CLI said its research also found 36% of advisers present whole of life policies as part of their overall estate planning recommendations to their clients.
Neil Jones, technical projects manager – Canada Life, said: “The survey highlights that whole of life plans have a multitude of purposes which include inheritance tax planning, family protection and in some instances, business protection. A whole of life plan is a simple and effective estate planning solution for those individuals who may be asset rich but cash poor.”
Jones added some clients have an “urgent need” for an effective inheritance tax solution, but that their assets are tied up in a number of ways, such as in the family home, business interests or other long term investments. However a flexible multi-purpose whole of life plan can provide a “both a cost-effective and long term estate planning solution when they are combined with a trust”.
