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Trusted advice on pensions & retirement, mortgages, inheritance tax planning, and more.

Whole of Life Insurance Quotes & Advice

Whole of Life Insurance UK – Inheritance Tax & Free Quote

Whole of life insurance (also known as life assurance) is often used in inheritance tax planning to help cover IHT liabilities and protect your estate. Get a free quote today to see how much cover you need.
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What Is Whole of Life Insurance?

Whole of life insurance (often called life assurance) is a type of cover that lasts for your entire lifetime, not just for a set term. 

Unlike term life insurance, which only pays out if you die within a fixed period, whole of life insurance guarantees a payout whenever you pass away, provided premiums are kept up to date.

Whole of Life: Key Features

Flexible Use: Payouts can help cover inheritance tax, funeral costs, or leave a legacy.
Lifelong Cover: Protection continues until death, no fixed expiry date.
Guaranteed Payout: Your loved ones will always receive a lump sum.

Types of Whole of Life Insurance

Level Cover: Your premium and payout remain fixed for life.
Reviewable Cover: Premiums are reviewed (often every 5–10 years) and may increase over time.
Over-50s Plans: Simplified cover with no medical underwriting, available for older applicants.
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Why Choose Beals Wealth Management for Whole of Life?

At Beals Wealth Management, your long-term financial security is our priority. We take a personalised, transparent approach to help you protect your family's future with confidence.

Our dedicated advisers offer Whole of Life Assurance solutions built on trust, reliability, and a commitment to delivering lasting peace of mind.
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Do You Need Whole of Life Insurance?

Whole of life insurance isn't for everyone - but if you're thinking about legacy, estate preservation, or reducing the burden on your loved ones, it may be one of the most valuable financial planning tools available.
You might benefit from Whole of Life cover if:
You have a high-value estate and want to mitigate inheritance tax (IHT).
You expect your pension pot or property portfolio to be part of your taxable estate.
You want to leave a guaranteed, tax-free lump sum to your loved ones.
You wish to avoid delays from probate and provide instant liquidity for your family.
You’re interested in placing policies in trust to keep them outside your estate.
You’ve already used your full nil-rate bands and still face IHT exposure.
You’re planning a long-term legacy or succession strategy.
You want peace of mind that your loved ones won’t need to sell assets to pay the tax bill

Whole of Life Insurance Policy & Quotes

Benefits of Whole of Life Insurance

Whole of life insurance provides lifelong financial protection, offering peace of mind that a guaranteed payout will be made to your loved ones whenever you pass away. It can help cover funeral costs, inheritance tax, and provide lasting financial security for your family.

Lifelong cover

One of the most significant advantages is that it provides coverage for the insured’s entire life. This means beneficiaries will receive a payout regardless of when the insured passes away, offering peace of mind.
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Fixed Premiums

Many whole of life policies come with fixed premiums, meaning that the amount you pay will not increase over time. This can make budgeting easier for policyholders.

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Estate Planning

Whole of life assurance can be an effective tool for estate planning. The payout can be used to cover inheritance tax liabilities, ensuring that beneficiaries receive the intended inheritance without financial burdens.
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Financial Security for Dependents

The guaranteed payout can provide financial security for dependents, helping them maintain their lifestyle or cover essential expenses after the policyholder's death.
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Whole of Life Insurance Cover

Drawbacks of Whole of Life Insurance

While whole of life insurance offers guaranteed protection, it can be more expensive than other types of life cover. Premiums may be higher, and if you stop paying, your cover could end with no payout. It’s important to consider whether the long-term costs fit your financial plans.
Higher Premiums: Whole of life insurance typically comes with higher premiums compared to term assurance (a life assurance plan with a fixed end date). This can be a significant financial commitment, especially for younger policyholders.
Inflation Risk: Over time, inflation can erode the purchasing power of the payout. If the policy does not include an inflation protection feature, the amount received by beneficiaries may not be sufficient to cover future expenses.

Whole of Life Assurance Quotes & Advice

Typical Uses of Whole of Life Assurance

Whole of life insurance is often used to help cover inheritance tax liabilities, provide a guaranteed legacy for loved ones, fund funeral expenses, or support long-term estate planning goals. It ensures financial support is available whenever it’s needed most.

Business Continuity

Providing funds for business partners or heirs to buy out a deceased partner’s share.

Estate Planning

Ensuring that beneficiaries can cover taxes and other expenses associated with the estate.

Family Security

Ensuring that dependents can maintain their quality of life and cover education costs.

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Whole of Life Insurance Policy & Quotes

Tax Implications of Whole of Life Insurance

Whole of life insurance can have various tax implications that policyholders should understand, particularly regarding the death benefit and premiums. A summary of the key tax considerations:
Tax treatment varies according to individual circumstances and is subject to change.

Death Benefit

Inheritance Tax (IHT): The payout from a whole of life policy is generally considered part of the deceased's estate for inheritance tax purposes. If the total estate exceeds the IHT threshold, the payout may be subject to tax. However, if the policy is written in trust, the proceeds can be excluded from the estate, avoiding IHT.

Premium Payments

No Tax Relief: Unlike some pension contributions, premiums paid for whole of life insurance do not attract tax relief. This means that the cost of premiums is paid from after-tax income.

Trusts

Using Trusts for Tax Efficiency: Writing the whole of life policy in trust can provide significant tax benefits. This allows the payout to be made directly to beneficiaries, bypassing the estate and potentially reducing inheritance tax liabilities.

Get Expert Advice on Whole of Life Insurance: Get Your Free Quote

Have you been thinking about taking out Whole of Life Insurance? Protect your loved ones with lifelong cover and a guaranteed payout. Contact Beals Wealth Management today for personalised whole of life assurance solutions, expert advice, and a no-obligation consultation.
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FAQ: Frequently Asked Questions for Whole of Life Insurance

What is Whole of Life Insurance and how does it work?

Whole of Life Insurance is a type of permanent life insurance that provides coverage for the entirety of your life, as long as premiums are paid. Unlike term life insurance, which covers you for a specific period, whole of life assurance guarantees a payout to your beneficiaries whenever you pass away. Additionally, these policies often accumulate a cash value over time, which can be accessed through loans or withdrawals during your lifetime.

How does Whole of Life Insurance help with Inheritance Tax (IHT) planning?

Whole of Life Insurance can be an effective tool for inheritance tax (IHT) planning. The policy's payout can provide your beneficiaries with the necessary funds to cover any IHT liabilities, potentially preventing the need to sell off assets like property. To maximise tax efficiency, it's advisable to place the policy in a trust, ensuring that the payout doesn't form part of your estate and is readily available to your beneficiaries.

Is Whole of Life Insurance worth it?

Whole of Life Insurance can be worth it if you’re looking for lifelong cover and a guaranteed payout to support your loved ones or cover inheritance tax liabilities. It offers peace of mind that your family will receive a financial benefit whenever you pass away. However, because premiums are typically higher than with term insurance, it’s important to assess whether the long-term cost aligns with your financial goals and needs.

Free Whole of Life Insurance Quotes

Fill in your details below and one of our experienced advisers will be in touch to discuss your Whole of Life insurance quote, your options, and answer any questions you may have.

Our consultations are free and without obligation. If you decide to proceed with our advisers recommendations, a fee may apply but we’ll always be transparent and discuss any costs with you.
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Tax treatment varies according to individual circumstances and is subject to change.

The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Approver Quilter Financial Services Limited. March 2025

Registered office address: Unit 1 Fulcrum 2 Solent Way, Whiteley, Fareham, England, PO15 7FN. Registered in England and Wales under reference 08286166
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