Whole of Life Cover
Protects Your Family
and it doesn’t have to cost the earth…
Whole of Life Cover
Whole of life cover (also known as life assurance) lasts for your whole lifetime, as opposed to a set term.
Insurers tend to use the word ‘insurance’ if there is a risk that something might happen within a given time frame, and ‘assurance’ when something is certain to happen.
This type of insurance policy does not have an end date, meaning premiums remain payable until you die, at which point the policy will payout. Some policies ask that premiums are paid only until you achieve an advanced age – say 85.
As a pay-out is certain, life assurance is much more expensive than term insurance, and is more complicated, as some premiums will go into investment funds and some towards buying life cover. The result of this being the amounts dependants receive when you die will vary depending on how well the underlying investment has performed.
Because of the way it is designed, whole-of-life insurance is not intended to provide for the unexpected and premature loss of an individual, and is more commonly used for complex financial and tax-planning needs.
Some term insurance policies can be converted to whole-of-life policies, known as convertible term insurance. Premiums for this type of policy are higher than for conventional term insurance policies, and once the policy converts they will increase.
Questions about Whole of Life Cover?
Here’s some commonly asked personal insurance questions
Is there life insurance that will pay out whenever I die?
Yes, this form of cover is called life assurance or whole-of-life insurance. Your family can claim for your policy no matter when you die, as such unrestricted by a policy term.
Does the whole of life cover cost more?
In short, YES. this is because a pay-out from this type of insurance policy is certain.
THINGS TO NOTE
If you wish to speak with someone about personal insurance cover and/or the products currently on offer. You can request a callback by providing a few details for a no-obligation conversation.
This would be normally done during 24-hours of submission during normal working hours.
Please note that in doing so the details you provide will/may be shared with our insurance partners, to purely be able to provide you with a better informed, and more personalised information.