How to enter an index-linked Whole of Life policy - UK

At present the Whole of Life option in the software can only be used to model Whole of Life policies with a level sum assured and premium.

However, there is a work-around which can be used to model a Whole of Life policy where the sum assured and/or premiums increase; model the WOL policy as a 'Term & Endowment' policy instead, setting the remaining term to a value that is sufficient to cover the entire timeline for the plan (e.g. 100 years).

You would select the 'Increasing Lump Sum' option in the Benefit Type dropdown (illustrated below), and set the escalation rates appropriately.

Tip for protection policies written in trust: if the policy is to be written in trust select Yes in the 'Policy Held in Trust' dropdown and also complete the beneficiary details in the Beneficiaries screen to ensure the proceeds are paid outside the estate on death.