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Whole of Life Insurance
Lifetime protection with a guaranteed payout for your loved ones
Benefits of Whole of Life Cover
Guaranteed Payout
Unlike term life insurance, whole of life pays out whenever you pass away
Fixed Premiums
Your monthly payments stay the same for the life of the policy
Inheritance Planning
Help cover inheritance tax or leave a guaranteed legacy
Funeral Costs
Ensure your family isn’t burdened with funeral expenses
Things to Consider
Higher Premiums
Whole of Life policies are generally more expensive than term insurance because they guarantee a payout whenever death occurs.
Limited Flexibility
Adjusting coverage or premiums can be difficult once the policy is in place.
Whole of Life vs Term Life Insurance
| Feature | Whole of Life | Term Life |
|---|---|---|
| Duration | Lifetime cover | Fixed term (e.g., 25 years) |
| Payout | Guaranteed (whenever you die) | Only if you die during term |
| Premiums | Higher but fixed | Lower initially |
| Best For | Inheritance planning, funeral costs | Mortgage protection, young families |
Who Is Whole of Life Insurance For?
Estate Planning
If you want to leave a guaranteed sum to your beneficiaries or help cover inheritance tax liabilities.
Funeral Planning
If you want to ensure funeral costs are covered without burdening your family financially.
Whole of Life Insurance FAQs
What is whole of life insurance?
Whole of life insurance provides cover for the insured’s entire lifetime, as long as premiums are maintained.
How does whole of life insurance differ from term insurance?
Term insurance covers a set period, while whole of life insurance does not have a fixed end date.
Is whole of life insurance worth it?
It can be worth it if you want guaranteed lifetime cover for inheritance tax planning, funeral costs, or leaving a legacy. However, it’s significantly more expensive than term insurance, so suitability depends on your specific needs and circumstances.
What are the disadvantages of whole of life insurance?
Main disadvantages include higher premiums than term insurance, limited flexibility to adjust cover, complexity of some policies, and potential for reviewable premiums to increase over time. It may not be suitable for those simply wanting mortgage protection.
Are premiums fixed for whole of life insurance?
Premiums may be fixed or reviewable, depending on the policy type and terms.
Does whole of life insurance have a cash value?
Some policies may build up a cash value, but this depends on the specific policy and provider.
Get Expert Advice
Our protection specialists can help you decide if whole of life insurance is right for you