This insurance will leave your loved ones with a lump sum payment when you die. As the name suggests, this type of policy will remain in place for the whole of your life and will pay out, no matter when you pass away. You may have an expected inheritance tax bill, or may simply want to leave the people you care about a cash lump sum. This could allow them to build their own legacy, or they may not have to sell the main family home.
Anyone considering taking out a Whole of Life policy for inheritance tax purposes, we would advise you to speak to an inheritance tax specialist, so that you are fully aware of the options available to you. Inheritance tax is a complicated topic and with the recent changes, it is best that you get the advice that you need!