A whole of life insurance policy guarantees to pay out a cash lump sum to your loved ones.
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.
Almost all whole of life insurance claims were paid out in 2015 (99.99%), totalling £389 million – (source: abi.org.uk).
Once specified the cover amount, the premium will be calculated.
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.
Your beneficiaries can claim on your policy and receive a pay out for the predetermined amount.
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