A whole of life policy is designed to give your client cover for the rest of their life and helps your clients protect their wealth and provide for their family when they die. Our Whole of Life Protection Plan is designed for those who want added comfort of knowing that their family will receive a lump sum after their death. It can be used to protect their family’s lifestyle, living expenses, or to fund inheritance tax liabilities.
Reasons to recommend Whole of Life Protection Plan
Key features and benefits
Options for joint policies
The policy can be set up at outset on joint life first death, or joint life second death basis.
Includes Accidental Death Benefit
Your client is covered while we process their application.
Changing your policy option
Allows your client to increase cover on specified events, without further medical questions. Eligibility criteria and restrictions apply.
Waiver of Premium option
For an additional cost, your client won’t have to pay their premium after 26 weeks if they can’t work due to illness or injury.
Protect against inflation
Option to choose increasing cover, which increases in line with the changes in the Retail Prices Index.
Product details
For full details, see key documents for the Policy Summary and Policy Terms & Conditions
Cover overview
For full details, download the Product Profiles PDF: 905KB document
| Minimum cover |
Set by minimum premium. |
| Maximum cover without Increasing Cover option (also known as indexation) |
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| Maximum cover with Increasing Cover option (also known as indexation) |
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| Type of cover |
Level - remains the same until a valid claim is made, unless increasing cover (also known as indexation) is chosen. |
| Term |
Covers your client for the whole of their life. |
| Minimum age |
18 years old. It is possible for a life of another policy to be taken on a 17-year-old by an adult with insurable interest. This policy can be placed in an Absolute Trust with the 17-year-old as the beneficiary. |
| Maximum age |
84 years old |
| Premiums |
Guaranteed unless increasing cover option is chosen at outset. |
| Joint life policies |
The policy can be set up at outset on joint life first death or joint life second death basis if required. |
| Trusts |
Policies can be placed in trust. |
| Death in the first year |
We won’t pay out if the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life. |
Benefits and options
| Accidental Death Benefit |
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| Changing your policy (previously known as Guaranteed Insurability Option) |
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| Other changes | Your client can request to make other changes to their plan. A new policy may need to be set up. |
| Increasing Cover (also known as indexation) | Optional. Cover increases each year in line with changes in the Retail Prices Index (RPI), up to a maximum 10%. If this option is chosen the premiums will also increase, using the change in RPI multiplied by two, up to a maximum of 20%. |
| Wellbeing Support | Access included. Service provided by RedArc Assured Limited. |
| Waiver of Premium | Optional. Can be included for an additional cost. Eligibility criteria and restrictions apply. |
Key documents and tools for new business applications
Existing customers should always refer to the policy documents supplied when they purchased their product.
Key documents
Tools and calculators
Support from Umbrella Benefits
Wellbeing Support
Access included as standard. Personalised practical and emotional telephone support from a registered nurse. Provided by RedArc Assured Limited.
