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Whole of Life

What is whole of life cover?

This type of life insurance guarantees to pay out when the policyholder dies, whether that be in 1 year or in 50 years’ time. The cover is different to the more common ‘term’ policy, which only offers protection for a pre-set length of time and is not guaranteed to pay out.

When you want to be 100% sure that your dependents benefit from your investment in a life insurance policy, ‘whole of life’ cover could be a great option.

The cost of whole of life insurance

Whole of life is, understandably, more expensive in comparison to other life insurance policies. This is because the insurer is definitely going to have to pay out on the policy at some point, therefore they need to set your premiums at such a level, so to mitigate their risk.

Your premium will be calculated by taking into account a number of key factors, including:

Some insurers will promise not to change your premiums for the first ten years of the policy, but may reserve the right to review your cover later on. According to the financial ombudsman, most of the complaints made about whole of life insurance are related to the insurer hiking the cost of the policy as the policyholder ages.

Who is suited to this type of policy?

Whole of life cover is not only good for those who want a guaranteed pay out, but also for those who don’t want to keep renewing their life insurance after a set term.

At Reassured our experts will identify the insurers that will offer you a guaranteed premium for the whole term, while also taking into account all of your unique personal circumstances.

Putting your whole of life policy in trust

You can also benefit from our free trust service. By putting your policy in trust, the money will be paid directly to the beneficiaries, avoiding the 40% inheritance tax calculation and the lengthy probate process.

Things to consider with whole of life cover:

Talk to our Reassured consultants today on 0808 115 4475 about whole of life cover and how it could help protect your loved ones. Alternatively Start Your Quote online today.