Whole of Life Insurance is a form of life assurance that is offered by several insurance companies and advise about such cover should be obtained from a suitably authorised financial adviser.
Whole of Life Insurance is often taken out for family protection purposes to provide a lump sum to your dependants in the event of your death.
Whole of Life Insurance provides life cover as the title describes-potentially for the whole of your life i.e whenever you die the policy will pay out as long as you maintain the premiums. This is different to Level Term Assurance which usually only pays out if you were to die during the term of the policy. Hence the cost of Whole of Life Insurance is usually greater than that of Level Term Assurance.
The premiums for a whole life insurance policy are normally invested in a fund and the cost of providing the cover is taken out of the fund. The policy is often reviewable after 10 years to assess if there is sufficient monies in the fund to continue to provide the level of cover required. There are a number of options available at this time i.e.do you need to increase the level of premiums if there is insufficient monies left in...
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