Whole Of Life Insurance

Whole of Life Insurance is an insurance policy that pays out upon the policy holder's death, regardless of when this occurs. This fact that Whole of Life Insurance offers a guaranteed payout means that it is the most comprehensive type of life insurance, but often also the most expensive. People usually choose this type of insurance as a way of helping their family deal with the expenses associated with losing a loved one, such as funeral costs and inheritance tax. The fact that the payout is in the form of a cash lump sum means that Whole of Life Insurance also aids with ongoing living costs too; outstanding debts, school and university fees and household bills.

If you already have a Convertible Term Life Insurance policy, you will usually be able to switch onto a Whole of Life Insurance scheme, giving you and your family longer-term coverage. If you have a mortgage, you may wish to consider coupling Whole of Life Insurance with a Decreasing Term Insurance plan, enabling your mortgage to be paid off if you should die before the end of the term without these significant costs eating into the main payout. A Whole of Life Insurance policy will be priced according to your age, your gender, your heath and your lifestyle, and as a rule, the healthier you are and the longer you are likely to live, the lower your premiums will cost. To speak to an adviser about your options, and discuss whether Whole of Life Insurance is the best choice for your circumstances, please complete the short form on the following page.

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Important Tips for Buying Life Insurance

• Life 'Insurance' is different from Life 'Assurance' because it is not a certainty.  You would insure yourself against something unexpected happening, but would take out Assurance to minimise your financial exposure to something inevitable.

• If you take out any type of 'Term' insurance product, this means that you are choosing a set period of time when your cover will be active.  Beyond this period, your cover is no longer valid.

• The policy will be cheaper the less 'risky' you are to an insurer.  If you smoke, are in poor health or enjoy high-risk sports, statistically you are more likely to die, and therefore the cost of your premium will be higher.

• Joint policies for couples should be approached with a certain amount of caution.  The average joint policy pays out only after the first person dies, but for a relatively small amount more you could get separate policies with two payouts, which would have a greater benefit for your family (especially when you consider the expense of inheritance tax).