7 Permanent life insurance 2.7.1 Whole life 2.7.2 Universal life coverage 2.7.3 Endowments 2.7.4 Accidental death 2.7.5 Senior and pre-need products 3 Related products 3.1 Unit-linked...
Whole life insurance is permanent life insurance that pays a benefit upon the death of the insured and is characterized by level premiums and a savings component.
A whole life or ‘whole of life’ insurance policy assures that your family is paid a lump sum when you die. There is no timeframe restriction, like a term life policy.
Unlike term life insurance, whole life policies cover you for life and let you build savings in a cash value that you can tap for future needs.
Type of insurance, Age, Provider, Monthly premium ; Level term, 30, Aviva, £5.06 ; Level term, 50, AIG, £23.04 ; Decreasing term, 30, HSBC, £4.08 ; Decreasing term, 50, AIG, £13.93
Explore the policy differences, price variations and investment opportunities of term and whole life insurance.
What is whole of life insurance, and what does it cover? Read our guide to whole of life insurance, also known as life assurance, and find out how to save.
Life insurance explained ; Explore how life insurance works and how it can protect your family’s financial future. ; Did you know that the younger you are, the cheaper life insurance generally is? Find out the factors that can affect the cost of life insurance. ; Explore how critical illness cover works and the benefits it could have for you and your family. ; When exploring how long you need life insurance for it’s worth looking at the different types of life insurance. This can help you see what factors you should consider when deciding on the length of cover you need.
Term life and whole life (a type of permanent life insurance) each have their own advantages. Here are some things to keep in mind.
Whole of life insurance is worth considering if you want to ensure that your family are guaranteed a life insurance payout when you die. But what are the advantages and disadvantages compared to a...