Rest assured that your family’s finances are fully protected after your passing, and trust The Insurance Surgery to find whole of life insurance quotes that are best suited to your circumstances.
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What is whole life insurance?
Many life insurance policies only protect you for a set number of years – generally between 10 and 20. This is called ‘term life insurance’. In comparison, whole of life insurance provides cover for your entire life.
Whole of life cover can help provide for your family when you’re no longer around – paying out a lump sum that can be used in a number of ways:
- To cover funeral costs
- For inheritance tax
- To cover outstanding debts
- As a financial gift to family or charities
How Does Whole of Life Insurance Cover Work?
By offering your family a lump sum of money after your passing, you can relax knowing that your life insurance covers you for your entire life when you take out whole of life insurance. Not only does whole of life insurance promise lifelong protection, but it can also work as a good investment option for those keen to build up savings over time.
You should expect one of our experts to come to you with a list of questions, including queries about:
- Your age
- Your job
- Your general health and any existing medical conditions
- Whether you’re a smoker
- How much cover you’d like the policy to pay out
- How much debt you have, including your mortgage
- Your dependents
- Your salary
How Much Does Whole of Life Insurance Cost?
Whole life insurance generally costs more than term life insurance. This is because a whole of life policy covers you for your entire lifetime.
The Insurance Surgery will take the time to discuss your circumstances to ensure we can find the best insurance policy for your needs. Your designated expert will need to know the answers to the questions listed previously before determining exactly how much you should expect to pay for coverage.
But first, let’s take a look at two examples of how much a whole of life insurance policy can cost.
Whole life insurance example cost #1
Tina is 50 years old. She’s interested in a whole life insurance policy with a maximum payout of £45,000. She has no children but wants to make sure that her partner is provided for should she die. She has two years left to pay on her mortgage. She has around £29,000 in debt, including the outstanding mortgage. She works as a PA, with a salary of £27,000. She has never smoked.
Tina’s monthly premiums are £52.53
Tina would pay £630.36 per year.
£52.53 per month | £45k payout
Whole life insurance example cost #2
Robert is 36 years old. He works as a policeman, with a salary of £34,000. He gave up smoking three years ago. Robert has recently lowered his BMI and lost 2 stone. He is married with two children. There are 18 years left on his mortgage. He has debts amounting to around £30000, including the outstanding mortgage. He is looking for a whole life policy valued at £50000 to provide for his family should anything happen to him to cover the mortgage and funeral costs
Robert’s monthly premiums are £36.87
Robert would pay £442.44 per year
How Much Whole of Life Insurance Do You Need?
Before we get started, it’s important to have an idea of how much life insurance you need. We don’t, of course, expect our clients to have an immediate answer – life insurance can be confusing and is probably new to you!
That’s why our team of experienced life insurance brokers are here to help. We can grab our calculators and help you work out how much insurance you need.
The amount of cover you need will depend on your personal circumstances and how you want to support your family once you’re gone. One way to arrive at a figure for the final payout is to consider the following questions:
- How much money do you and your family spend each month?
- How much income do you and your family make each month?
- How much do your current debts amount to?
- What belongings do you and your family own?
- How many people depend on you for money and support?
- Are you eligible for any death-in-service benefits from your employer?
- How much will your funeral cost?
- What level of financial support will your loved ones need when you’re no longer around?
At The Insurance Surgery, we can work with you to arrive at a figure that will fully support your family once you’re gone.
Once we’ve worked this out, we can then search for a life insurance plan that will match your expectations as well as your budget.
Can you take out a joint whole-of-life insurance policy?
Yes, you can take out joint whole of life insurance.
A joint life insurance policy covers two people under one policy and pays out a lump sum to the surviving partner on the death of either. It offers financial security to you both and can be used to cover expenses such as bills, mortgage repayments, and other financial needs.
The cost and coverage of joint policies may vary depending on the personal circumstances of both of you, such as age, health, and the amount of cover required.
If you’ve recently got married, or you’re in a long-term relationship with a partner, now is the time to take out a life plan. The younger you are when taking out insurance, the cheaper your policy will be.
Which whole life insurance is best?
There are many different insurance providers available who offer great whole-life insurance plans.
But the right insurer for you will depend on your personal circumstances and needs.
We see ourselves as matchmakers.
We love finding that perfect match between you and an insurance provider when we know that the policy is exactly what you’re looking for.
The Insurance Surgery works with a wide range of companies (including high-street names and independent firms), and we have access to policies that are not available to the general public.
This means that we can find the best insurance policy to meet the cost, cover, and insurance conditions that you need.
What information do you need to know to set up a whole life insurance plan?
When you contact us to set up a whole life insurance plan, we’ll ask about your personal circumstances so that we can find the best-fit insurance policy for you. Generally, you can expect to be asked about:
- Your age
- Your job
- Your general health and any existing medical conditions
- Whether you’re a smoker
- How much cover you’d like the policy to pay out
- How much debt you have, including your mortgage
- Your dependents
- Your salary
It’s always useful to have this information to hand before you get in touch.
Why whole life insurance is a great investment
Whole life insurance can play an active role in planning for your family’s future. Here’s why whole life insurance is a great investment:
- It provides long-term financial security, ensuring that your loved ones are financially protected in the event of your passing.
- Whole life plans may offer flexible premium payment options and the opportunity to alter coverage as your needs change.
- In certain circumstances, your policy may be used to pay your family’s inheritance tax liability before your estate is transferred to them.
Whole life insurance provides a valuable investment opportunity that can protect your loved ones and their financial future.
How can The Insurance Surgery help you to find the best whole life insurance?
The Insurance Surgery is a leading insurance broker for whole life insurance. We work with a wide range of insurance providers to get the best life insurance policy for your needs and budget.
We don’t provide our insurance quotes online. Instead, we offer a personalised service over the phone, taking the time to get to know you and exactly what cover you need. Working with our extensive pool of insurance providers, we often have access to policies that aren’t available to the general public.
We’ve been helping people all over the UK find long-term financial security for themselves and their families for over twenty years.
We promise:
- A dedicated advisor who is there to answer all of your questions.
- Free service from Trust that lets you set up your insurance payment however you want.
- Help for people who already have pre-existing health problems.
What’s more, here at The Insurance Surgery we are widely recognised for our reputation.
- Voted Best Insurance and Life Broker 2022.
- Trustpilot and Feefo both gave it 5 stars.
- Access to both big-name and small-scale insurers.
- Price match guarantee means you won’t pay a penny more than you have to.
But maybe most importantly, at The Insurance Surgery, we have helped people who have been turned down for life insurance in the past. We have taken in a huge 70 percent of the people who were turned down elsewhere.
We love being able to solve problems. In fact, our problem solving is why we are rated so much higher than online comparison websites.
During our conversations, we will take the time to learn about you and your health. If you are affected by a pre-existing condition, we’ll do whatever it takes to secure you a life plan. By finding out as much as we can, we can give the insurance underwriter the information they need.
By going that extra mile to find that additional information, we are confident that we can help you if you’ve previously been turned down for life insurance elsewhere.
Frequently Asked Questions.
Whole life insurance can be a valuable investment if you want long-term financial security and peace of mind. Whether whole life insurance is worth it compared to a term policy depends on your circumstances and financial goals.
It’s always recommended that you talk to a financial advisor or insurance professional who can assess your specific needs and provide personalised advice.
Whole life insurance provides lifelong protection for your entire life. Term life insurance, however, is generally less expensive and especially useful if you only need life insurance for a specific reason – like paying off your mortgage.
The main difference between life insurance and whole of life insurance lies in their duration and payout structure. Life cover, also known as term life insurance, provides coverage for a set period of time, such as 10, 15, or 20 years. It only pays out if you die during that period.
On the other hand, whole of life cover protects you for your entire life and guarantees a payout to your loved ones when you pass away.
Whole life insurance can play an active role in planning for your family’s future. Here’s why whole life insurance is a great investment:
- It provides long-term financial security, ensuring that your loved ones are financially protected in the event of your passing.
- Whole of life cover may offer flexible premium payment options and the opportunity to alter coverage as your needs change.
- In certain circumstances, your policy may be used to pay your family’s inheritance tax liability before your estate is transferred to them.
Useful Links
If you have any further questions about anything to do with Whole Life Insurance and protection for your family, please feel free to contact our team of expert Life Insurance advisors.
Click the links below to find out more: