Adviser research highlights the popularity of whole of life plans for IHT planning purposes

Canada Life International Limited (CLI) has just completed a survey of professional advisers and their findings highlight the popularity and versatile nature of whole of life (WoL) plans. The research shows that 54% of respondents regularly recommend WoL plans for estate/inheritance tax planning to their clients and that a further 36% of advisers present WoL plans as part of their overall estate planning recommendations.

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 (IHT) planning, family protection and in some instances, business protection. A WoL plan is a simple and effective estate planning solution for those individuals who may be asset rich but cash poor. As a provider of a range of flexible onshore and offshore estate planning solutions, we provide daily support to professional advisers who have clients with a range of income and estate planning needs. Some clients have an urgent need for an effective inheritance tax solution but their assets are tied-up in a number of ways (such as in their main family home, various business interests, other long term investments and so on). Flexible multi-purpose WoL plans such as Canada Life International Limited’s Flexible Life Plan (FLP) provide both a cost-effective and long term estate planning solution when they are combined with a trust.”

CLI provides a series of services to help advisers and their clients through the application and underwriting processes which include pro-active case management support, high non medical limits and technical support on the different trust options.

The FLP won the Best Protection Product (UK) in the International Life Awards for the last four years (2009 to 2012) and is backed by CLI’s innovative and award winning FLP service charter.

– ENDS-

Notes to editors

The online survey ran from 22 March to 15 April 2013.

For further information on Canada Life International Limited please contact:

Hugh Murphy

The Wriglesworth Consultancy

020 7427 1400

About Canada Life International Limited (CLI)

Canada Life International Limited is part of the Great West Lifeco Inc group of companies. CLI was established in 1987 and is based on the Isle of Man, a jurisdiction recognised for its stable government, strong regulatory controls and policyholder protection measures. CLI continues to receive exceptional ratings from specialist, independent agencies in relation to financial strength, unit-linked business and commitment to service.

Since formation in 1987, CLI has continually developed expertise in providing wealth management solutions for UK and International clients alike. The combined assets under administration for CLI and its subsidiary, CLI Institutional Limited, are £8.0bn (as at 31 December 2012).

The company employs over 120 people at its headquarters in Castletown and has witnessed phenomenal growth in recent years, with assets under administration growing by over 500% since 2002.

Canada Life group consists of Canada Life Limited, Canada Life Investments (both authorised and regulated by the Financial Services Authority), Canada Life International Limited and CLI Institutional Limited, (Isle of Man registered companies authorised and regulated by the Isle of Man Insurance and Pensions Authority). All promotional material produced is approved by Canada Life Limited.

 

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