As the name suggests this type of policy is designed to last the whole of the insured’s life it will guarantee a fixed amount payout to your loved ones when you die, payments are made for the whole term of the policy so you need to be sure that this is affordable.
Whole of life policies are best suited to those who want the certainty of a pay out, as well as for those who have the funds to continue paying their premiums well into old age.
As these policies last as long as you live, it is also a good option if you do not want to continue renewing cover. Once you have taken out a whole of life policy, you should not need to worry about it ever again, even if you fall ill.
This type of policy is often used in conjunction with term policies, were the whole of life policy will continue after the term policies that have protected mortgages etc have lapsed and the loans have been repaid, they can be used to ensure the surviving partner is looked after well in old age or for provision in a will to leave money to children or grand children to help with their life after your gone, pay for funeral expenses etc.
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