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Whole of Life Insurance Explained

If you have children it's essential that you have life insurance. Also if you have a partner or someone else that depends on you financially who wouldn't be able to cope financially without your income you also need life insurance.

Whole of Life Insurance

Whole of life assurance pays out a lump sum when you die. Unlike term life insurance with a whole of life assurance the policy lasts as long as you live. Whole of life assurance is more expensive than term life insurance because it is guaranteed to pay out. Whole of life insurance is also available as a non-investment product. However non-investment whole of life assurance is more expensive, because it is guaranteed to pay out and isn’t dependent on the performance of the funds.

Other Types of Investment-linked Life Insurance

Other investment-linked life insurance policies pay out if you die and also pay out on a specified date in the future. These include with-profits bonds, income and growth bonds, unit-linked bonds, endowment policies and maximum investment plans. Investment-linked life insurance policies are generally more expensive than more traditional investments. How much you receive from an investment-linked life insurance policy depends on how well the underlying investments perform.

Whole of Life Assurance or Whole of Life Insurance?

Whole of life insurance should actually be called whole of life assurance. With whole of life assurance, because you are guaranteed to die while the policy is in force, it is ‘assured’ that the policy will pay out. Insurance policies are designed to cover eventualities that may, or may not happen.

What can Whole of Life Insurance be Used for?

A whole of life insurance policy can be used to give your family financial security for the rest of your life as it is guaranteed to pay out when you die. Whole of life insurance can be used by your family when you die to pay inheritance tax, university fees, everyday living expenses or even funeral expenses. 

How Does Whole of Life Insurance work?

With whole of life insurance you choose the sum you want the policy to pay out when you die. You can often choose for this to increase each year by a set amount so it keeps pace with inflation. If the sum you leave behind doesn’t increase over time then the real value of it will decrease because of the effect of inflation.

How to Find the right Life Insurance Policy

Life insurance is complicated and it's essential that you choose the right policy. We specialise in life insurance and will search the market and help you find the right cover at the best price available. Quotes for life insurance are free and you are under no obligation. Compare life insurance plans today!

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