USES FOR WHOLE LIFE INSURANCE

A lump sum to your loved ones on your death

Whole life insurance can be used simply to pay a lump sum to your loved ones in the event of your death.

This lump sum could be used to help pay day-to-day living expenses, replace lost income or simply provide a gift.

A lump sum to pay for your funeral, and pay off loans

With the average cost of a funeral in the UK around £7,300, whole life insurance can be used to ensure your loved ones are not left with this bill.

Whole life insurance can also be used to pay off loans, maximising the value of your estate after you pass away.

A lump sum to pay an inheritance tax bill

Inheritance tax is set at 40% on all assets in excess of the nil rate band, which is (as of 28/11/2013) £325,000.

WHole life insurance can be used to cover this bill, ensuring that your estate's assets do not have to be sold to pay the inheritance tax.