with the value of the property we own, any life insurance benefits etc, we are worth significantly more than we realise. So the Taxman will get us even when we're six feet under!

However, there are ways of planning to reduce the Inheritance Tax liability so that what we've worked all our lives for does benefit those we love, rather than burdening them with the problem of dealing with the Inland Revenue at such a difficult time.

This is a very complex and specialised area of expertise as every case will be different. If you would like to speak to a specialist who can advise you on your own personal circumstances please complete our No OBLIGATION form below and someone will contact you very shortly.

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To speak to an independent FSA (Financial Services Authority) regulated mortgage advisor now complete our no obligation enquiry form below. This service is completely free and your personal broker is under obligation to give you 'best advice' depending on your circumstances and requirements. Your personal independent broker may suggest other products to you that you may be unaware of.

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