Whole of Life, for those who don’t want to keep renewing their life cover after a defined period.
When you want to be sure that your dependents will benefit from your investment in a life insurance policy, a ‘Whole of Life’ policy might be the one for you. As it states in the name, this type of policy pays out when you die, whether that’s in a couple of years - or in 50 years’ time. This type of policy is different to a ‘term’ policy, because a term policy runs out after your chosen length of time.
The cost of ‘Whole of Life’ insurance
Whole of life insurance can be, understandably, quite expensive. This is because the insurer is definitely going to have to pay out on the policy at some point, therefore needs to set your premiums at such a level that they don’t lose too much money on it. It is often used for funeral costs, legacy payment for children, grandchildren or loved ones, or inheritance tax planning.
Who is it good for?
Whole of Life cover is not only beneficial for those who want a guaranteed pay out, but also for those who don’t want to keep renewing their life cover after a defined period.Get your FREE quote Today
You should consider
- This is not a savings policy, so if you cancel your policy at any time there is no cash-in value
- Your cover will end if you don’t make the monthly premium payments
Talk to our friendly experts today about Whole of Life Cover and how it will work for you. We can help you to get quick and easy quotes from the UK’s leading insurers, and help you get in place the right policy for your needs.