What is whole of life insurance?
A whole of life insurance policy guarantees to pay out a cash lump sum to your beneficiaries after you pass away.
The cover protection lasts for as long as you live, hence the policy name whole of life.
Whole of life is actually a form of life assurance, as your policy is assured to pay out at some point, provided you continue to pay your premiums.
Almost all whole of life insurance claims were paid out in 2015 (99.99%), totalling £389 million – (source: abi.org.uk).
How does whole of life insurance work?
Upon application, a cover amount is specified and your monthly premiums are calculated accordingly.
Monthly premium payments will then continue for the remainder of your life.
If you stop paying your premiums your cover will cease and your investment wasted.
After you are gone, your beneficiaries can claim on your policy and receive a pay out for the predetermined amount.
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