Whole of Life Insurance

whole of life insurance

Important Facts about Whole of Life Insurance Cover

Without being too morbid and gloomy, nothing in life ever lasts forever, including our time on this earth. When the time comes for us to shuffle off of this mortal coil, we need to know that our loved ones and dependents are themselves financially secure in our absence. This is where life insurance proves to be so useful, but with so many different policies and types of cover to choose from, it can be confusing knowing where to begin. Today we’re going to be looking at whole of life insurance cover.

loading
Loading, Please wait...

loading
Loading, Please wait...

Life Insurance Quote

By clicking "Get My Quote" you agree to be contacted by email or telephone by an FCA authorised insurance firm and confirm that you have read and agreed to our Terms & Conditions and our Privacy Policy

What is whole of life insurance?

As the name implies, whole of life insurance is a form of assurance which provides cover for the policy holder’s lifetime. You see, term insurance only provides cover for a specific pre-determined period of time. With that type of cover, you needn’t worry about your policy expiring. Many people consider whole of life insurance to be superior to term insurance, for the peace of mind it provides if nothing more.

How it works?

Whole of life insurance works very simply. Each month the policy holder will pay a premium and in return, they will be covered for a set amount of money in the form of a lump sum. When you do pass, your family/dependents will then make a claim and the assurance policy will pay out. There are some policies out there which actually allow policy holders to stop paying premiums once they reach a certain age. The cover stays in place, but the policy holder is no longer required to pay.

How to pay for whole of life insurance cover

Like any other form of insurance, you will receive a quote to begin with, which states the total amount you will be required to pay each month. This is known as the premium. Payments must be made every month. Missing a payment, or paying late could void your policy, which could be disastrous. Before taking out whole of life insurance, you must ensure that you can comfortably afford to pay your premiums each month. Most policies require you to pay a fixed amount each month, in return for a fixed amount of cover. These policies are beneficial because they ensure that you know right where you stand from the beginning. The only downside to this is that, by the time a claim is made on the policy, inflation will have reduced how much the pay out will be worth.

What can affect your premiums?

There are a number of variables to consider when it comes to your premiums. A few factors that could affect how much your premiums cost you include:

• Your age
• Your insurance provider
• Your lifestyle habits (whether you smoke, drink excessively etc)
• Underlying health issues
• The guaranteed lump sum you wish for your dependents to receive

Get Free Quote.

Mortgage Protection

For a lot of people, a mortgage is generally their largest outgoing. Being able to pay your mortgage is essential if you wish to keep a roof over your head.

Life Insurance

Life insurance is one of those things that virtually everybody needs, yet few people actually go ahead and take out a policy.

Critical Illness

Critical illness cover is an add-on to life insurance, where you can get a payout in the event that you are diagnosed with one of the critical illnesses covered by your policy.

©2019 Compare Life Insurance.info. All Rights Reserved.

Compare Life Insurance.info does not provide any financial advice. Compare Life Insurance.info works with FCA-regulated brokers who search and compare insurance policies from multiple UK insurers. The quotes provided are based on the information you submit to us. Our service is free and you are under no obligation to accept any quotes you receive.

Compare Life Insurance.info 13 Carlisle Road Eastbourne. East Sussex BN21 4BT

Licenced by the Information Commissioner’s Office, (registration number ZA540561).