Jennifer Gilchrist, senior product development manager at Scottish Provident, explains why there may yet be life in the recently unloved whole of life plans
In today’s protection market, advisers have a choice of term or whole of life cover to meet the needs of their clients. Up until now, term cover has primarily been used to provide mortgage and family protection, with whole of life (minus funeral-type plans) left for high net worth clients with inheritance tax mitigation requirements. In the UK, about 16,000 people incurred an inheritance tax (IHT) bill from HM Revenue & Customs (HMRC) in 2010. This may seem like a high figure but when you consider that more than 860,000 term plans were written in 2010, the current whole of life market is...
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