- info@parkhillfinancial.co.uk
- 020 7078 8987
Unlike term life insurance policies that end after a set number of years, Whole of Life Cover guarantees a lump sum payout whenever the policyholder passes away — as long as premiums are maintained. This makes it an ideal solution for those seeking permanent protection, estate planning, or a guaranteed legacy for their loved ones.
At Park Hill Financial, we offer tailored Whole of Life policies designed to meet your long-term financial goals, whether you’re looking to cover inheritance tax, leave a gift, or provide lasting family support.
Whole of Life Assurance is a lifelong life insurance policy that pays out a tax-free lump sum upon the death of the policyholder — regardless of when that occurs. There is no policy expiry, making it a valuable tool for ensuring financial protection beyond a typical term.
Because the payout is guaranteed (assuming premiums are maintained), it’s commonly used for:
Depending on the policy type, you may be able to add critical illness cover or choose joint life options for couples.
Whole of Life Cover is commonly used as a strategy to offset inheritance tax (IHT) liabilities. If your estate exceeds the current UK IHT threshold, your heirs could face a 40% tax bill on the excess. A Whole of Life policy written in trust can provide the funds needed to cover this cost — allowing your family to receive their full inheritance without having to sell assets.
Whole of Life policies can be more complex and costly than term insurance, so it’s important to receive independent advice before committing. At Park Hill Financial, we: