Is Whole 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 life insurance. Because it doesn’t decrease or expire with time, whole life insurance is great for people who want lifelong peace of mind as well as a guaranteed investment.
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Frequently Asked Questions
What is life insurance?
Life insurance is a type of insurance policy that pays out a lump sum of money to your family & dependents in the event of your death.
Life insurance is one of the most generous things you'll ever purchase. By purchasing a life plan, you can make sure that the people you love the most are well looked after should the worst happen.
Which type of life insurance cover is right for me?
There are three main types of life insurance cover - these are:
Level term insurance policies pay out if you die within a fixed timeframe which you choose up front. Premiums and pay-out stay the same, regardless of whether you die on the first day, or the last day of the policy.
Learn more about level term life insurance >
Whole of life policies guarantee to pay out regardless of when you die – with no fixed time limit. These are normally more expensive, but you can get lower monthly costs by taking out an Over-50s policy.
Learn more about whole life insurance >
Decreasing term insurance policies are usually aimed at covering the remaining debt on a repayment mortgage if you die. These policies usually have a set timeframe and the pay-out decreases over the policy term – usually in line with the remaining mortgage debt. There are other tailored life insurance plans (such as Critical Illness Cover, Income Protection and Mortgage Protection).
How much does life insurance cost?
This really depends on your own specific circumstances, but the average UK monthly life insurance cost is roughly £8.50 (but can be as little as £5 per month). The factors that have an impact on your life insurance costs include:
Age: Usually, life insurance rates increase as you age. If you are already over 50.
Health: Do you smoke? Any chronic conditions? These could have an effect on the cost of your life insurance.
Read more about critical illness insurance here >
Gender: Statistically, women live longer - and pay lower life insurance because of it.
Occupation: Some jobs require more health risks - if you're a sky diving instructor, you will most likely be paying more on life insurance than the typical office worker.
Examination: A thorough medical checkup will let the insurer know if you're low risk - meaning your monthly payments will be lower.
Get a quote now >How much will I leave behind, if anything were to happen?
Again, this is largely dependent on the type of life insurance policy you decide to take out. The average life insurance payout is roughly £51,000, but with certain providers, this average raises to over £115,000.
However, these averages are basic indications on how much your dependents would receive in the case of your death. Unfortunately, there is no sure fire way to know how much would be paid out, and your best bet is to get a free quote and see for yourself.