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Term assurance provides a specific amount of life cover for a specific period. But if you want your life cover policy to pay out on your death - whenever in the future that is - a whole of life assurance policy may be more suitable.
Whole of life cover guarantees that a lump sum will be paid out when the policyholder dies, not just within a specified time frame.
So as long as you continue paying your premiums the policy will pay out on your death - whenever that is.
Whole of life insurance cover can be set up in several different ways:
As whole of life cover is guaranteed to pay out at some point you will find that even the cheapest insurance quote is likely to be more expensive than term life insurance.
When you compare whole life insurance quotes it is important to take several factors into account.
Firstly, it is worth considering the medical underwriting of whole of life insurance cover. Many whole of life cover policies offer guaranteed acceptance to people within a certain age range while others offer acceptance without any health or medical questions. It's for this reason that you need to carefully check the terms and conditions before you apply.
It is also worth researching the age limits accepted by the life assurance company when you are looking for the best whole of life insurance quote. Some policies specify minimum age limits while others have a maximum age at which you can take out a new policy or an age after which you will no longer be eligible for cover.
You should also consider the cost of cover. Bear in mind that the cheapest whole life insurance quote may not be the best if your premiums are likely to rise in the future. Choosing a policy with guaranteed premiums can save you money in the long term.
These are all factors you need to take into consideration when you compare whole of life insurance quotes if you want to find the best whole life assurance for the lowest cost.
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