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Whole of Life

Whole of Life

A whole of life insurance policy pretty much “does what is says on the tin” ie it offers life insurance NOT for a set term which then ends but for the whole of the life assured’s life.

The premiums can be arranged to be reviewable (lower cost option) or guaranteed. The low cost reviewable plans tend to offer a level of cover guaranteed for the first 10 years and then reviewed.The review will offer a number of options including increasing the monthly premium to maintain the cover originally selected,leaving the cover and premium unchanged or reducing the cover for the same monthly premium.

Guaranteed premiums are constant throughout the entire life of the policy.