CanProtect Whole of Life Plan

Please note, the CanProtect Whole of Life plan is now closed to new business. If you’re an existing customer, there will be no changes, and we will continue to manage your policy.

Our life assured policies are designed for high-net-worth and ultra-high-net-worth individuals looking for a sum assured of £1 million or greater. For single life policies, we’ll make a one-off payment when you die. But if you have a joint life policy, we’ll pay out on the first or second death, depending on the cover you’ve selected.

You can use this plan to cover an inheritance tax liability, business protection or to help provide financial security for your loved ones. If your plan is held in a suitable trust, the one-off payment will go to your intended beneficiaries.

Your policy would have been set up as either a:

• Single life policy, or
• Joint life policy, where we’ll pay the life cover:
• On the death of the first life assured, or
• After both assured lives have died

Single life assured

For single life assured policies, we fix the premium for your chosen level of cover for the first ten years. After that, we review it every five years until the final review date. Just so you’re aware, your premium payments may increase with each review.

Your final review will be after your 84th birthday and we’ll fix the premiums for the remainder of the plan.

Joint life

For joint life first death policies, our final review will be on the review date after the 84th birthday of the oldest life assured.

For joint life last death policies, our final review will be on the review date after the 84th birthday of the youngest life assured.

We’ll fix the premiums for the remainder of the plan after the final review.

For existing customers, you can increase your level of cover if the following happens:

• Your estate increases in value, causing your inheritance tax liability to increase
• The UK Government changes inheritance tax rates or bands

We’ll allow you to increase the amount of cover if your prospective inheritance tax liability increases because of legislative changes to the inheritance tax rate or threshold. For both options, the maximum is £250,000 (minus any previous increases under this option).

If your policy is held in trust, any payment we make can go directly to your beneficiaries rather than to your estate. This means they won’t need to pay inheritance tax on it. 

We recommend you speak to a financial adviser before placing your policy into a trust. If you don’t have a financial adviser, or need to appoint a replacement adviser, please visit our find an adviser page for more information.