L&G cuts whole of life protection premiums 6%

The product pays out a lump sum on the death of the policyholder and guarantees that premiums will not change throughout the life of the policy. It can also include an indexation option providing the policyholder with the ability to increase the benefit each year - for an additional premium - to help keep the benefit in line with inflation. Alan Ferguson, marketing and channel development director at L&G, says whole of life plans could be sold for inheritance tax and business protection purposes. “With around 37,000 estates paying over £3.8bn of inheritance tax to HMRC in 2007/2008, esta...