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Whole of life insurance pays out a cash lump sum on your death, and the policy will cover you for the rest of your life – meaning that your loved ones will get a pay out, whenever you die.

Because a whole of life policy is guaranteed to pay out – providing you keep up with your payments – it is more expensive than term insurance.

However, this added security and the peace of mind knowing that your loved ones will be taken care of, no matter when you pass away, can be worth the extra cost.

whole of life insurance FAQs

Whole of life insurance is a type of insurance policy that will pay out whenever you pass away providing you continue paying the monthly premiums.

This depends on your situation and the amount your beneficiaries will need when you pass away. Whole of life insurance is most commonly used to cover the cost of a funeral or to cover the cost of an inheritance tax bill.

Yes, whole of life insurance costs more than a term assurance policy for the same cover amount. This is because the policy is guaranteed to pay out at some point. With this cover, you’ll never stop paying it until you pass away, so you should get proper financial advice before committing to any life insurance policy.

Whole of life insurance and term insurance are both designed to help your loved ones when you pass away, there’s some key differences and benefits to both.

Type of insuranceWhole of lifeTerm
PaymentWhenever you pass away your beneficiaries will get a lump sumBeneficiaries will only get a payment if you pass during the agreement term
CostUsually more expensiveUsually cheaper

Like any other insurance product, it will depend on your situation and your goals. Whole of life policies are often taken out by those with larger estates, to cover a potential inheritance tax bill. If you want your loved ones to receive a guaranteed payout, then whole of life might be for you – speak to one of our advisers, and we can discuss your options.

Other types of protection

There are several types of protection to consider, which all have different benefits. Our qualified protection advisors will be able to tell you what's best for you.

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