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Whole of Life Insurance

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 of 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?

STEP 1
Complete form
STEP 2
Tell us your needs
STEP 3
We'll search the market
STEP 4
We'll recommend the best products
STEP 5
Tell us when you want it to start!

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.

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  • 15 Minute Read Time

Do You Need Life Insurance?

If you’re the primary breadwinner or share financial responsibilities, a life insurance policy can help your family maintain their standard of living in the unfortunate event that you’re no longer around to support them.

Read More

Life Cover Terminology

Understanding life insurance terminology is essential for policyholders to make informed decisions about their cover, we have broken down the meaning for some of the most used terms.
Read More

Why Choose The Insurance Surgery?

Rated ‘Excellent’ on Trustpilot.

We take pride in the experience that we offer, guaranteeing excellent service at all times.

25 years Experience.

With 25 years of specialist life and protection experience, we can find the perfect policy for you.

Access to a range of insurers.

With a broad selection of partners, we are well-equipped to find the best insurance deals for you.

Award-winning broker.

Known for making insurance simple, The Insurance Surgery is a trusted, award-winning broker.

Life Insurance Costs.

Your life insurance quote can depend on a wide range of circumstances, including factors like:

Your age

Your lifestyle

Your family’s medical history

Smoker Status

The length of your policy

Your occupation

Medical conditions

For a clearer idea of the average cost of life insurance, visit our Guide.

Whole of Life Insurance Example 1 Cost

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 and is around £29,000 in debt, including the outstanding mortgage. She works as a PA, with a salary of £27,000 and has never smoked.

We found Tina the increasing policy below:

Total Payout
Amount:

£45,000

Monthly Premium
Cost:

£52.53

Annual Policy Premium:

£630.36

Tina Case Study
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Whole of Life Insurance Example 2 Cost

Robert is 36 years old and works as a policeman, with a salary of £34,000. He gave up smoking three years ago and has recently lowered his BMI, losing two stone. He is married with two children. 

There are 18 years left on his mortgage. He has debts amounting to around £30,000, including the outstanding mortgage. He is looking for a whole life policy valued at £50,000 to provide for his family should anything happen to him to cover the mortgage and funeral costs.

We found Robert the increasing policy below:

Total Cover
Amount:

£50,000

Monthly Premium
Cost:

£36.87

Annual Policy Premium:

£442.44

Robert Case Study
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specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
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Call us on 0800 083 2829

Facts About Life Insurance.

Life insurance can serve multiple purposes, including income replacement, wealth transfer, estate planning, and business succession. But how does life insurance shape up with the UK population?

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

30%

of people get life insurance due to becoming a parents

Forbes Advisor, 2025

How different policies payout over time.

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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.

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  • 15 Minute Read Time

Understanding Inheritance Tax (IHT) and Life Insurance

Understanding how IHT works and the ways to mitigate its impact can help you plan and ensure that your loved ones don’t face unexpected tax bills.  

Read More
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Obtain a cheaper quote elsewhere, we’ll beat<br>the price and also give you a £50 gift card!*

We are committed to offering unbeatable prices. Our
Price Promise ensures that we will find you the right
cover for your circumstances.

Frequently Asked Questions

Is whole life insurance a waste of money?

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.

Life insurance is unique – just like you.

Life Insurance for Parents

Find Out More

Life Insurance for Dads

Find Out More

Life Insurance for Sports & Hobbies​

Find Out More

Life Insurance for Self-Employed

Find Out More

Income Protection

Find Out More

Life Insurance for Smokers

Find Out More

For More Information, Check Out Our Latest Blogs

Stay informed with the latest updates in the insurance industry for 2025 here.

We aim to provide clear advice, breaking down the jargon, so you understand the importance of protection insurance.
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Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
Get a Quote
Call us on 0800 083 2829

Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
Get a Quote
Call us on 0800 083 2829
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Copyright © 2025 The Insurance Surgery Ltd. The Insurance Surgery is authorised and regulated by The Financial Conduct Authority. We are entered on the Financial Services Register No 401425 at https://www.fca.org.uk Registered in England and Wales. No 5137288. Registered and trading from 2nd Floor, Pickford Street Mill, Pickford Street, Macclesfield, SK11 6JD The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

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