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Whole of Life Insurance

With whole of life insurance, you have guaranteed cover, giving you peace of mind that your loved ones will be protected if the worst should happen. Unlike some other types of life insurance, whole life insurance does not expire with time, so it provides peace of mind for you and security for your dependents.

What is whole life insurance?

Whole life insurance is a form of insurance policy that does not expire but continues to provide cover throughout your whole life and pays out a sum of money on your death.The sum your loved ones will receive when you pass on is guaranteed and will not decrease or expire over time.

What’s the difference between whole life insurance and term life insurance?

  • With term life insurance, you are covered for a specific period – for example, over the lifetime of a mortgage – and the policy only pays out if you should die during the period of cover. With a whole life policy, you are covered for as long as you continue to pay the premiums.
  • Because it is more valuable, whole life insurance is usually more expensive than a term life insurance policy. Premiums may be fixed or may vary throughout the life of the policy: this will depend on the specifics of the individual quote.
  • The younger you are when you take out the policy the more affordable it is likely to be. Premiums will be considerably higher for older customers, people requiring high levels of cover and those with health problems.

Do you have to make payments for the rest of your life?

Again, the answer depends on the individual quote: for some policies, you will have to continue making payments for the rest of your life while others may require you to make payments over a certain period of time, for example up to age 60. The premiums for this second type of policy are more costly.

Premiums are usually fixed over the period of the policy so that your payments remain the same but insurers sometimes offer reviewable plans; in this case, the insurer will review the premiums after a set period and offer a renewed quote.

The cost of whole life insurance varies enormously from quote to quote, depending on how much cover you require and a host of other factors that are taken into consideration by the insurers.

If you are over the age of 18 and be a UK citizen, this type of cover may well be appropriate. There are no health requirements for applicants except that they must not have been diagnosed with a terminal illness; however, chronic health conditions may make the premiums more expensive. The younger you are when you apply, the cheaper the premiums are likely to be.

The final decision depends on your individual circumstances: if you have dependents who may not be financially independent after your death, the guaranteed death benefit with this type of insurance will help to make their future more secure.

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