Whole of Life Insurance.

Whole of Life Insurance.

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Is Whole of Life Insurance Right for You?

If your loved ones would struggle financially without your income, and if you want a high degree of certainty that they will always be protected, you should consider whole of life insurance. Because it doesn’t decrease or expire with time, whole of life insurance is great for people who want lifelong peace of mind as well as a guaranteed investment.

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Further Reading...

What is Whole Life Insurance?

Whole of life insurance is a life insurance policy that provides lifelong coverage – unlike term life insurance, it never expires. Your policy benefit, or the amount your loved ones will receive upon your death, is guaranteed, and it will never decrease or expire.

How much does whole life insurance cost?

Whole of life insurance is generally less affordable than term life insurance because it has more value. Premiums usually start at around £10 per month, but depending on your coverage needs, age, and health this could drastically increase.

Who is Eligible for Whole of Life Insurance?

Everyone is eligible to take out a whole life insurance policy, but there are some people for whom it's more beneficial than others. If you're looking to take out a whole of life policy in old age, or when you're in poor health, then the premiums are likely to be very high. Our comparisons will help you find the right policy.

Are whole of life insurance premiums fixed?

Generally, yes. However, this is completely dependent on your quote specifics and can vary on a case by case basis. You may pay a fixed premium throughout the entirety of your policy, or this could vary throughout the course of your life.

When can I stop making payments on my whole of life insurance policy?

Some whole of life insurance quotes require the insured to continue paying premiums for the rest of their life. Others, however, only require the insured to make payments for a certain time period, or until a certain age (often 65). Premiums with the latter are higher.

Although 'guaranteed' (fixed premium) whole of life policies are generally the norm, you can also take out reviewable plans which the insurer will periodically review the premium and quote terms after a set period of time.

How much coverage does whole life insurance offer?

This depends on how much you want it to cover. You can take out a £100,000 policy or a £1,000,000 policy. Of course, your premiums will increase along with your quote coverage. Premiums for plans offering £1,000,000 in coverage are very steep, however, there are quotes that cover a much smaller amount such as £20,000.

Will my whole life insurance coverage ever end?

This type of cover by definition, is lifelong. However, there are a couple circumstances that could cause you to lose your coverage, and they are:

  • Fraud
  • Non-payment

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

Term life insurance covers you for a specific amount of time, and after the designated term is over, the policy ends meaning you are no longer protected. Your family can no longer withdraw a benefit from the policy once its term is up. It’s designed to only pay out if you die prematurely.

Whole of life insurance provides lifelong coverage. It is valid until you die, and never expires as long as you continue paying your premiums. It works differently to typical 'insurance' and is actually defined as 'assurance', something that is assured to happen - in this instance, death.

How is Whole of Life Insurance Different from Universal Life Insurance?

Universal life insurance is also known as "adjustable life insurance" and is a more flexible policy than whole of life insurance.

With whole of life insurance your premiums are fixed for the whole length of the policy. With universal life insurance you can reduce or increase both the death benefit and premiums of your policy after you have paid the first premium. You can also adjust the frequency of your premium payments, and either increase the value of your policy (subject to a medical check) or lower your coverage to a minimum amount without surrendering the policy.

The drawbacks of universal life insurance are that they usually have a lower interest rate than whole of life policies, and you can be subject to surrender charges when terminating the policy or withdrawing money from its cash account.

How can I get covered now?

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

Frequently Asked Questions