Guaranteed Whole of Life Plan

A Guaranteed Whole of Life Policy, as the name suggests, provides life cover for the remainder of your lifetime. Both the premiums and sum assured are fixed from outset.

Guaranteed Whole of Life Plan

Joint or Single Life Assured

This type of plan can be written on either a joint lives or single life basis. Where joint lives are selected the plan generally becomes payable on the second death. This tends to be the basis on which plans taken out for Inheritance tax mitigation are written.


These can be paid monthly, quarterly, half yearly or annually. As these are Life Assurance plans they are fully medically underwritten and the resultant premium is affected by:

  • Your gender
  • Your age at the commencement of the plan
  • Your general state of health

What will I receive back

There is no investment element to this type of policy and therefore it does not accrue a surrender value. If premiums cease the life assurance cover will lapse.

Waiver of Premium

This option ensures that the insurance company will meet your premiums, should you be unable to work due to an accident or illness for a continuous period of more than 6 months. In addition, waiver may apply if you are unable to carry out certain daily functions i.e. washing, cooking, mobility. The waiver will continue until you are well enough to return to work, attain age 60, or in the event of death, whichever is sooner. Not all policies offer this facility.


These policies can be written under Trust to ensure the sum assured is paid to your selected beneficiary or beneficiaries outside of your Estate. This means that the capital sum paid will not be subject to inheritance tax, provided that it can be shown that the premiums were paid out of earned income.

Pension advice