Whole of life insurance underwriting time scale

wanna_make_some_dough

The Telegraph had a feature that suggested "whole of life insurance" as a strategy for inheritance tax planning. My IHT planner has applied to Royal London. Wonder what has been the experience with Royal London? The time scale when underwriting is suggested? Is a particular insurance company better or worse?

Thanks.

Keep_pedalling

Our IFA arranged term cover which to cover IHT on gifts, this also came from RL. It was certainly quite cheap while we were in our sixties.

DRS1

I wonder if this would do better on the insurance and life assurance board?

If you are getting whole life cover will they want you to have a medical?

MarzipanCrumble

So I am well into IHT territory. My FA also advised WOL to cover the tax liability when I die. I have 3 policies in Trust. Vitality was the first which is 'quite' cheap but you can affect the DD cost by doing 'healthy' things and telling them i.e. walk 10k paces per day, go to dentist, go to gym etc. Got this in early 60's

Next was Royal London (late 60's) - higher DD cost but more paying out on death.

Both of the above increase the amount paying out by inflation so the DD increases.

Last was this year, Aviva - had to have a medical for this (mid 70's). Set DD cost that does not increase, sum assured does not increase with inflation.

Mitigation: I have an uncrystalised SIPP of 300k. If nothing changes I will crystlise this after 6th April and start drawing income. Thus by doing this my estate reduces. Hence the Aviva policy.

Complicated??? Yes. Crystal Ball - Definitely.