According to the insurance broker, the changes made to the policy will include an increase in the number of guaranteed increase options (GIOs), from seven to ten, and the addition of terminal illness cover.

Under the three new GIOs, clients will now increase the value of their cover without further underwriting if their inheritance tax liability increases as a result of inflation, market movement, or a salary rise.

LV= said that it will pay the terminal illness benefit in advance if a client is not expected to live more than 12 months.

However, for those using their whole of life policy as an inheritance tax planning tool, their payment can be written in trust, so as not to increase the value of their estate and their tax liability.

Clients that purchase an LV= whole of life policy will automatically qualify for access to LV=’s member benefit services which includes unlimited access to a telephone counseling service, a legal issue helpline and a confidential health and wellbeing advice line.

LV= head of protection, Mark Jones, said: "Our product can be used by those who want to fund all or part of the tax liability that may be payable on their death, or want protection that will pay out whenever they die.

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"By widening our GIOs advisers can feel confident that their clients and their families will have the right level of cover even if their circumstances change."