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Frequently asked questions

  • How does whole of life cover work?
  • What types of whole of life policy are there?
  • How much could a policy pay out?
  • Is a whole of life insurance policy right for me?
  • Where can I buy a policy?

How does whole of life cover work?

When you take out a whole of life policy, you usually pay a premium on a monthly or annual basis. An insurance provider takes some of your payment to pay for the policy, and invests the rest. You’ll remain covered as long as you pay the premium.

As this policy type usually involves an investment approach, it can be more complex. Therefore, if you’d like to learn more about this subject, read our guide explaining the differences between whole of life cover and life insurance.

What types of whole of life policy are there?

The two main types of whole of life cover are:

  • Balanced cover – This is sometimes called standard cover and it’s when your premium is set by a provider at a sum that’s high enough to remain the same level for the whole length of a policy. The pay-out will also be fixed and it will have been agreed when you sign up for the policy.
  • Maximum cover – This cover is often cheaper at first, because much of your payment goes on your policy instead of being invested on your behalf. However a provider will review your policy (after a pre-agreed timeframe) and can increase your premium if you are considered to be more of a risk.

It’s worth noting that there are also whole of life plans that charge a fixed premium for a set amount of cover. You’ll know up front how much a policy costs, how long it will run for, as well as the sum you’ll get as a pay-out.

How much could a policy pay out?

Your lump sum payment, which is tax-free, will depend on the specific details of your policy. Each policy is different and so will be the size of your pay-out. Sometimes, you can choose to stop paying once you’ve reached a certain age. In other cases you’ll keep making monthly or yearly payments until you pass away. Whole of life cover can also be set up in a trust – in this instance a pay-out would be made to the trustees, who’ll be in charge of distributing a sum to any beneficiaries.

Is a whole of life insurance policy right for me?

Once you’ve thought about a plan, it’s time to decide if a whole of life insurance policy is for you. Whichever policy you go for it’s crucial that you’re aware of any exclusions and limitations, so that you fully understand what you’re signing up for and your loved ones won’t be left with less than you expect.

We don’t offer whole of life insurance as a standalone policy, so you may need to speak to a specialist or shop around to get this type of policy. However, over 50s life insurance can sometimes have whole of life insurance included in it.

Where can I buy a policy?

A monthly premium could start from as little as £3.54. That’s based on Compare the Market data, which showed that 10% of people could achieve a quote of up to £3.54 for their life insurance in February 2018.

And it could take minutes to get life insurance quotes from our panel of providers.

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