About Whole of Life Insurance

Whole of Life Insurance is designed to pay a cash lump sum upon the death of the person insured. There is no end date or “term” for this policy so it is popular with people looking to cover funeral expenses as the payout is guaranteed whenever death occurs (as long as payments are maintained). This kind of cover can be taken out from ages 18-80 and lasts your whole life. The premiums tend to cost more than term insurance as the payout is larger and guaranteed.  A larger payout means more money available to cover the funeral.

Whole of Life Insurance is a type of insurance that covers you for your whole life and it can be an important way to help financially protect your family in the event of your death. Whole of Life Insurance can be used to help pay for funeral costs, outstanding debts, or to provide a financial safety net for your loved ones.  Premiums are paid monthly, and the amount of coverage you receive will depend on factors such as your age, health, and smoking status.

How do Whole of Life Insurance and Funeral Plans differ?

Both life insurance and funeral plans offer a lump-sum payout upon your passing, yet their differences lie in the flexibility of that payout. Life insurance provides your beneficiaries the freedom to use the funds for any purpose, which can of course include covering funeral expenses. In contrast, a funeral plan mandates that the payout be allocated specifically for burial or cremation expenses. Regardless of the choice, having such coverage alleviates the financial burden on your loved ones.  There are advantages and disadvantages of both types of cover.  A funeral plan should provide security that all the main funeral costs will be covered, whereas Life Insurance could provide a payout above or below the cost of the funeral depending on the amount of cover you choose and the cost of a funeral when you die.

 

How Much is Whole of Life Insurance

Whole of life insurance policies are generally more expensive than Term Life Insurance, but they can provide peace of mind knowing that you and your family are covered no matter what happens and there is no risk of the policy coming to an end and you being left unprotected.  As well as underwritten whole of life insurance policies you can also get Guaranteed Acceptance Over 50’s Life plans.  As these plans don’t have any medical questions, they are typically 4 times more expensive than an underwritten whole of life insurance policy.

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