Whole Life Insurance
Whole life insurance provides lifelong coverage, making sure that your beneficiaries receive a payout irrespective of when you pass away. This type of insurance is ideal for you if you want to secure the financial stability of your family, leaving a lasting legacy.
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What is Whole Life Insurance?​​

Many ask us: what is a whole life policy?

The answer? Whole life insurance, also known as whole of life insurance, is a policy that stays with you for your entire life.
Unlike term life insurance, which only covers you for a specific period, whole life insurance guarantees a payout to your beneficiaries in the event of your passing. This type of insurance covers you for your whole life, provided you continue to pay the premiums.
How Does a Whole Life Policy Work?​​

With whole life insurance, you pay a regular premium (monthly or annual). As long as you continue paying, you’re covered. You can choose between:

  • Reviewable Premiums: Start lower, but may increase over time.
  • Guaranteed Premiums: Cost more initially but remain fixed.
It’s advisable to place your policy in a trust to ensure payouts go directly to beneficiaries, avoiding inheritance tax or debts. Some policies allow you to pay premiums only for a set period or until a certain age (e.g., 90), with coverage continuing for life afterward.
38%
said it was out of general caution and they don’t expect anything negative to happen to them
26%
said it was due to them becoming a parent
21%
took out a policy because it was a requirement for their mortgage

Types of Whole Life Insurance​

Whole life insurance offers several options:
  • Whole of Life Pure Protection: Provides lifelong coverage with premiums, requiring a medical review. This is best for individuals in good health.
  • Investment-Linked Policies: These tie your premiums to investments.
  • With-Profits: The insurer invests your premiums to generate returns for the payout.
  • Unit-Linked: You choose the investment funds where your premiums are allocated, offering more control over your investments.
Over 50s Guaranteed Acceptance: Ideal for those over 50, this policy ensures acceptance without medical questions, useful for covering funeral expenses.

However, full coverage typically starts after a 12-24 month waiting period.

Is Whole Life Insurance Worth It?

Whole life insurance can be worth it if you’re looking for lifelong coverage and want to ensure your family is taken care of financially. It’s also beneficial for those with long-term financial commitments and those who want to build cash value over time. But that’s not all… Whole life insurance offers several advantages:
  • Lifelong Coverage: Your policy doesn’t expire as long as you keep up with the premiums.
  • Fixed Premiums: Your premiums stay the same throughout the life of the policy, which makes budgeting easier.
  • Cash Value: Whole life insurance policies accumulate cash value over time, which you can borrow against if needed.
  • Stressless Security: Provides vital financial security for those you love, covering everything from daily expenses to future needs like education and mortgage payments.

What Affects the Cost of Whole Life Insurance?

Whole life insurance is generally more expensive than term insurance because a payout is guaranteed. The cost depends on:
  • Age and Health: Younger, healthier people pay lower premiums.
  • Coverage Amount: Higher coverage means higher premiums.
  • Policy Features: Extras like cash value can increase costs.
Consider whether you can afford the premiums for life, especially after retirement.
FAQ’S About Whole Life Insurance​​
Whole of life insurance is another term for whole life insurance, offering the same lifelong coverage and benefits.
The payout from a whole life insurance policy is usually tax-free, but interest or dividends may be taxable. Consult a tax adviser for personalised advice.
Taking the Next Step​

Get a Free Quote: Provide basic info for a personalised, no-obligation quote.


Speak to an Advisor: Our experts offer tailored advice, guiding you through
your options.


Review Regularly: Ensure your policy remains suitable with regular reviews as your life changes.

Our dedicated team of expert brokers are on hand to help you find the best term life insurance for you and your family. Connect with us below to get all the information you need to make an informed decision regarding your term life insurance.
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