Unlike life insurance, which lasts for a set term – for example, 25 years – whole of life assurance can last your entire lifetime.
You will be required to pay a monthly premium and in the event of your death, the policy will pay a lump sum to your estate, which means you can protect your loved ones.
WHAT DO I NEED TO KNOW ABOUT WHOLE OF LIFE ASSURANCE?
Whole of life assurance is slightly more expensive than term insurance as it provides cover for your whole life. This provides your beneficiaries with a tax-free lump sum when you die.
Whole of life assurance is especially useful for families with inheritance tax liabilities – tax planning is an important step to take, and it’s crucial you seek professional guidance. Enness can put you in touch with expert tax advisors to discuss this.
There are a number of aspects that will impact your premium – including your age, health condition, and the amount you drink and smoke. If you are deemed high risk you may still be able to get cover, but you will likely be offered a higher premium.
Furthermore, premiums are often reviewed according to the Financial Ombudsman, something many people are unaware of, so it’s important to be clear on this from the outset.
HOW CAN ENNESS HELP WITH WHOLE OF LIFE ASSURANCE?
Our team of expert insurance brokers will be able to guide you through the different options when it comes to life cover, advising on whether term assurance or whole of life assurance is the most appropriate option for you.
Whether you want to take out a policy just for you, or for you and a loved one, we would be very happy to discuss your requirements with you and work towards securing you the best protection. Give our dedicated insurance brokers a call to discuss your requirements.