What type of policy is likely best for Ellie after giving away corporate bonds and a share portfolio?

The best choice for Ellie, after giving away corporate bonds and a share portfolio, is a gift inter vivos term assurance policy. This type of policy is specifically designed to provide a death benefit to cover any potential inheritance tax liabilities that might arise from wealth transfers during a person's lifetime, also known as "gift inter vivos."

Since Ellie has given away significant assets, she may be concerned about the tax implications on her estate. A gift inter vivos term assurance policy offers a financial safety net by ensuring that there is a lump sum available to pay any tax liabilities that could result from her previous gifts. This can relieve potential financial burdens on her heirs, allowing them to inherit without being significantly impacted by unexpected tax obligations.

In contrast, a whole life assurance policy provides lifelong coverage but might not be the most efficient solution for her current situation, especially if the primary need is to cover inheritance tax rather than provide general death benefit coverage. Level term assurance and income protection policies serve different purposes; the former provides a fixed sum for a specified term, while the latter is aimed at replacing income due to inability to work. Neither directly addresses the specific needs arising from her asset transfer. Thus, the gift inter vivos term assurance is most suited to Ellie’s financial context.