Whole of Life Insurance UK
Whole of Life Insurance in the UK
Whole of life insurance in the UK ensures that, in the event of your death, your loved ones would get a cash lump sum amount.
Once in place, cover 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 of life insurance in the UK is a type of life assurance.
What is Whole of Life Insurance in the UK?
- Loved ones are guaranteed a payout.
- Provides cover for the rest of your life.
- Offers a greater sum assured than an Over 50s Life Insurance Plan.
- Medical information is required during the application.
- Affordable cover is available from Life Expert.
Almost all whole of life insurance claims were paid out in 2020 (99.99%) totalling £956 million – (source – www.abi.org.uk)
Why Choose Life Expert for Whole of Life Insurance in the UK?
- Get free whole of life insurance quotes from our panel of insurers.
- Quotes are personalised to suit your circumstances.
- Our life insurance broker service is FCA-regulated.
- We’ve got over 10 years of industry expertise.
- Our service is rated ‘Excellent’ on Trustpilot.
- Guidance & support throughout the whole process from our team of experts.
How Does Whole of Life Insurance in the UK Work?
- Apply – specify your cover amount & 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?
- Guaranteed pay out – whole of life insurance guarantees your loved ones a pay out 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 policy.
- Joint life insurance – whole of life insurance 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 Right for You?
Whether whole of life insurance 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 payout.
- 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 & wellbeing.
- For individuals who wish to ensure that their loved ones receive an inheritance, whole life insurance is the best choice.
- A whole of life insurance policy 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 life insurance 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 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 the UK 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 the UK, the premiums are typically more expensive than term-based insurance due to the guaranteed pay out.
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 premiums, paying this amount throughout the course of your lifetime may cause you to pay more into the coverage than it will cover. If you purchase life insurance in the UK while you’re older and in good health, you’ll be able to get a guaranteed pay out with a larger sum promised than with an over-50s plan.
The greatest approach to be sure you’re receiving the most suitable policy when securing life insurance coverage is to compare quotes with an insurance broker like Life Expert who are based in Belfast.
Whole of Life Insurance Calculator
Calculators for whole of life insurance in the UK 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 the UK that is most suitable for you.