Life Insurance
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Whole of Life Insurance
Protect your family's financial future in the event of your death without having to worry about renewing your policy. Ever.
What is Whole of Life Insurance?
Life insurance will pay out a lump sum to your family in the event of your death - provided that you are still covered and you die within your policy dates. Whole of Life Insurance does not have a policy end date and will therefore always pay out upon the event of your death, as long as you keep up your payments.
How Does it Work?
Whole of Life Insurance is more expensive than other insurances because it is guaranteed that the insurer will have to pay out. But this is great news for you, as your family will be guaranteed a pay-out upon your death. Thinking about leaving your family can be difficult, but knowing that you will be leaving them financially secure, without the worry of mounting bills and a lower income can be a comforting thought.
Taking out Whole of Life insurance is a simple and straight forward process; and as there is no need to renew it or take out a new policy when it runs out, it is easy to maintain.
Why Do I Need It?
If you bring in the biggest income in your household, it may have a huge financial impact on your family if you pass away. Not only will it make it harder for them to keep up all of the current payments, it may result in a reduction in their current standard of living or even the inability to pay bills. Whole of Life Insurance protects your family against this uncertainty by paying out a tax-free lump sum upon the event of your death.
Although many people may not choose a Whole of Life Insurance Policy, as it is more expensive and many people will only want to use the lump sum to pay off their mortgage over a fixed term, there are many excellent uses for a Whole of Life policy.
There may be more debts than your mortgage that would need settling in the event of your death. Car payments, loans and funeral costs may be some reasons to take out this type of policy, but the most common reason for taking out a Whole of Life Insurance Policy would be to fund your inheritance tax liability. This is a complex option but will benefit you if your estate is valued at over the reviewed annual amount, currently set at £325,000.
If you do have any questions about this or any other insurance policy then our knowledgeable broker partners will be happy to help you make the right decision.
What is the Process?
Although the reasons for taking out a Whole of Life Insurance policy may be complex, the process is simple. Just fill out an online form and Pure Cover will pass your information over to an experienced advisor within your area who will contact you. You will then be able to discuss your requirements with them and find a policy to suit your individual needs.
When you make your enquiry, in order to get the most appropriate quote, it is important that you answer each of the questions truthfully and to the best of your knowledge. The online process should only take a few minutes to complete, but may take slightly longer if you have any medical conditions.
If you think that you would like to find out more about Whole of Life cover or any other insurance product then just take a few minutes to fill out our online form and take the first steps to financial security.
