Life Assurance: Guaranteed Whole Life Cover
Guaranteed Whole of Life provides a guaranteed cover payable on death for a guaranteed premium. This type of cover can include protection for the following:
Family Protection
The sudden death or serious illness of a breadwinner can bring undue financial hardship for dependants. Whole of Life Cover provides funds to compensate for loss of income, thus ensuring your family's welfare.
Preservation of your Estate
Inheritance tax can deplete the value of your estate. This is particularly harsh after you have worked hard to build up your assets over your lifetime. Whole of Life policies can be written in such a way as to provide access to a guaranteed source of funds. These funds can be used to pay any tax arising, thereby maintaining your estate for the benefit of your chosen successors.
Business Protection Planning
The sudden death or serious illness of a partner, shareholder or key employee can have a serious consequence for a business. Whole of Life Cover provides a unique opportunity to compensate beneficiaries and dependants with the cash equivalent of the shares and ensure control for those who remain in the business. It can also be used separately to compensate the company itself for any potential loss of profits, thus ensuring the health and continuity of the business.
Terminal Illness Benefit
This applies to all policies. Where the insured is diagnosed as having a terminal illness an advance payment of 80% of the death benefit can be made.
Marriage/Childbirth/Increase in CAT Liability
On Marriage, Childbirth or an increase in Capital Acquisition Tax liability (due to change in tax rates) the benefit can be increased without further medical evidence.
Guaranteed Increasing Benefit Option
For an additional premium policyholders can have the option of increasing their benefit every three years without further medical evidence.
