Whole of Life Insurance does what it says on the tin – it covers you for your entire life and will pay a cash lump sum to your loved ones when you pass away. That means there is no limited term and the policy will cover you indefinitely, as long as you keep up with your premium payments for the ‘whole of your life’.
This cover is desirable for many people as you have a guaranteed a pay-out, regardless of what age you pass away; as long as you keep up with your premiums. It is often used to cover funeral costs, provide an inheritance, pay off any outstanding bills or help loved ones financially.
You can set up a Whole of Life policy from the age of 18 up to the age of 89*. However, we would recommend setting it up earlier. As you age and your health deteriorates, securing affordable life insurance can become tougher. Taking a Whole Life Insurance Policy earlier in life is a cheaper option.
*Varies depending on provider.
Level Term Insurance only lasts for a set period that you decide upon setting up your policy, whereas Whole of Life Insurance lasts as long as you do. With a Level Term policy, if you pass away during the term, the policy pays your loved ones a tax-free cash lump sum to your loved ones, but you might live past the term.
Please note that the descriptions above do not constitute as financial advice and may change dependent on individual circumstances and budgetary requirements.
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