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Whole of life insurance, also called life assurance, guarantees a payout when you die
It can help you meet funeral costs or an unpaid bill, or allow you to leave a lump sum to your loved ones
Always check the details of any life assurance policy to make sure it gives you the right level of cover
What Is Whole Life Insurance
Whole of life insurance is a life insurance policy that guarantees your loved ones get a payout when you pass away.
It’s more comprehensive than term life insurance, because it covers you for your whole life. Term life insurance has a policy end date, but whole of life insurance only ends when you pass away or stop paying the premiums.
This is why the payout is guaranteed. You may also hear it called ‘life assurance’.