Whole of Life Quotes
A whole of life plan pays out whenever you die and is often used as a funeral plan or for inheritance tax planning rather than term life insurance which is taken out for a specific length of time.
Whole of life insurance
invariably costs more than term assurance because it will have to pay out one day.
Whole of life
policies can seem attractive because most (but not all) have an investment element and therefore a surrender value. But, if you cash them in or stop paying your premiums, you cancel the policy and lose your life insurance cover.
Where there is an investment element, your monthly premiums are first used to 'buy' units in an investment fund offered by the insurance company. This will calculate the cost of the whole of life cover for the next month and deduct the charge by 'cancelling' just enough units to pay for this life cover.
The investment growth of the fund will depend on how much is being deducted to pay for the whole of life cover. Premiums are reviewed after 10 years from the policy start date and then every 5 years.
Whole of Life
plans are also now available without an investment element and also with guaranteed premiums from some providers. We can also offer single premium whole of life and limited premium whole of life plans.
Get a quote online for Whole of Life Assurance now.
If you prefer to speak to an adviser,call 0800 018 1315 to discuss your requirements and make the appropriate arrangements for you, making applying for your cover as easy as possible.
Compare quotes from UK Whole of Life Assurance Companies