Whole of life plan

Changing the investments in your whole of life plan

If you’re considering changing the funds your plan is invested in, we’ll be happy to help. It's important to note that you can't cancel a switch instruction once it's been given, however you can give subsequent instructions to us. Please be sure you understand all your options, and the effect of any changes you make. There are a few things you and any other plan owner should think about before you make any decisions.

If you have any questions once you’ve read this summary, or need any help understanding your options - just call us on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad.

We might record your call for training and quality purposes. To find out more about how we use your personal data please visit pru.co.uk/mydata.

How a whole of life plan works

A whole of life plan is a long-term savings and investment plan with life cover, which pays out a lump sum on death. You make regular payments over an agreed number of years, or until death. Some plans will accept single payments. The level of life cover is chosen at the outset and the cost of this cover may be reviewed.

These plans are usually intended to cover funeral costs, provide for loved ones, or to help pay an inheritance tax bill.

Your investment choice

We can discuss where your money is currently invested, and your choices, if you call, or discuss with your financial adviser.

Where you have a choice of funds you can switch at any time, however there may be a limit to the number of switches you can make, or the number of funds you can invest in.

Your options

These vary depending on your plan type. We can explain these to you if you get in touch. They could include:

  • Switching some or all of your money to another fund(s) and/or
  • redirect future regular payments to another fund(s) and leaving your existing money where it is.

Things to consider before making your decision

  • When changing funds it’s important to remember that the value of investments can go down as well as up, and that you could get back less than you paid in.
  • Your level of investment knowledge.
  • Switching out of the With-Profits Fund could result in a market value reduction causing the amount switched from the fund to be reduced.
  • There may be a charge to switch funds, although redirections are usually free.
  • Charges may differ between funds.
  • Timing: some switches are actioned straight away, others may take place 28 days after we receive your instruction.
  • Possible delays: in exceptional circumstances your switch instruction could be delayed by up to six months. We'll let you know if this applies to you.
  • If you're invested in one of the PruFund protected funds any switch out will reduce your guaranteed amount.

If you're thinking of making changes to your plan, including switching funds, it's really important you speak to a financial adviser. They can help you understand if what you want to do is right for you and your aims and circumstances, that may have changed since you took your plan out. They'll be responsible for the advice they give and you'll also have protection from the Financial Ombudsman Service.

Regardless of whether you’ve taken advice, you can refer any matter to the Financial Ombudsman Service for consideration should you feel that you haven't been treated fairly, or for any other aspect under the Financial Ombudsman Services remit.

Protecting yourself from investment scams

Fraudsters are always out there and constantly changing their tactics. So if you’re thinking of reinvesting the money from your plan, take a minute to find out how to stay ahead of the scammers.

What to do now

Give us a call on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad. 

We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.

Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers in your area at pru.co.uk. Financial advisers will charge you a fee for any advice they give you, but it will be personal to you.

We’re here 8am - 6pm Monday to Friday (except bank holidays) and happy to help in any way we can. Please make sure you have your plan number to hand when you call.