Whole of Life Assurance 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.

Whole of Life Assurance 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.

Whole of Life Assurance 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.