CanProtect Whole of Life Plan

Helping high and ultra-high net-worth individuals plan for inheritance tax

Designed with simplicity in mind, the CanProtect Whole of Life Plan is a reviewable protection plan targeted at inheritance tax planning, business protection and family protection and can cater for UK resident/domiciled, UK resident/non-domiciled and non-UK resident/non-domiciled individuals. It is a practical solution for individuals who may be asset rich but cash poor and are looking for a sum assured of £1 million or greater.

The CanProtect Whole of Life Plan can be tailored to your clients’ needs:

  • Single life, joint life first death or joint life last survivor basis.
  • Large sums assured; the minimum is £1 million. The maximum level of cover will depend on a number of factors such as age and country of residence.
  • Your clients can choose to place their policy within one of our range of  trusts. This allows the client to choose who will receive the cash sum payment from the policy.
  • The unique status of our plan being based offshore  means that UK resident/non-domiciled individuals taxed using the remittance basis can avoid the potential income tax liabilities incurred on premiums paid into protection products based in the UK.

Your clients can increase the sum assured if:

  • The value of their estate increases and this results in an increase in IHT liability.
  • The UK government changes the IHT rates or bands which increases prospective IHT liability.

The value of investments can fall as well as rise and you should speak to a professional adviser to ensure that any investment is suitable for you.

The CanProtect Whole of Life Plan will appeal to clients looking to provide a lump sum for their family on death and will typically have a UK inheritance tax liability of £1 million or greater. The Plan can provide cover for individuals with a range of different residency and domicile statuses;

  • Resident and domiciled in the UK, Channel Islands or the Isle of Man.
  • Resident but not domiciled in the UK, Channel Islands or the Isle of Man.
  • Domiciled but not resident in the UK, Channel Islands or the Isle of Man.
  • Non-resident and non-domiciled individuals who have a UK tax liability to cover.

Our service charter includes a monetary payment in the unlikely event we fail to deliver on our stated turnaround times.

This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.