Whole of Life Cover
Whole of Life policies are not as common in Guernsey as they are in the UK. This is mainly due to what the polices are designed for, the plans are predominantly used to cover a potential inheritance tax bill, which is not applicable in Guernsey. However, if you have any UK situs assets in your own name and you pass away, your UK estate could be reduced by inheritance tax, even if you are a Guernsey Resident.
This is a very specialist area and tax advice may have to be sought, which Fairfield cannot provide, nevertheless we can discuss likely scenarios with you and give you information to speak to your tax adviser, even liaising with them to arrange cover.
Whole of Life policies can also be useful for those with more modest estates or with no UK situs assets as a whole of life policy could be a useful way of covering the cost of your funeral and therefore leaving behind more of your lifetime of saving for your family.
You do have to bear in mind that a whole of life policy is just that, it is a policy in force for the rest of your life and this includes the premiums, which also have to be paid for the rest of your life. It is therefore strongly recommended that you take financial advice to discuss your circumstances and ensure that the premiums are and will continue to be affordable.