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.

CanProtect Whole of Life Plan

Protecting your family’s wealth

The CanProtect Whole of Life plan is an offshore whole of life assurance policy designed to pay a lump sum when you die to cover a potential inheritance tax liability.

Flexible Life Plan (FLP) and CanProtect Whole of Life Plan will be closed to new business after 5pm on 30th May 2025.

There will be no changes for existing customers, and we will continue to manage their policies.

For more information please read our adviser FAQs and customer FAQs.

If you need to cancel your policy due to rising costs, please get in touch with us as we might be able to help. However, we must let you know that if you cancel your policy, you’ll no longer have the benefit of the cover it provides. Additionally, it may be more expensive to arrange a replacement policy in the future if you should need it. So, please make sure that this is the right decision for you by speaking to your financial adviser.

Please note: The policy benefits and options available today for new business, as well as your circumstances, may have changed since you originally took out your policy. This means that we might not be able to offer you a new policy at a later date.

Is the CanProtect Whole of Life Plan right for you?

Experienced high net worth underwriting team

Cover for a UK inheritance tax liability.

100% of death claims paid in the last 11 years.

Features and benefits

Available on a single or joint life basis regardless of your residency and domicile status
Choose your level of cover up to £40m – payable on the death of the last life assured
Use the lump sum to pay any UK inheritance tax liability when combined with a suitable trust
The pay-out isn’t dependent on investment markets and returns
We periodically review your premiums: usually after ten years, then every five years. (Your final review follows your 84th birthday, after which the cost is fixed for the rest of your life)
Experienced and accessible underwriting and technical teams for your professional advisers

What are the risks?

Your inheritance tax liability may change and the sum assured may be insufficient to cover the entire amount.
The cost of the life assurance can increase on a premium review and your premiums may increase or your level of cover reduces.

Need an adviser?

Need an adviser? A financial adviser can help you get a tailored quote for our products. Read up on how to find an adviser and what to expect from the advice process.

Find a Financial Adviser

Frequently asked questions

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.
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.
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.

Key Documents

Policy provisions

The full terms and conditions so you can see what’s covered.

Key features document

See if this is the right policy for you.

Application forms

CanProtect Whole of Life Personal Application

Case study

An example of how you can use the policy

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