Whole of Life Assurance:

This type of plan is taken out for one's lifetime (and not a set term), and pays out a lump sum on death whenever it occurs. It is particularly helpful for, amongst other things, Inheritance Tax planning, and may be an important part of an Inheritance Tax mitigation plan. See our Inheritance Tax page for more on IHT planning. 

The product is unsuitable as a savings plan.  If you were to cancel such a plan at any time, you might not get any money back. It is designed to provide life assurance cover, and in order to maintain that cover, you will need to keep paying premiums for the rest of your life.

Your premiums are paid into an investment fund, the value of which may go down as well as up. Each month money is withdrawn from the fund to pay for your life assurance cover. 

There are two levels of cover available - Standard and Maximum:

Standard cover: This is the level of cover normally recommended. With Standard cover, if the quoted target investment return is achieved,  the amount of cover should be maintained at the same level without the need for future increases in your premium. However, this is not guaranteed.

Maximum cover: This is the maximum amount of cover available under the plan and allows you to keep the costs down until the first plan review, usually after 10 years. At this and subsequent reviews (normally carried out at 5 yearly intervals), you will probably need to increase your premiums by a substantial amount to maintain your cover.

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