Whole of Life Insurance – How it Works

What is Whole of Life Insurance?

A Whole of Life Insurance Policy is one that guarantees you a payout from your insurance provider whenever you pass away. The policy has no expiration date as long as you pay your monthly premiums. So you will be assured that there will be enough money left aside for your loved ones.

Should I choose Whole of Life Insurance?

Whole of Life Insurance has not got an expiration date and is suited to those who want a guaranteed payout irrespective of age or how long they live. This is suitable for those who are particularly worried about aging out of their life insurance on a normal Level Term or Decreasing Term plan. Note however that Whole of Life cover is naturally more expensive than the other two term options due to the inevitability of a claim.

You can take a Whole of Life policy out at any age, and if you're older but haven’t a mortgage or dependents you may wish to leave an inheritance or simply to cover funeral costs.

The benefits of Whole of Life cover

The most obvious benefit of Whole of Life cover is that the payout is guaranteed so long as you pay your premiums. There is a comfort in that certainty for the insured under this cover option.

Things to consider with a Whole of Life policy

It is essential to revise the terms and conditions given to you by the insurance provider so that you don’t come across anything unexpected or receive a surprise as time progresses. The different terms and conditions can vary based on the insurer you choose. When you ring us we’ll go through these with you depending on your choice of insurer.

Policy claims are inevitable and so whole of life insurance is more expensive than the other term options of life insurance. So make sure that you are able to afford the premiums – you could be paying them for a very long time. With most insurers the policies cease requiring you to pay premiums at the age of 85 to 90, and so you are covered for free after this period should you live long enough.

Would you like Whole of Life Insurance?

We’re here to help with this. Use the quote comparison service on our site to find a Whole of Life policy that is right for you. Then our diligent insurance brokers will give you a ring to discuss your options, and get you set up and covered same day (in most instances) to give you quick and easy peace of mind.

Alternatively, you can call us directly. We will provide you all the facts to any of the questions you have, go through the quotes with you, and get you the best insurance cover for your budget.