Whole of Life Assurance is a type of life insurance policy which ensures that, no matter when you die, your loved ones will receive a lump sum pay-out from your insurer. This is in contrast to level-term life insurance, which only pays-out should you die within the term of the policy.
The attraction of Whole of Life Assurance is that you will be covered for your entire life and whenever you pass away, your policy will pay out.
A whole of life policy could be right for you, if you want to be safe in the knowledge that your loved ones will receive a fixed lump sum so they can maintain financial stability and comfort in the most difficult time.
Whole of Life Assurance is an excellent way to protect the things that mean the most to you.
It pays-out a lump sum of money upon death, that your dependants can use to cover any financial commitments. These could typically be funeral costs, mortgage payments, outstanding debts, in some cases for inheritance tax purposes, or just as a gift.
What are the benefits of a whole of life policy?
How much you pay for Whole of Life Assurance will depend on your individual circumstances. The number one factor that will affect the cost of your premiums is likely to be how much cover you would like to have. Other things insurance providers may consider is down to a host of factors about you, including your age, smoking status and medical history. As with other insurances, the higher the risk, the higher the premium.
The amount of whole of life cover you require will depend on your financial goals and needs. When determining the amount of cover required, consider how much your dependents would need to pay for all the necessary outgoings and what you can afford each month.
Insurance planning, including Whole of Life Assurance can be a complex area, so it's important you consider talking to a specialist and finding out about which life insurance type suits your needs.
Reviewing life insurance on a regular basis is a good idea. QuoteSearch can still help if you have cover. Why not fill out our simple form, then chat to a consultant.