Whole of life cover guarantees that the insurer will pay out a lump sum to your loved ones whenever you die, rather than within a specified time frame.

Another commonly used name for this type of policy is whole of life assurance.

How does whole of life insurance work?

When you set up your policy, after choosing the payout you want, you will start paying a monthly premium.

If you continue paying your premiums, the policy will pay out on your death, whenever that is.

How to get the best whole of life insurance

The best policy will be the one that offers you the cover you need for the cheapest price.

Before you start getting quotes online, think about:

  • How much of a payout you want: Most companies let you choose any amount, but the higher the payout you choose, the more you pay in monthly premiums.

  • How your age may affect your premiums: The older you are, the more expensive your whole of life policy will be.

The amount of cover you need may vary over time. For example, if you pay off your mortgage, or your children move away from the family home.

If you want the option to review your policy after a set term, like 10 years, check with the insurer to see if they offer this option.

What types of policy can you get?

There are different types of whole if life insurance, including:

  • Non-profit whole of life insurance: You pay a set premium throughout your life and the policy pays a fixed cash sum when you die.

  • With-profit whole of life insurance: You pay a set premium, which your insurer invests on your behalf. Your payout will be based on how the investments perform.

Whole of life insurance FAQs

Q

Is whole of life insurance guaranteed to pay out?

A

Yes, unless your cause of death was not covered in your policy or you missed any monthly payments. Here is more on how life insurance works.

Q

Can I get a joint whole of life insurance policy?

A

Yes, but it will only pay out once, after the first person on the policy dies. A joint policy is usually cheaper than two individual policies.

Q

How much does whole of life insurance cost?

A

The price is based on your age, how much cover you want and your medical history. Here are ways to cut the cost of life insurance.

Q

Can I still get whole of life insurance if I have poor health?

A

You may find it harder to get cover if you have any health issues. Get as many quotes as you can until you get accepted for the cover you want.

About our whole of life insurance comparison

Q

Who do we include in this comparison?

A

We include whole of life insurance available from our panel of insurers. They are regulated by the Financial Conduct Authority (FCA).

Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.