Whole of Life Insurance - What is It?

Whole of Life insurance is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime provided premiums are maintained. It can be arranged on a sole basis, joint life first death basis or even joint life second death basis.

It has no end date and the policy will run until death of the life assured. The sum assured is typically used to mitigate Inheritance Tax as well as being used for funeral expenses, estate planning and the for the benefit of the surviving family. The policies are usually placed in trust, so that the proceeds remain outside of the estate.

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Please note that Mast Financial Services do not undertake any form of estate or tax planning, but we will work in conjunction with your solicitor, accountant or other specialist adviser in this area to assist putting in place a Whole of Life policy if that is felt appropriate.