CanProtect Whole of Life Plan

Here’s everything you need to know about our CanProtect Whole of Life Plan – key features, how it works, helpful links, guides and brochures.

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 select. 

You can use this Plan to cover an inheritance tax liability, business protection or to help provide financial security for your loved ones. Also, by placing our Plan in a suitable trust you can make sure that the one-off payment goes to the intended beneficiaries.

This plan could be right for you if:

• You want to cover your own life or lives, either on a single life or joint life basis
• The life or lives assured are over the age of 18 and less than 74
• You’re looking for life assurance cover that can last until you die rather than just over a fixed-term
• You’re looking for life assurance cover that can be placed in a trust to avoid unnecessary delays in payment
• You’re looking for life assurance cover of at least £1,000,000
• You’re looking for a life assurance plan you can alter if your circumstances change

Our plan is designed to cover a UK inheritance tax liability. However you can also use it for business and family protection. 

This plan isn’t right for you if:

• You’re looking for a plan that has a surrender value
• You’re unable to continue the premiums throughout the life of your policy or if the premiums increase at subsequent reviews
• You’re looking for cover of less than £1,000,000
• You don’t have a UK inheritance tax liability
• You’re unable to receive your advice and/or sign the application form in the UK, Channel Islands or Isle of Man
• You and the joint life assured are under 18 or over 74
• You’re looking for a traditional guaranteed premium whole of life or term assurance plan
• You’re a non UK resident looking for family or business protection

We have the following plan options for you to choose from. You can set up a policy for:

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

Single life assured

We’ll set the premium for your chosen level of cover for the first ten years. After that, we’ll 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 bithrday 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.

Please note, you won’t need to send us any additional medical evidence once we’ve issued your plan.

You could 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).

Our life insurance policies can be written under a discretionary or bare gift trust. 

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 professional adviser before placing your policy into a trust.