Head of Content
Mortgage Advisor & Director
What is whole of life insurance?
Whole-of-life insurance is a type of life insurance policy that ensures your family receives a lump sum payout whenever you die. This is in contrast to standard term life insurance, which only pays out during the term of the policy.
How much does whole of life insurance cost?
This type of life insurance can be more expensive than term life insurance or family income benefit.
The reason for this is because insurers will need to pay out at some point, in contrast to term cover. You will need to ensure you can continue to afford the monthly premiums, not just now but in the future into retirement, as your policy will be at risk if you default.
Depending on your policy, you may only be required to pay premiums up until a certain age, generally aged 90. The actual final cost will vary according to your policy, your age, health status and lifestyle.
Is whole of life insurance worth it?
Whole of life insurance cover can help to cut an inheritance tax bill.
When you die, inheritance tax is charged on any assets over £325,000. If you write your life insurance into a trust, your family will receive a tax-free lump sum which they can use to pay the inheritance tax bill.
You should take expert tax advice if this is something you are considering.
Get a quote for whole of life insurance
Our team of experienced advisors can help you to get an insurance policy that is perfect for you. By working with an insurance expert, you ensure that your cover is precisely tailored to your needs while remaining cost-effective. Get in touch today to get started!
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
