Unlike term life insurance, whole of life insurance will pay out a cash sum to your loved ones when you die, regardless of how old you are when that happens.
Unlike term life insurance, whole of life insurance will pay out a cash sum to your loved ones when you die, regardless of how old you are when that happens.
Whole of life insurance essentially covers you for your entire life, which means that your family will receive a lump sum no matter when you die. Due to it definitely paying out at some point in the future, whole of life insurance is usually more expensive than term life insurance. As such, you need to ensure that you can afford the monthly premiums for the rest of your life (or until an age specified by the policy), including during retirement, otherwise the policy will become null and void.
Whole of life insurance policies come in two main types:
Whole of life insurance offers two distinct options: standard cover with fixed premiums and payout, and maximum cover linked to investment funds for potentially higher returns, but with variable premiums and pay outs.
As with all types of financial products, the suitability of whole of life insurance will depend on multiple factors, such as whether you can comfortably afford the premiums and who receives the pay-out. For example, as the years progress, your children may become entirely financially independent, in which case a term life insurance policy may be more appropriate.
Looking for an experienced and dedicated financial adviser who can talk you through your protection options? Get in touch with SN Financial Services today and ask us about whole of life insurance.
Information given during the application will form part of the legal relationship between you and the protection provider. If any information is omitted or found to be incorrect it may mean that a claim is not paid, or the policy is amended or cancelled.
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Based in Droitwich Spa, we’ve proudly supported clients of all ages since 2004. The opening of our second office in Sevenoaks allowed us to extend our bespoke financial services even further, making SN Financial a trusted financial adviser for individuals, couples, families and businesses across Worcestershire, Kent and the rest of the UK.
5 Saltway, Droitwich, Worcestershire, WR9 8LB 01905 779697
46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL 01732 926255
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Registered in England No. 04906363. Registered Office: 5 Saltway, Droitwich Spa, Worcestershire. WR9 8LB. SN Financial Services Ltd is Authorised and Regulated by the Financial Conduct Authority – FCA number 231014
