UK insurer Norwich Union has launched a guaranteed whole-of-life product, offering a guaranteed cash lump-sum upon death with no dependency on investment performance.

The insurer says that the guaranteed whole-of-life product can be used for inheritance tax planning and family protection to provide cover against inheritance tax liability of financial support for family or a particular individual within a business.

Guaranteed whole-of-life protection also offers the option to increase the life insurance each year to prevent erosion by inflation.

Louise Colley, head of protection at Norwich Union, said: We have carried out extensive research with both financial advisers and customers and created a flexible product to meet people’s needs.