Guaranteed Protection with Whole Life Insurance

What is Whole Life Insurance?

Whole life insurance is a type of policy that provides coverage for your entire lifetime. Unlike term insurance, which ends after a set period, whole life insurance guarantees a payout to your beneficiaries whenever you pass away, provided premiums are kept up to date.

The most common use for whole of life insurance is to cover all or part of any inheritance tax liability that might arise from an estate. The life assured pays the premiums and upon death a tax-free lump sum is paid into trust. The trust sits outside of the taxable estate. The beneficiaries then use funds in the trust to settle the inheritance tax due and the balance of the estate is released from probate.

HMRC still get the inheritance tax due, the family inherit more of the estate and no tax avoidance has occurred.

Key Benefits?

Get a quote from every UK insurer in just 60 seconds. No big pitch, no passing your data to numerous brokers, just a great personal service with no pressure.

How Whole Life Insurance Works

Whole life insurance provides financial security by guaranteeing a payout to your beneficiaries upon your death. It is a very popular for these policies to be used to pay inheritance tax as the policy is paid into a trust and is therefore outside of the deceased persons estate. This means no probate is required for the payment and the cash is available to the family to settle the IHT due in order to release the estate.

This makes whole life insurance not just a death benefit but also a financial tool for long-term wealth planning.

Why Choose Executive Life for Whole Life Insurance?

At Executive Life, we provide flexible whole life insurance solutions tailored to fit your financial goals.
We offer:

£500,000 inheritance tax saving with whole of life insurance

Mr Phillips has a taxable estate of £2.1 million and a joint nil-rate band of £650,000 to use; therefore, his taxable estate is £1,450,000. Based on a 40% inheritance tax, the estate owed £580,000 in tax.

Eight years before death, Mr Phillips took out a whole life insurance policy for £500,000 with premiums of £380 a month.

Upon his death, the policy paid £500,000 into a tax-free trust to his children.

Mr Phillips's estate received an inheritance tax bill for £580,000. His children used £500,000 in the trust and added £80,000 from the cash they had to settle the tax liability.

HMRC received the funds, and £2.1 million was released from probate and shared between his children.

The result was minimal inheritance tax on the estate, and HMRC still received the tax due.

What are the next steps?

Finding the right Whole Life Insurance for you and your company can be difficult. There are twelve primary insurers, and obtaining quotations from all of them takes time. You need to know which insurers are more friendly towards things like BMI or minor medical conditions.

At Executive Life, we specialise in finding the right policy for you. We will show you quotations from every insurer in the market so you can choose the right cover for you.

We will also complete all of your application documentation over the phone and save you the hassle of multiple paper application forms and endless admin. Our team will cover all of that for you.