What is a Whole of Life Insurance?

Whole of Life Insurance cover is for the whole of your life. Unlike term insurance, which only pays out if you die during the policy term.

Whole of Life insurance always pays out, it is guaranteed that the policy will pay out upon your death.

Whats are the Pros & Cons of Whole Life Insurance?

Pros

  • Whole of Life insurance always pays out in the end, so you'll always get some money
  • It could be worth thinking about if you want to leave your family with a lump sum
  • You can combine it with term insurance if you want to cover any specific debts

Cons

  • Whole of life insurance is more expensive than term insurance

What is a whole of life insurance

As the name suggests, 'Whole of Life insurance' provides life insurance cover for the whole of your life. The sum insured is paid to your dependents following your death.

Whole of Life insurance is more expensive because it is certain that the life company will eventually have to pay the sum insured. Monthly premiums are invested by the insurer into a life fund.

What are the different types of whole of life insurance?

Whole of Life Cover is available on a:

pure protection WOL.

  • The initial premiums and the sum insured are guaranteed not to increase for the first 10 years. After this initial period the plan is reviewed and if necessary the premiums may be increased.

Additional options and areas for consideration include:

  • The policy can be set up at outset on joint life first death, or joint life second death basis
  • Changing Your Policy option allows you to increase cover on specified events, without further medical questions. Eligibility criteria and restrictions apply.
  • The policy can be set up at outset on joint life first death, or joint life second death basis
  • Protect against inflation option to increasing cover, which increases in line with the changes in the Retail Prices Index. (premiums will rise)
  • Waiver of Premium: if illness prevents you from working your monthly premiums are paid on your behalf for after a set deferment period. Check the quotes Key Facts documents for each quotation produced
  • Trusts: can the policy be set up in a trust? This can avoid delays in money going to dependents and can avoid the risk of having to pay inheritance tax.

The terms and conditions of Whole of Life Insurance policies vary, so make sure you understand the scope of the cover being offered before committing yourself.

We are not authorized to give advice on whole of life insurance and will refer all request for advice to an authorized financial advisor to assist you.

WOL Advice

Do you want Advice on whole of life insurance ?

After looking through the Whole of life insurance quotes and information if you would like Whole of Life Insurance Advice, complete our life insurance enquiry form and we will contact you to discuses your whole of life insurance and protection needs