Whole of Life Insurance

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If you want a plan that is guaranteed to last the whole of your life and will pay out a cash sum whenever you die then you should consider whole of life insurance.

What is Whole of Life Insurance?

There are basically two different types of life insurances, which are, term life insurance and whole life insurance. Whole life insurance is a kind of insurance policy which provides a lump-sum payment at the death of the policyholder without any regard to the time of the death of the insured person and the premium of such insurance are guaranteed not to increase.

It is different from term life insurance as it is will always pay in the end which is not the case with the former, which will only pay out during the limited time of the cover. The policy is not going to expire or lapse as long as timely payments are being made.

Main Benefits

The whole of life cover always provides financial support at the death of the insured person and most often this benefit is obtained tex-free. The premiums of whole life insurance are constant throughout and guaranteed not to increase. The cash can also be withdrawn during needy times, although each policy is different so you will have to read the small print. The proceeds that the insured or the beneficiary receives normally can be used to pay off outstanding debts.

Main Drawbacks

There are certain drawbacks however. As it scores over the term life insurance in terms of features, the premium amount is initially higher than the more common term life insurance premiums. These policies return low to average interest on the money invested, and you could probably get a better yield elsewhere. If cash benefits are derived before the maturity, it reduces the death benefits that will be provided to the beneficiaries of the policyholder.

Alternatives

There are a few alternatives to consider if you are a little confused about investing the money in whole of life cover. The term life insurance also offers a good deal in a number of cases. Instead of a whole of life cover policy, you can keep your savings in a higher yield bank account. This account will provide instant financial relief without any formalities having to be conducted. Other better investments offers are also available in the market which rarely fails to provide returns on your investments.

Buy cheap whole of life insurance

We work with the best life insurance advisors to provide the best value whole of life cover plans available in the market. Click on 'Get a free life quote' and we will help you find the best value policy that suits your particular needs. Our service is 100% free and you are under absolutely no obligation to take the quote.

Guest article: Written by David Turner.