Whole of Life Insurance

A policy that will pay a lump sum to your family should you pass away. It offers guaranteed protection for life, whilst premiums continue to be paid.

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What is Whole of Life Insurance?


Whole of life insurance is a policy that will provide a pay-out to your loved ones, no matter when you pass away. It does what it says on the tin, and will last for the duration of your life as long as you continue the payments. The policy will pay a lump sum to your family in the event of your passing.

It can be a desirable choice for many, as it will guarantee a pay-out no matter what age you are.

Whole of life insurance differs from term life insurance, which only runs for a fixed period of time.

Which is better, term or whole of life insurance? Whole of life insurance will last as long as you do, while level term insurance will only last for the set period that you decided on when you took out the cover. Whole of life insurance can be a valuable benefit to your loved ones, because it guarantees a pay-out.

Whole of life insurance cover can provide stability. On the other hand, if you pass away after your term life insurance contract, there will not be a pay-out. Whole of life insurance cover is generally more expensive than other policies, which is why many people choose level term life insurance.

The policy you need depends on your circumstances and how you want to look after your family from a financial standpoint. If you need help deciding on the right policy, the team at Caspian Insurance can offer expert advice.

Are whole of life insurance policies worth it?

A whole of life insurance policy will cover you indefinitely, with no limited term. This can help to accommodate for any eventuality. While it is a more expensive type of cover, it can be priceless in helping your loved ones after you have gone.

Whole of life insurance cover can be used to deal with an inheritance tax bill. If your family are hit with a bill, it needs to be paid before they can access the estate. This can put your loved ones in a tricky financial situation.

It is important that if you want to do this, the policy is written in trust. The team at Caspian Insurance can help to ease the underwriting process and ensure you have a full understanding of the policy you have taken out.

How much does whole of life insurance cost?

Whole of life insurance cover is generally more expensive than other types of cover. It is important that you ensure you are able to pay the premiums, even when you have retired.

The cost of your policy can depend on a number of factors including your age, health and other lifestyle factors. The higher risk you are deemed to be, the higher your premium will be.

Is a whole of life insurance policy for you?

A whole of life insurance policy is suitable for anyone who is determined to leave an inheritance for their family, or financial support for things like inheritance tax, funeral costs and everyday living costs. It can be valuable in providing financial support for your dependents and partner.

Depending on the provider, you can set up a whole of life policy from the age of 18 up to 89. However, it is recommended that you set it up earlier. This is because securing affordable life insurance can be tougher as you get older and your health deteriorates.

For those looking for life insurance later in life, you may want to consider over-50s life insurance or level term life insurance.

Please note that the descriptions above do not constitute financial advice and may change depending on individual circumstances and budgetary requirements.

For quick and easy quotes, please get in touch on 0800 015 1338 and one of our friendly and knowledgeable advisors will be able to help.

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** Premiums and payout based on a healthy non-smoker who is an office worker and doesn't have a hazardous lifestyle up to the age of 65. The premium shown is based on Aviva's Income Protection + Plan and is subject to a full underwriting process. Prices are correct as of January 2022.

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This calculator is for informative purposes only and is not to be taken as financial advice, for accurate financial advice please consult with an advisor from Caspian Insurance.

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