Whole of Life Insurance:
Whole of Life insurance provides lifelong coverage with a guaranteed payout upon death, as long as premiums are maintained. This type of policy is often used in estate planning, to help cover inheritance tax, or to ensure loved ones receive a financial benefit no matter when the policyholder passes away. Premiums are typically higher than term life insurance, but the cover does not expire as long as payments continue, offering peace of mind through permanent protection.
Level-Term Life Insurance:
Level-Term Life Insurance offers coverage for a fixed period, such as 10, 20, or 30 years, with a consistent premium and death benefit throughout the term. It’s a straightforward and cost-effective solution designed to protect financial obligations like a mortgage or dependent support during specific life stages. If the policyholder dies during the term, the benefit is paid out. If they outlive the term, the policy ends with no payout.