CanProtect Whole of Life Plan

Your questions answered

• How much does it cost?

  The policy has a minimum level of cover of £1m. The amount you’ll pay will depend on your personal circumstances, such as your age and general health, as well as how much cover you’ll need. Your premiums will increase at specified reviews to cover the cost of providing your life assurance.

• How long does the cover last?

  Unlike fixed-term policies which expire after a number of years, your cover will remain in place as long as you pay your premiums. We’ll then pay the sum assured on your death if you have a single life policy. For joint life policies – and depending on the cover you choose – we’ll pay the sum assured on the death of the first or second life assured.

• How much cover do I need?

  Your cover level should be enough to meet the inheritance tax liability on your assets when you die. When combined with a suitable trust, the lump sum will be available to your chosen beneficiaries to cover some or all of your inheritance tax liability.

• Is UK inheritance different for non-UK domiciles and residents?

  If you’re domiciled or deemed domiciled in the UK, you’ll pay UK inheritance tax on your worldwide assets. Those who are not domiciled or deemed domciled will only pay UK inheritance tax on assets situated in the UK. For example, if you’ve come to the UK temporarily and have set up residence here, you’ll have to pay inheritance tax on this property.

• Is there a benefit of using an insurer based on the Isle of Man?

  As the provider isn’t based in the UK, you can pay the premiums using capital or unremitted income and gains. This could be beneficial to non-UK domiciles that choose the remittance basis of taxation.

  You should discuss this with your professional advisers.

• What if my circumstances change?

  If we’ve accepted your application on standard terms, you could increase your level of cover – within the limits set out in the terms of your policy – if your UK inheritance tax liability increases. Just so you know, if you increase your level of cover, your monthly/yearly premium will increase too.