The CanProtect: Whole of Life Plan has been created in anticipation of changes to, and increased attention around, inheritance tax laws in the future.
It offers reviewable premiums for policy holders after 10 years and every five years after, and an option to increase the amount of the sum insured to respond to changing inheritance tax rules, or to take increased IHT liability into account.
It is aimed at UK residents domiciled in the UK, UK residents domiciled outside of the UK, non-residents domiciled in the UK, and non-residents domiciled outside of the UK with an existing tax liability.
The plan allows a maximum permitted increase in estate value of £250,000, with a £15m upper limit on the level of cover over the life of the plan.
“Since 2006 the number of large estates with properties of £1m or more paying inheritance tax has increased by 16%, and this trend is set to continue as the number of people with property worth in excess of £1m increases,” the company said.
Sean Christian, managing director of Canada Life International, added: “The plan offers owners of larger estates greater flexibility, allowing policies to be adapted to respond to changing circumstances. This will ensure that all those who need it receive sufficient levels of protection throughout the entirety of their lifetime.
