What is Whole of Life Insurance?
A whole of life insurance policy guarantees to pay out a cash lump sum to your loved ones as long as premiums are paid and up to date.
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 as long as premiums are paid and up to date.
How does whole of life insurance work
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.
Your beneficiaries can claim on your policy and receive a pay out for the predetermined amount.