Whole of life insurance is the type of policy most people think of when they talk about life insurance, paying out a guaranteed lump sum in the event of death or terminal illness.
Its applications are varied. The most common is to leave enough money to pay for your funeral. SunLife’s 2018 Cost of Dying report reveals funerals have more than doubled in price in little over a decade and the average funeral now costs £4,078*.
However, you may decide you want to leave a substantial sum to help your family financially after your death, or a wealthy individual planning on leaving a significant estate might take out a policy to cover the inheritance tax bill.
The insurer will ask health & lifestyle questions to determine the price of the insurance and whether to accept the risk.Get a Quote