Whole of Life Insurance
What is Whole of Life Insurance in Northern Ireland?
Loved ones are guaranteed a payout with a whole of life insurance policy.
Provides cover for the rest of your life.
Offers a greater sum assured than an Over 50s Life Insurance Plan in Northern Ireland.
Medical information is required during the application.
Affordable whole of life cover is available from Life Expert.
A whole of life insurance policy ensures that, in the event of your death, your loved ones would get a cash lump sum amount.
Once in place, whole of life insurance in Northern Ireland will last for as long as you live, hence the policy name whole of life.
Given that your policy is certain to pay out at some point if you continue to make premium payments, whole life insurance in Northern Ireland is a type of life assurance.
Almost all whole of life insurance claims were paid out in 2020 (99.99%) totalling £956 million – (source – www.abi.org.uk)
Families Protected
Why Life Expert for Whole of Life Insurance in NI?
Compare multiple whole of life insurance policies in Northern Ireland from our panel of insurers.
Quotes are personalised and free.
Life Expert’s Northern Ireland life insurance broker service is FCA-regulated.
We’ve got over 10 years of industry expertise.
Our service is rated ‘Excellent’ on Trustpilot.
Guidance and support throughout the whole process from our team of experts.
How Does Whole of Life Insurance in Northern Ireland Work?
Apply – specify your cover amount & your premium will be calculated using your level of cover & personal circumstances.
Pay Premiums – you’ll need to continue to pay your monthly premiums to keep your cover valid.
Make Claim – when you pass away, your loved ones will need to contact your provider to make a claim on your policy.
Receive Pay Out – once your claim has been assessed, a lump sum payment will be made to your beneficiaries.
If you stop paying your premiums your cover will cease and your selfless investment will be wasted, meaning no payout will be issued.
Features of Whole of Life Insurance in Northern Ireland
- Guaranteed pay out – whole of life insurance in Belfast & Northern Ireland guarantees your loved ones a payout when you pass away.
- Fixed sum assured – the amount paid out to your loved ones won’t change throughout the lifetime of the policy.
- Fixed premiums – the amount you pay for your premium won’t change throughout the lifetime of your life insurance policy.
- Joint life insurance – whole of life insurance in Belfast & Northern Ireland can be taken out on a joint basis, allowing you to save money on your policy by covering two lives simultaneously.
Is Whole of Life Insurance in Northern Ireland Right for You?
Whether whole of life insurance in NI is right for you will depend on what you want to cover and your available budget.
Whole of Life Insurance is often well suited to those who are:
Looking to secure a guaranteed pay out.
Requiring a larger sum assured (up to £1,000,000) than an over 50s plan (up to £20,000).
In the later stages of life.
In good overall health and wellbeing.
- For individuals who wish to ensure that their loved ones receive an inheritance, whole of life insurance in Northern Ireland is the best choice.
- A whole of life insurance policy from Life Expert allows you to provide a larger payout than an over 50s plan, especially for people who are later in life.
- A typical sum assured for over-50s plans is between £10,000 and £20,000, whereas whole of life insurance in Belfast & Northern Ireland has a maximum coverage amount of £1,000,000 available.
- By doing this, you can secure several financial obligations for your loved ones and increase the inheritance you leave them.
- As you’ll need to supply medical information at the time of application to help insurers compute your monthly rate, those in good health can benefit from lower premiums.
- To determine whether whole of life insurance is the best choice for you, get in touch with a helpful member of our staff. Simply contact us.
How Much Does Whole of Life Insurance in Northern Ireland Cost?
As with standard life insurance, whole of life insurance premiums are calculated using a number of key factors:
- Cover amount (sum assured)
- Age
- Health and wellbeing
- Smoking status
- Medical history
- Pre-existing medical conditions
Whole of life insurance in Belfast & Northern Ireland, the premiums are typically more expensive than term-based insurance due to the guaranteed payout.
There are times when whole of life insurance policies includes an upper age restriction, at which time premium payments stop but your coverage continues (this is often around 85 – 90 but this can vary between providers).
Although younger ages may have lower life insurance premiums, paying this amount throughout the course of your life may cause you to pay more into the coverage than it will cover. If you purchase life insurance in Belfast while you’re older and in good health, you’ll be able to get a guaranteed payout with a larger sum promised than with an over-50s plan.
The greatest approach to be sure you’re receiving the best value when securing life insurance coverage is to compare rates with an insurance broker like Life Expert who are based in Belfast.
Whole of Life Insurance Calculator Northern Ireland
Calculators for whole of life insurance in Belfast & Northern Ireland might be useful in determining the amount of protection you need.
It can be intimidating to figure out the significant number of cover you may need, but it doesn’t have to be. You can determine the amount of coverage you’ll need by adding up all your financial obligations.
You can also enter your financial obligations into Life Expert’s life insurance calculator to quickly & easily determine the amount of life insurance you could need. Life Expert is dedicated to getting you the best Whole of Life Insurance in Belfast & Northern Ireland at the best price.
What are the Advantages & Disadvantages of Whole of Life Insurance
While whole of life insurance in Belfast & Northern Ireland has the main benefit of providing a guaranteed payout, there are some drawbacks to this form of cover.
Particularly if you’re taking out whole of life cover at a young age as you could pay more into the life insurance policy than it will pay out.