Whole of life insurance is essentially a policy that guarantees to pay out whenever you die.
This type of insurance policy generally is considerably more expensive than a fixed-term policy, simply due to the fact that the insurer knows that it will have to pay out eventually.
Due to the above, and the fact that most people primarily want their cover to protect them should they die and leave their dependants in a compromising financial position, term life insurance is generally more popular. However, some want a guaranteed payout whenever they die. In cases like this, whole of life insurance is definitely worth thinking about.
The insurer will take a number of factors into account before accepting your application. These include but are not restricted to your age, weight, height, pre-existing medical conditions. Some insurers will guarantee to not make any changes to your premiums for the first ten years of the policy, but may reserve the right to review your cover later on.
You can also benefit from putting your policy in trust. By doing this, the money will be paid directly to the beneficiaries avoiding the inheritance tax calculation and probate process.
There are many reasons why a whole life policy is right for you. It may be down to paying for your own funeral costs, leaving an inheritance for family members or to cover the inheritance tax bill (mainly for wealthy individuals). Whatever the reason, whole of life insurance is one which may be better speaking to a consultant, which you can do so by clicking here for your FREE no obligation quotes from across the market.