What is whole of life insurance?
Whole of life insurance aims to pay out whenever you die, rather than only during a fixed term. Because of this, premiums are usually higher than term life insurance.
What whole of life insurance is commonly used for
- Funeral costs
- Inheritance planning
- Providing certainty of payout
Pros and cons
Advantages include lifelong cover and guaranteed payout (subject to policy terms). Disadvantages may include higher cost and complexity.