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

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.

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Read more about critical illness life insurance >

Read more about income protection life insurance >

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 >

The whole of life policies guarantees 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.

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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.

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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.