Whole of life cover
Peace of mind for your family
What is whole of life insurance?
Whole of life cover guarantees a pay out to your loved ones, no matter when you die. This form of cover is generally more expensive than term insurance, and you will need to ensure that you can afford your premiums, both whilst you are working and into retirement.
There are two types of whole of life insurance available, balanced cover and maximum cover. Balanced cover pays out an agreed fixed sum when you die, and you pay the same amount for your premiums each month. Maximum cover on the other hand, is generally cheaper that balanced cover. But your monthly premiums will be invested by the insurer. In doing so, the cost of your monthly premiums will likely fluctuate and if your investment does not perform well, the pay out your family receives could also diminish.
Whole life insurance benefits
A whole of life insurance policy provides many benefits including:
✓ A guaranteed payout, no matter when you die
✓ Peace of mind that your loved ones will be provided for financially
✓ No inheritance tax if you write your policy into trust.
Despite the significant advantages, whole of life cover will not however be suitable for everyone. It is important to ensure that your life insurance not only provides you with the right level of cover for your needs. But also, at a price that you can afford, which is where we can help.
Term vs whole life insurance
A term life insurance policy has a fixed end date and will only pay out if your pass away during the term of your cover. However, whole life insurance provides you with cover for the duration of your lifetime and therefore pays your dependants a cash lump sum, no matter when you pass away.
Whole life insurance for seniors
Over 50s life insurance provides whole of life cover for seniors aged between 50 and 85 years old. It pays a cash lump sum to your loved ones when you die and as you do not need to undergo a medical examination, you are guaranteed to be accepted.