Whole Of Life
Similar to Life Insurance, Whole of Life (or Life Assurance), is designed to give you peace of mind that your loved ones will not suffer financial hardship if you were to pass away, paying out a lump sum.
The major difference between two, is that life insurance has a set term i.e. 25 years, but a Whole of Life policy will continue to pay until your death without a set term (hence the term, Whole of Life)
This cover is more expensive, as it is certain to pay on death, but is primarily used to leave a legacy for your loved ones, or to plan for IHT (Inheritance Tax).
Is This Cover Right For Me?
Whole-of-life cover does not suit everybody. However, if you want to plan for Inheritance Tax or Funeral costs, this policy could be right for you.