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Give your clients peace of mind on any gifts they give their loved ones.

Gift Inter Vivos

Product profile for Gift Inter Vivos

Read below a summary of the relevant product information about Gift Inter Vivos, in accordance with the Insurance Distribution Directive. Designed to help you make an informed decision and comparison for your client, we set out the product’s target market, distribution strategy, suitability, main features, risks, options and costs.

This information is also available in downloadable pdf format.

This is only a summary of the product features. For more information please read the Policy Summary and Policy Conditions.

This product is aimed at clients who have gifted assets to someone other than a spouse and want to provide a lump sum to cover any inheritance tax liability on a Potentially Exempt Transfer (PET) that is over the nil rate band for inheritance tax. The person who receives the gift would have to pay any tax due and gifts can be liable for inheritance tax for up to seven years.

This product is a seven year single life decreasing term assurance policy which provides a one-off lump sum payment and the amount of cover reduces each year in line with the inheritance tax liability.

To ensure your clients receive the right level of protection, we believe this product should be sold on an advised basis, face to face or over the phone.

It’s important to regularly review your client's circumstances and protection needs to make sure their cover is appropriate.

  1. Pays a cash lump sum on death during the term
  2. Decreasing cover over the seven year term
  3. Guaranteed premiums
  1. We won't pay a claim if your client dies as a result of intentionally taking their own life in the first 12 months of the policy
  2. This policy is not suitable for clients who want to cover themselves against a critical illness or protect their income should they be unable to work due to accident and sickness
  3. This policy is not suitable for a client who has made a PET that is below the nil rate band (or when that gift is added to gifts the made in the last 7 years the total is still below the nil rate band)
  1. There is no cash in value at any time
  2. After the plan has been issued, your client can't change it
  3. if your client stops paying their premiums, their cover may cease
  1. Permanently living in the UK
  2. Aged between 17 and 79
  • The policy has a set term of seven years
  • The policy must end before the person insured reaches the age of 86
  • Clients can only take out a policy on a single life basis
  • An own life Gift Inter Vivos policy should normally be written in trust, or the policy should be set up on a life of another basis
  • If the policy is written under trust or taken out on a life of another then the proceeds on death won’t normally form part of an estate for inheritance tax purposes
  • If the policy is set up as an own life basis and not written in trust the amount of cover paid on death will be added to the deceased’s estate and may be subject to inheritance tax
  • How much tax your client pays depends on their personal circumstances. Any tax references are based on our understanding of the current legislation and HM Revenue & Customs practice which can change.

Member benefits: With this policy your client automatically becomes a member and is entitled to a range of benefits, at no added cost. These include voting rights, free advice helplines and discounts on selected LV= products. These benefits are non-contractual and can be changed or removed at any time, and conditions apply. More details about LV= membership and member benefits are available at

LV= Doctor Services: All new policyholders have access to a number of app-based medical services and advice, at no added cost. These include virtual GP consultations, prescription and second opinion services. These benefits are non-contractual and can be changed or removed at any time, and conditions apply. For more details visit

The policy premium also includes a fee, which is a fixed monthly amount, to cover administration and support costs.

LV= Doctor Services is provided by Square Health Limited. This service is not regulated by the Financial Conduct Authority or Prudential Regulation Authority.

0800 678 1890

TextDirect: first dial 18001

8.30am - 6.30pm Monday - Friday

We will record and/or monitor calls for training and audit purposes.


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Need more cover?

Take a look through the other protection products we offer within our Flexible Protection Plan.

View our Flexible Protection Plan

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See our trust options and use our Online Trust tool to find the option most suited to your client's needs.

More about our trusts

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Member benefits

Purchasing a product entitles your client to member benefits such as discounts on other products.

More about our member benefits

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Large case team

If your client's sum insured is over £1m we can offer dedicated support from start to finish.

More about our Large Case Team

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LV=, County Gates, Bournemouth, BH1 2NF, UK