Life Insurance

Whole of life insurance is a product that will last for your lifetime and is taken out to protect your loved ones from a financial perspective. Payment is made upon your death. These policies are typically more expensive than others because it is guaranteed that the policyholder will die at some point and the company will have to payout.

Whole of life cover can be used to provide cover against any inheritance tax that may become due for a family on the estate of the deceased. When the policyholder passes away and the appropriate level of cover has been taken out, it could cover the cost of the tax bill and loved ones will receive the full value of the estate.

Couples can benefit from whole of life insurance cover because they can take out what is known as a joint life second death policy which covers two people and will only pay out a lump sum once both of the people named on the policy have died.

Even if there isn’t any inheritance tax to pay on your estate, taking out a whole of life policy could assist families in other ways after your death. As an example, it could help fund the rising costs of funerals or other expenses that may be incurred. Dependants are also supported too, perhaps with longer-term living costs if they rely on your pension.

Many people want to leave behind a financial gift for their family to enjoy. The payout from a whole of life policy could provide a lump sum which is then gifted to loved ones. Children could use it to pay off their mortgage or grandchildren could use it to fund their university tuition.

The majority of providers who offer whole of life insurance policies will provide guaranteed premiums. If you choose this option and the plan remains unchanged, your premiums will always remain the same.

To find out more about a whole of life policy and how it can benefit you and your family, it is recommended that you seek advice from a skilled and qualified professional who specialises in sourcing the best whole of life insurance policies.