Whole of Life insurance – this is a form of permanent life insurance in which your policy does not have a specified term.
This level of cover can provide peace of mind as it guarantees your family a lump sum of money after you have passed away – whenever that may be.
It’s different to term life cover, as there is no cover ‘term’ and it ensures a pay-out which could help lighten the financial burden placed on your family.
You can choose to pay your cover in monthly or annual premiums and the amount of cover paid will remain the same from the moment you take out your policy until you have passed away.
Is a Whole of Life plan right for me?
If your previous life cover has recently expired and you’re are looking for a new plan that will provide your family with financial support in the event of your death, you could benefit from a Whole of Life plan.
Things to consider when taking out whole of life cover
The cost of your cover will vary depending on factors like your age, medical history and how much cover you would like.
You should carefully consider the amount of cover you would like. If you have a poor medical history, unfortunately you may find it more difficult to get accepted by a lender. It’s worth noting that your monthly or annual premiums will increase if you do have a medical history and you are accepted.
With the above point in mind, it is important that you’re honest and do not exclude any underlying health conditions you’re aware of, as this may invalidate your insurance.
It is particularly important to carefully consider your whole of life insurance quotes to make sure that you’re completely happy with a plan that gives you the cover you need.