Published by Joe Davine on
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How to figure out if you need whole of life insurance

If you want to invest in a lifelong life insurance policy that will provide your loved ones with financial security when you die, the whole of life insurance is a great option. Anyone who wants the security of a guaranteed death benefit should consider purchasing whole life insurance.

Anyone of age (usually 18) can be covered by whole life insurance.

You do not have to be in good health to qualify for it, but higher health risks such as chronic disease or smoking will typically increase your premium. Some providers also have age limits after which you cannot take out a policy.

These will vary by provider, but usually:

  • You must be over 18 (sometimes 17).
  • You must be a citizen or permanent resident of the UK.
  • You should not have a terminal illness.

Is whole life insurance right for me if I’m young?

It’s not a bad idea. If you think it’s something you’ll eventually want, it’s best to apply at a young age. Young people tend to secure much lower premiums, and with the whole of life insurance, your premium is often fixed at the same rate for life.

What if I don’t know what my income will be in the future?

You should be fairly certain that you’ll be able to pay your whole life insurance premiums for the rest of your life if needed, even after retirement. If your finances are extremely unstable, you may eventually risk losing your policy if you can’t afford your monthly payments in the future.

Do I need whole life insurance if I’m single with no children?

If you have no dependents and do not plan to have dependents in the future, you might not need it. However, if you foresee anyone close to you struggling financially after you die, you may want to consider a whole of life insurance policy.

Do I need whole life insurance if I have heirs?

Whole of life insurance can be beneficial if you have an estate you plan to leave someone after you die. Because the policy is guaranteed to pay out when you die, your heirs can use the payout to assist with things like estate taxes.

Do I need whole of life insurance if I have a lifelong dependent?

Yes. If you have a lifelong dependent, someone who would struggle financially when you die, you should absolutely consider whole of life insurance. With a guaranteed death benefit, you know that they will always be protected.

Should I get term life insurance or whole life insurance?

This depends on your personal circumstances. If you think your dependents will be financially independent after a certain period of time and would not struggle financially in the case of your death, term life insurance is a cheaper and simpler option.

However, if you would like to leave a monetary legacy to family or loved ones, or if you want lifelong coverage because you foresee having lifelong dependents, you should consider whole life insurance instead. It covers you indefinitely in the case that you have lifelong dependents, but it is usually more expensive and complex.

How can I get covered now?

This one's easy! Click the button below to get yourself a free whole life insurance quote.

If you are concerned wherever whole of life insurance is right for you, have a look at the quotes below and see the options for yourself.