Whole Of Life

What is Whole of Life Insurance

Whole of Life Insurance, as it suggests, covers you for the whole of your life and it is guaranteed that the policy will pay out upon your death. This differs from term insurance, which only pays out during the term of the policy

Why Buy Whole of Life Insurance

As the name suggests Whole of Life Insurance policies provide protection for life. Whole of Life policies differ from term policies as they guarantee to pay out a lump sum to your family when you die. It is a good option if you wish to leave your family and dependents with a lump sum.

It is also possible top combine Whole of Life Insurance with term insurance to tailor cover specific debts and providing guaranteed benefits.

However, Whole of Life insurance can be more expensive form of term life insurance because at some point the insurance company will have to fund a payout.

How does Whole of Life Insurance work

Monthly premiums are invested by the insurer into a life fund under two cover types.

'Maximum cover'is where The initial premiums and the sum insured will not increase for the first 10 years. Following this the policy is reviewed and the premiums may rise.

'Balanced cover' seeks to balance the level of life cover with investment of premiums to support the cover as the policy and the policy holder age. The idea is that it will maintain the original premium throughout. This is open to the ebb and flow of market performance and sometimes premiums are adjusted to make sure the balance is maintained.

Contact Insurance is a specialist Whole of Life insurance broker. We offer the same convenient online comparison tools available all over the web these days; the difference is that you have access to free whole of life insurance advice, over the phone, through us. Insurance can be a complicated subject and Insurance companies often use the small print in their policies to avoid paying out. Simply put, if you don’t get the insurance application right, it can all go wrong when you make a claim

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Life insurance calculator

Funeral Costs	£
Mortgage	£
Loans	£
Credit Card Balance	£
Total:	£ 0
Living Costs - Per Month	£
Your Partners Likely Income - Per Month	£
Annual Liability or Shortfall:	£ 0
How long would this liability last for - eg until your dependants are no longer financially reliant on you (Years).
Existing life insurance policies	£
Death in service	£
Endowments	£
Other savings or investments	£
Amount of life cover shortfall	£ 0

Decreasing Term Life Insurance

What type of cover are you looking for

Single or joint cover

Type of cover required? Select the type of insurance to suit your needs:

- Level Term Insurance will provide a fixed sum over the term of the policy. In the event of a claim being made the payout will be the amount insured.

- Decreasing Term Insurance is specifically designed to protect against a 'repayment' (capital/interest) mortgage, therefore the sum assured will reduce inline with your mortgage.

Benefit options Select the conditions that you would like the policy to pay out under.

- Life Cover Only pays out in the event of death within the term of the policy.

- Critical Illness Only pays out on diagnosis of a predefined illness. Insurers cover between 26 & 37 illnesses which are listed in each Insurers Key Features Document, shown on the next page.

- Life Insurance and Critical Illness will cover both eventualities & will normally pay out on the first event. Please ask us for more information.

Amount of cover Enter the amount of cover in GBP's (£'s) that you require

Term of policy (years) Enter the number of years you would like the policy to run for.

Applicant 1 Sex

App 1 Date of Birth

App 1 Smoker or non-smoker For insurance purposes, you will be considered a smoker if you have smoked or used any nicotine replacement products in the last 12 months.

Applicant 2 Sex

App 2 Date of Birth

App 2 Smoker or non-smoker For insurance purposes, you will be considered a smoker if you have smoked or used any nicotine replacement products in the last 12 months.

Your personal details

Title

First Name

Surname

Email Address

Phone Number

First Line of your address

Post Code

Applicant 2 personal details

Title

First Name

Surname

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Long story short...

Whole of Life Insurance, as it suggests, covers you for the whole of your life and it is guaranteed that the policy will pay out upon your death whenever that may be.