What is whole of Life Insurance?
Whole of life insurance is a life insurance policy that guarantees you will be covered throughout your life and your family will get the entire lump sum pay-out you intend to leave them when you die. This cover provides peace of mind that your loved ones will have financial security.
Whole of Life Cover pays a sum of money when you die or become terminally ill. Your cover lasts for the rest of your life, or as long as you want it.
You should consider a Whole of Life insurance if you’re thinking about leaving a legacy for your family or to pay inheritance tax after you’re gone.
What is whole of Life Insurance?
Whole-of-life insurance is generally a more expensive form of life cover than term life insurance or family income benefit insurance, for the simple reason that insurers know they will definitely have to pay out some money at some point.
You must ensure that you can afford the premiums, not only during your working life but also once you retire. If you fail to keep up with your premiums, the cover will be cancelled.
That said, many whole-of-life policies will only require you to pay premiums up to a certain age, typically to age 90. This will vary between insurers and policies, however, so read the terms and conditions of any policy closely before taking it out.
The actual cost of your whole-of-life insurance policy will be come down to a host of factors about you, such as how much cover you want, your age, your health and your lifestyle.
Its important to make sure you have a Whole of Life Insurance policy which fits your individual needs. We work with insurers from across the market to find the most suitable insurance policies to match your insurance needs.
Contact Parkview Mortgages today for a fee free no obligation insurance review.