Whole of Life Cover
As the name suggests, whole of life cover is designed to run for your entire life and pays out a lump sum whenever you die. This type of cover is much more expensive that basic term assurance, as it includes an element of investment as well. The aim of the investment element is to provide a subsidy in later life to keep the cost of premiums lower.
Premiums are not guaranteed for the whole of the policy, and are generally reviewed every five years. If the investment element is performing well it is possible that premiums will never need to rise, but the converse is true also.
We do not recommend that a whole of life policy should be used as an investment, as there are better alternatives. If you have money to invest, you are likely to be better off choosing other investments and sticking to a term policy to provide your life assurance.
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Torquil Clark Holdings LimitedSt Marks
Chapel Ash
Wolverhampton
WV3 0TZ phone
0800 072 3186