Whole of Life

Family financial protection when they need it most


What is whole of life insurance?

The whole of life insurance is a life insurance policy that guarantees your family will receive a pay-out of a lump sum when you pass away.

Indeed, unlike term life insurance which has a fixed time frame, whole of life insurance only ends when you die so your family is assured a pay-out.


How does a whole of life insurance work?

Whole of life insurance gives you peace of mind that your loved ones will be financially protected regardless of when you pass away.

Your whole of life insurance policy will pay out a lump sum to your loved ones upon your death. Indeed, when you set up your whole of life insurance policy, you can choose the amount of pay-out that you would like your family to receive. You then pay a monthly or annual premium and your loved ones will receive the pay out when you pass away.

Indeed, the pay-out amount that your dependents will receive stays the same throughout your life. For example, if you choose a pay-out amount of £300,000 when you take out your whole of life insurance policy, then when you pass away your family will receive £300,000, regardless of inflation.

It is important to note also that as a whole of life insurance policy lasts a lifetime, it can be a little more expensive than a fixed-term policy, but the pay-out is basically guaranteed.


Do I need whole of life insurance?

Whole of life insurance gives you the knowledge that your loved ones will be okay if the worst were to happen and can be an intelligent investment regardless of how old you are.

Indeed, most people choose to take out some form of life insurance when they have a baby, get married or buy a house as it is an excellent way to protect the things that mean the most to you and to ensure your family’s financial future is secure, no matter what happens to you.

Whole of life insurance can also help your loved ones to avoid paying inheritance tax as if you take out whole of life cover and write your policy into a trust, you won’t need to pay inheritance tax on it. This can be quite a saving as currently, the standard inheritance tax rate is 40% and is charged on the value of your estate above £325,000

Indeed, whole of life insurance is important for your loved ones, particularly if you have financial dependents, such as a spouse or children, who will be worse financially if you were to pass away.

If you are interested in acquiring whole of life insurance, or are still unsure if it is necessary for your particular circumstances, please contact us today to speak to an advisor and discuss your requirements.

Alternatively, we also offer other types of insurance that can give you peace of mind that you may be interested in, including Life Insurance and Accident and Sickness Insurance.

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