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Protect your legacy and your family’s financial future. Flexible Life Plan can cover an inheritance tax liability or support your business protection needs.
Have you thought about how your family would pay their inheritance tax liability when you’re gone? Or if you are a shareholder in a business, how would your business partners ensure longevity of the business by purchasing your shares?
Our Flexible Life Plan will make a one-off payment when you die if you have a single life policy. With a joint life plan, we can either make a one-off payment when the first or second life assured dies. If you choose the second life, we’ll pay the sum assured on the second death.
You can use this plan to help provide financial security for your loved ones, cover an inheritance tax liability or for business protection. By placing our plan in a suitable trust you can make sure that the one-off payment goes to the intended beneficiary.
This plan could be right for your if:
This plan isn’t right for you if:
You can structure your Flexible Life Plan in four ways to suit your needs. We’ve outlined them below.
When you’ve selected the option that works for you, we’ll invest your premiums in the fund you’ve chosen. We’ll also deduct the cost of the life cover from this.
Your premium is set for the first ten years. After that, we’ll review the cost of your life cover every five years. You can use the value built up in the fund to pay for your premium if it increases. This increase could be because the assumed growth rate is not achieved, or the cost of providing life assurance increases.
Here are our four cover options:
This aims to provide a level of cover throughout your life. It uses an assumed growth rate which takes your age, health and other circumstances into account.
This has a lower initial premium than our standard cover. As you invest less money, your premium will increase significantly at the 10 year review.
The premium and assumed growth rate are designed to provide the required level of cover for a specified number of years. Your premium is likely to increase after this time.
Premium and Benefit Specified
This allows you to choose your level of cover and your premium amount.
Guaranteed Insurability (increase) Options
If we accept your application on standard terms with no medical rating, you could increase your level of cover without further medical underwriting, if:
Premium benefit Waiver
For an extra cost, we’ll waive all or part of your premiums due if for any reason you’re unable to work for a period of six months. You won’t have to pay anything until you return to work. This benefit is only valid if you’re unable to work before the age of 65.
If we accept your application with no medical rating, our inflation option lets you increase your level of cover each year. Your cover can increase by the lower of 10% or the rate of inflation in the Isle of Man. Your premium will change to reflect your new cover level.
The Flexible Life Plan can be written under a discretionary or a bare gift trust. We provide draft deeds for both trusts.
If your policy is placed in trust then any payment will go to the trustees or directly to a beneficiary rather than to your estate. This could help reduce any potential inheritance tax liability.
We recommend you speak to a financial adviser before placing your policy into a trust.
Find answers to commonly asked questions, helpful links, tools and contact details.