Whole of Life Insurance
Ensure financial security for your whole life.
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Whole of Life Insurance
Whole of life insurance is an insurance policy that lasts for your lifetime, and is not limited to a term. When you pass away the policy will pay a lump sum payment to your family or dependents. It will also pay out immediately if you are diagnosed with a Terminal Illness. When you pass away, your family may also be liable for inheritance tax on your home and assets. This can be a huge burden to be left with, forcing them to borrow or sell part of their inheritance to cover their tax bill.
A Section 72 Whole of Life Insurance policy removes this burden and protects your loved ones from a large inheritance tax bill. Our Whole of Life Insurance has a Guaranteed Premium. Meaning your monthly payments will never change.
Why Choose Whole of Life Insurance?
There are several reasons why individuals might opt for whole of life insurance over other types of policies:
- Lifetime Coverage: The most significant benefit is that it provides coverage for your entire life, ensuring that your beneficiaries will receive a payout regardless of when you pass away.
- Guaranteed Payout: Unlike term policies that may expire before your death, whole of life insurance guarantees a payout, offering peace of mind.
- Fixed Premiums: Many whole of life policies come with fixed premiums that do not increase as you age, making it easier to manage long-term financial planning.
- Cash Value Accumulation: Whole of life policies often include a savings component, accumulating cash value over time that you can borrow against or use for future financial needs.
Main Benefits of Whole Of Life Insurance
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Ensures financial protection for your loved ones throughout your life
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Helps cover inheritance tax liabilities, ensuring more of your estate for your heirs
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Builds cash value over time, useful for borrowing, emergencies, or retirement funding
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Locks in premium rates, protecting against rising life insurance costs
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Can be tailored with additional riders or benefits to enhance coverage
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Differences Between Whole of Life and Term Life Insurance
- Duration: Whole of life insurance covers you for your entire life, while term life insurance only covers a specific period (e.g., 10, 20, or 30 years).
- Premiums: Whole of life insurance generally has higher premiums due to the lifetime coverage and cash value component. Term life insurance premiums are typically lower but increase significantly if you renew after the term ends.
- Cash Value: Whole of life insurance includes a savings element that builds cash value over time, which is not available in term life policies.
- Guaranteed Payout: Whole of life insurance guarantees a payout whenever the policyholder dies, while term insurance only pays out if the policyholder dies within the specified term.
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Your Questions Answered
When you’re taking out a Whole of Life insurance plan, you choose the amount you want to be paid out on death.
You will then pay a set amount per month until you pass away. The policy then pays out a lump sum to your family. This premium never increases.
- It pays a cash lump sum that could go towards covering any inheritance tax your family is liable for when you pass away.Â
- Your loved ones are financially protected when you pass away.Â
- You can choose optional benefits on top of your Whole of Life Insurance for added peace of mind.
- It can be used to cover your funeral expenses no matter what happens.
If for any reason your circumstances change over time, such as no longer being able to afford your Whole of Life Insurance, or inheritance tax no longer being a concern.. You might decide to stop paying your premium before you die. Which normally means you get nothing back.
With a savings option – Provided you’ve had your policy for 15 years and consistently paid it, you are guaranteed money back if you cancel or stop paying your policy.
This option costs an extra 10% on your premium and must be included when you take out your policy – It cannot be added at a later date.
Your options are – Receive a reduced lump sum on death, or you can take an immediate cash payment.
Inheritance tax is a tax paid to Revenue when someone inherits either money, property or other assets such as land following a death. The recipient of the asset is the person responsible for paying the tax amount of 33%.
Surviving wives, husbands and legal civil partners do not fall under this category. They do not have to pay inheritance tax.
You can use your Whole of Life policy to help offset any inheritance tax liability.
Remember, we can always answer any questions you have regarding Inheritance tax and Whole of Life Insurance.
Starting at 18 years old, you can take out a Whole of Life insurance policy up to the age of 75.
Historical illness reviews by leading medical consultants are available. Also applies to future illnesses.
Please note that ALL nicotine replacement products, including vaping, are now classed as “Smokers”.Â
The premium for your whole of life insurance will be affected accordingly.
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